MEGA REPORTS NORTH MADSEN RESULTS AND THIRD HOLE COLLARED AT HEADWAY

Thunder Bay, Ontario
February 15, 2011 Shares Issued: 61,303,780

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce continuing results at the North Madsen Project and that a third deep hole has been started on the Headway Project in Red Lake Ontario.

Headway

Based on drilling to date, the Headway Geological Model has been confirmed and Mega continues to be committed to extending the deep drilling to test the projected high grade target horizon.

Hole MH0901 is successfully drilling out wire line cable and rods that were dropped down the hole and is making good progress. Drilling is expected to continue from the bottom of the hole by late February.   As we approach the target horizon in Hole MH0901, there is an increasing presence of black line faults, biotite and silica altered mafic inter-beds and sporadic quartz-tourmaline ± ankerite (iron carbonate) veins containing arsenopyrite and pyrite.   Hole MH0901 is at a depth of 2,603m in an inter-bedded mixture of variably altered mafic to felsic volcanics just above the target horizon.   The alteration provides strong geological evidence that MH0901 is within the upper portion of the mineralized target horizon.

MH1002 to date has confirmed the location of the unconformity further demonstrating a strong correlation between the property geology and Mega’s Geological Model. Ongoing technical issues and the prospect of continuing delays with Hole MH1002 have resulted in the decision to relocate the hole approximately 250 m to the west-north-west. Hole MH1103, will provide a third pierce point on the unconformity and take advantage of the structural fabric such that minimal to no navigational intervention is anticipated.   As part of the 2011 drilling plan, the location of this hole will also maximize the coverage of the target horizon with future daughter holes.

The Headway program is based on the presumption that the Red Lake Gold Mines mineralized horizon continues down plunge to the south west within the deep rooted north east extension of the Madsen Trend. The Headway property abuts Goldcorp’s Red Lake Gold Mines southern boarder and lies less than 2 kilometres (km) south west of the Goldcorp “High Grade Zone”. Deep drilling technology is allowing Mega to explore for high grade, bonanza, replacement-type zones below the unconformity, in the underlying Balmer Rocks. Drilling of the first hole (MH0901) commenced on November 6, 2009, and the second deep hole (MH1002) commenced drilling July 10, 2010. The current budget is to drill a total of 6,000 metres in 2011.

The updated February Corporate presentation on the company’s website www.megapmi.com, includes an updated plan and cross section of Headway and Goldcorp’s adjacent Red Lake Gold Mines.

North Madsen

Mega is pleased to announce the most recent results from the Laverty Corridor and the Buffalo extension. Highlights include 4.2 metres (m) of 3.36 grams per tonne (g/t) and 6.0 m of 2.20 g/t on the Laverty property and 28.0 m of 1.09 g/t including 6.0 m of 1.58 g/t and 7.0 m of 1.51 g/t on the East My-Ritt property. A summary of the drilling results are listed below.

MEGA 2011 North Madsen Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
ML1174	Laverty	48.5	119.0	70.5	0.65
	INCL	48.5	52.7	4.2	3.36
	INCL	61.5	70.0	8.5	0.89
	INCL	82.5	87.0	4.5	1.10
	INCL	113.0	119.0	6.0	0.79
ML1081	Laverty	37.5	291.0	253.5	0.41
	INCL	37.5	39.0	1.5	4.45
	INCL	145.0	175.5	30.5	0.77
	incl	145.0	147.0	2.0	6.33
	INCL	198.0	204.0	6.0	2.22
	INCL	231.0	237.0	6.0	1.40
	INCL	258.0	271.5	13.5	0.74
MR1026	My-Ritt	*101.0*	*129.0*	*28.0*	*1.09*
	INCL	101.0	107.0	6.0	1.58
	INCL	112.0	119.0	7.0	1.51
	INCL	125.0	129.0	4.0	1.60
MR1027	My-Ritt	162.0	163.0	1.0	5.26
MR1028	My-Ritt	48.0	49.5	1.5	5.41

Note: True Width is Approximately 65% of Intersection Width
Minimum Reported Interval of ≥ 5 gram-metres using a variable cut-off grade of 0.4 g/t to 0.2 g/t

Mega management believe that their Laverty and East My-Ritt properties are all part of a much larger gold system that encompasses the adjacent Howey, Hasaga and Gold Shore mines which historically produced approximately 640,000 ounces of gold. Mega has an option to acquire a 100% interest in both Laverty and East My-Ritt properties. The property mineralization hosts two styles of gold mineralization, including the near surface, steeply dipping north-northwest striking diabase Dyke Zone, and the east-west trending, steeply dipping gold mineralization in sheared granodiorite.

The prolific Red Lake camp has produced more than 25 million ounces of gold and production of about 700,000 ounces of gold per year continue as the district's production base from Goldcorp's Red Lake Gold Mines. When compared to other camps, Red Lake is still a young and developing camp where consolidation, mechanization, improvements to processing technology and "Big Picture" economics will improve margins and drive future success

Jim Rogers, President and CEO, is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101. Jim was Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Red Lake Mine complex, Chief Mine Geologist at the Eskay Creek Gold and Silver Mine and most recently, Regional Exploration Manager for Goldcorp in the Red Lake gold camp.

Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Nunavut and the Yukon. The Company is committed to an accelerated growth strategy and is backed by a team of experienced mining experts and a strong financial position. The Company is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega’s common shares trade on the TSX Venture Exchange under the symbol MGP.

For further information and presentation material, please review the Mega website at www.megapmi.com

For further information, please contact:

Mega Precious Metals Inc.

Jim Rogers, President and Chief Executive Officer

O: 807-766-3380

TF: 877-592-3380

info@megapmi.com

Forward-looking Statements

Certain statements in this press release relating to the Company’s exploration activities, project expenditures and business plans are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management’s best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Mega Precious Metal’s filings which are posted on sedar at www.sedar.com.

There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.