MEGA REPORTS NORTH MADSEN RESULTS

Thunder Bay, Ontario
May 31, 2011 Shares Issued: 76,256,980

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce continuing results from the Laverty Corridor at the North Madsen Project in Red Lake Ontario. Highlights include 33.0 metres (m) of 2.36 grams per tonne (g/t) including 2.0 m of 24.69 g/t., further demonstrating the open pit potential within the N. Madsen project.

The Laverty Corridor & Dyke remain open at depth. Significant results to date include:

19.5 m of 2.19 g/t (Laverty Corridor)
18.0 m of 2.13 g/t (Laverty Corridor)
30.0 m of 3.87 g/t (Laverty Corridor)
40.0 m of 1.33 g/t (Laverty Corridor)
27.0 m of 1.21 g/t (Laverty Corridor)
54.8 m of 1.02 g/t (Laverty Corridor)
16.4 m of 2.51 g/t (Laverty Corridor)
10.0 m of 4.93 g/t (Laverty Corridor)
11.2 m of 7.70 g/t (Laverty Corridor)

Jim Rogers, President and CEO of Mega states, “The drill results on both the Laverty and East My-Ritt Properties continue to demonstrate the near surface Gold Potential of the North Madsen Project. Our exploration model and business plan is consistent with that of Goldcorp, who during their May 20th, 2010 Investor Day presentation discussed “District Optimization” and confirmed the evaluation of a Red Lake (Balmertown) Open Pit as a strategic priority.”

The purpose of this multi-phased drill program was to upgrade the multiple mineralized zones located throughout the property. With the delineation of the Laverty Corridor complete, diamond drilling is now focused on delineation of the East My-Ritt Buffalo West Extension.

In 2010, diamond drilling at North Madsen successfully outlined a NI 43-101 indicated resource of 395,000t at 2.56 g/t on a portion of the Laverty Dyke zone. Mega has commencedadetailed resource modeling project of all mineralized zones with the goal to complete an updated/increased NI 43-101 compliant resource estimate on the North Madsen Property by mid summer 2011. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

A summary of the recent drilling results are listed below.

MEGA 2011 North Madsen Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
ML1193	Laverty Corridor	55.5	61.5	6.0	0.77
ML1193	Laverty Corridor	78.0	106.0	28.0	1.08
incl	Laverty Corridor	78.0	89.1	11.0	1.80
incl	Laverty Corridor	86.6	89.1	2.5	6.42
ML1194	Laverty Corridor	108.0	116.0	8.0	0.86
ML1197	Laverty Corridor	71.5	79.0	7.5	0.97
ML1197	Laverty Corridor	95.0	127.5	32.5	0.52
ML1198	Laverty Corridor	147.0	166.5	19.5	0.84
incl	Laverty Corridor	147.0	162.0	15.0	0.97
ML1198	Laverty Corridor	196.5	234.0	37.5	0.96
incl	Laverty Corridor	196.5	204.0	7.5	1.26
and	Laverty Corridor	225.0	234.0	9.0	1.72
ML1199	Laverty Corridor	258.0	271.5	13.5	0.86
ML11100	Laverty Corridor	37.5	59.0	21.5	0.93
ML11100	Laverty Corridor	84.0	117.0	33.0	2.36
incl	Laverty Corridor	84.0	107.0	23.0	3.13
incl	Laverty Corridor	84.0	86.0	2.0	24.69
and	Laverty Corridor	93.0	107.0	14.0	1.56
ML11101	Laverty Corridor	28.2	119.0	90.8	0.53
incl	Laverty Corridor	28.2	30.0	1.8	4.13
and	Laverty Corridor	52.5	57.0	4.5	1.97
ML11101	Laverty Corridor	130.5	223.5	93.0	0.63
incl	Laverty Corridor	159.0	162.0	3.0	2.06
and	Laverty Corridor	183.0	189.0	6.0	1.40
and	Laverty Corridor	208.5	223.5	15.0	1.16
incl	Laverty Corridor	208.5	216.0	7.5	1.70
ML11102	Laverty Corridor	228.0	265.5	37.5	1.02

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

Glen Kuntz, Chief Operating Officer (COO), is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101. Glen was Sr. Resource Geologist at the Campbell Gold Mine and Global Spatial Data Systems Coordinator for Placer Dome, Vice President Enterprise Mining Solutions for Runge Ltd., and most recently, Vice President Global Operations for GMC Global.

Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Manitoba and Nunavut. 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.