MEGA FILES NI 43-101 TECHNICAL REPORT FOR THE GOLD RESOURCES AT THE MONUMENT BAY PROJECT IN MANITOBA

Thunder Bay, Ontario Shares Issued: 76,256,980
August 12, 2011

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) announces that, further to the news release of June 27, 2011, it has filed the National Instrument 43-101 Technical Report entitled "Technical Report and Resource Estimate on the Monument Bay Project, Northern Manitoba" dated August 10, 2011, on SEDAR at http://www.sedar.com. The report has also been posted on the Company's website at http://www.megapmi.com. There is no material differences between the results of the Technical Report filed today and the disclosure provided in the June 27 news release.

The construction of the geological and block model was a product of collaboration between Mega and Wardrop, A Tetra Tech Company (Wardrop). All data in the resource evaluation were reviewed by Wardrop, with Mr. Todd McCracken P.Geo. assumes responsibility for the resource estimate upon which the statements reported herein are based.

The Monument Bay deposit is now estimated to contain: NI 43-101 compliant Measured Resource of 221,510 tonnes grading 12.48 g/tonne, plus an Indicated Resource of 2,199,100 tonnes grading 7.12 g/tonne plus Inferred Resources of 6,147,000 tonnes grading 6.01 g/tonne using a 3.0 g/tonne cut off grade.

MEGA June 27, 2011 Monument Bay Mineral Resource Estimate
Classification	Tonnes	Gold Grade (grams/tonne)	Contained Ounces
Measured	221,510	12.48	88,905
Indicated	2,199,100	7.12	503,188
Measured+ Indicated Sub Total	2,420,610	7.61	592,093
Inferred	6,147,000	6.01	1,187,091

The estimates are in-situ and undiluted and figures are rounded
Resource model is using a 3 g/tonne cut off

Mega is aggressively pursuing the NI 43-101 report recommendations below to rapidly add value to the Monument Bay Project.

PHASE 1 MONUMENT BAY RESOURCE EXPANSIONS
Phase 1 is designed to improve the viability of the project. Mega has undertaken a detailed, focused drill program that will concentrate on the extending the western portion of the mineralized deposit and further define the open pit potential of the deposit. This will entail a diamond drilling program of approximately 15,000 m. This phase of the program commenced June 2011 and is schedule to run until December 2011.

PHASE 2 ENGINEERING DESIGN AND ENVIROMENTAL PERMITTING
Phase 2 of the program will be run concurrently with Phase 1 and will be completed between July 1 and December 31, 2011. The objectives of Phase 2 of the program will be to:

initiate a detailed mine design (both open pit and underground)
commence the development of a PEA (Preliminary Economic Assessment)
complete ongoing environmental studies.

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 http://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.