SIGNIFICANT GOLD GRADE RESULTS CONFIRMED AT NORTH MADSEN

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to report continued results at the North Madsen Project from the Laverty Corridor and Buffalo West Extension horizons.   Highlights include 30.0 metres (m) of 3.87 grams per tonne (g/t) within the Laverty Corridor and 61.2 m of 1.58 g/t including 31.5 m of 2.39 g/t on the East My-Ritt, Buffalo west extension. These results are significant to the North Madsen open pit(s) concept. A summary of the drilling results are listed below. 

MEGA 2011 North Madsen My-Ritt Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
MM1031	Buffalo W	96.5	158.0	61.2	1.58
incl	Buffalo W	96.5	113.0	16.5	0.99
and	Buffalo W	126.5	158.0	31.5	2.39
incl	Buffalo W	129.5	147.5	18.0	3.68
MM1032	Buffalo W	137.5	152.5	15.0	2.01
incl	Buffalo W	137.5	145.0	7.5	3.33
and	Buffalo W	151.0	152.5	1.5	3.10
MM1032	Buffalo W	211.0	217.0	6.0	1.29
MM1032	Buffalo W	232.0	242.5	10.5	0.65
MM1033	Buffalo W	214.5	222.0	7.5	2.13

 
With the initial broad spaced drilling near completion, phase 2 delineation drilling programs focused on the higher grade chutes on the Buffalo West Extension and the Laverty Corridor will commence in early April.    The goal of this follow-up program will be to define NI-43-101 compliant resources for release by mid to late summer. 

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.

 

Mega Precious Metals Inc.

Jim Rogers, President and Chief Executive Officer

O: 807-766-3380

TF: 877-592-3380

 

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.