MEGA PROVIDES REVIEW OF 2011 EXPLORATION RESULTS AND 2012 OUTLOOK FOR THE MONUMENT BAY GOLD CAMP

Thunder Bay, Ontario
February 2, 2012 Shares Issued: 92,783,580

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to provide a review of the 2011 exploration results and the 2012 outlook of continued exploration plans for the 100% owned, Monument Bay Gold Camp in North Eastern Manitoba.

As a result of the June 2011 review of all geological data (dating back to 1990) the upcoming resource estimate will include an enlarged mineralized footprint of the burn zone. The zone is > 1700 m in strike and > 390 metres in depth and ranges from approximately 14 – 95 m in width. The burn zone continues to be open west along strike and down dip. See plan Monument Bay Plan View.

The current mineralization is now more than 4 km’s in length and open along strike, down dip and with new mineralized zones parallel to the current mineralization. http://www.corebox.net/properties/monument-bay-project

During 2011, Mega drilled > 27,000 metres in 76 holes at the Monument Bay Gold Camp, mainly in step out drilling and successfully extended the open pit and high grade mineralization associated with the Burn Zone by increasing the size of the Burn Zone mineralization by over 300%.

The property hosts multiple high-grade gold mineralized zones within the Stull Lake greenstone belt which is along strike of the Stull Wunnummin Fault zone, one of the main controls for mineralization at Goldcorp’s Musselwhite mine in Northern Ontario.

Highlights from the 2011 and previous drill programs include:

2011 Burn Zone:
- Drill hole TL 11-434 intersecting 1.70 g/t gold over 24.0 m
- Drill hole TL 11-439 intersecting 0.63 g/t gold over 15.50 m and
  0.43 g/t gold over 24.0 m
- Drill hole TL 11-440 intersecting 0.91 g/t gold over 15.0 m
2011 previously released Burn Zone drill intercepts not included in the June resource (see section 503200E):
- Drill hole TL 11-411 intersecting 2.20 g/t gold over 30.0 m
- Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m
- Drill hole TL 11-421 intersecting 2.60 g/t gold over 19.9 m
- Drill hole TL 11-413 intersecting 2.21 g/t gold over 30.0 m
- Drill hole TL 11-409 intersecting 1.73 g/t gold over 19.0 m
- Drill hole TL 11-417 intersects 2.56 g/t gold over 10.90 m
Previous drilling back to 1990 that will be included in the upcoming Q1 2012 resource update include (see section 503400E and 503600E):
- Drill hole TL 06-328 intersecting 1.04 g/t gold over 101.0 m
- Drill hole TL 91-60 intersecting 7.63 g/t gold over 48.6 m
- Drill hole TL 90-43 intersecting 0.82 g/t gold over 53.9 m
- Drill hole TL 02-93 intersecting 0.96 g/t gold over 37.0 m
- Drill hole TL 02-88 intersecting 0.86 g/t gold over 62.8 m
- Drill hole TL 02-89 intersecting 0.72 g/t gold over 46.0 m

Jim Rogers, CEOcommented, "Last year, Mega’s exploration and mine development team successfully expanded the overall footprint of mineralization. Based on Mega’s compilation of pre-existing regional geophysical and soil geochemical data, the team has also delivered over 30 new exploration targets. The expanse of these coincident geophysical, geochemical anomalies and multidirectional structures within our 256 km² Monument Bay property support the theory of a major gold bearing system that could become an emerging gold camp in Manitoba. Progress over the past year since Mega acquired the property is remarkable.

Mega believes that the inclusion of the 2011 drilling and the lowering of the cutoff grade for the near surface mineralization can add substantially to the deposit. The new resource is expected to be completed by March 2012 and will include a large open pit and a more selective, higher grade under ground gold resource.”

MEGA 2011 Monument Bay Drill Results
HOLE#	ZONE	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
TL-11-422	BURN	74.0	78.0	4.70	1.99
TL-11-423	BURN	102.4	114.0	11.6	1.30
	BURN	256.9	263.9	7.0	4.44
TL-11-424	BURN	92.3	99.3	7.0	2.10
TL-11-425	BURN	Hole abandoned
TL-11-426	BURN	230.0	245.0	25.0	0.88
TL-11-427	BURN	233	243	10.0	6.20
Incl		240	241	1	28.77
Incl		242	243	1	8.48
TL-11-428		NSV
TL-11-429	BURN	142	145	3.0	8.83
Incl		142	143	1	25.0
TL-11-430	BURN	172	192.0	20	1.10
Incl		187	192.0	5	1.89
		237	257.5	20.5	1.21
*TL-11-431	BURN 2	110	114	4	1.57
*TL-11-432	BURN 2	88	94	6	1.06
	BURN	144	152	8	0.62
*TL-11-433	BURN 2	65	66	1	2.02
*TL-11-434	BURN 2	128	140	12	1.14
	BURN	165	189	24	1.70
*TL-11-435	BURN 2	117	121	4	2.05
*TL-11-436	NO SIGNIFICANT ASSAYS
*TL-11-437	BURN 2	222	225	3	1.20
*TL-11-438	BURN 2	251	252	1	1.9
*TL-11-439	BURN	188	194	6	1.23
	BURN	216	221	5	0.52
	BURN	232	256	24	0.43
	BURN	266	281.4	15.5	0.63
	BURN	320	359	39.0	0.55
*TL-11-440	BURN	99	114	15	0.91
TL-11-441-444	Assays pending

* Drill holes not previously released
Note: True Width is approximately 80% of Intersection Width. Minimum Reported Interval using a cut-off grade of 0.5 g/t.

Regional Exploration of the Monument Bay Camp:

Mega’s exploration team has also recently encountered two new parallel mineralized zones that are in the foot wall of the current resources. The SB zone is located approximately 80 m in the footwall (FW) of the Burn Zone and is open along strike and dip.

The SB Zone drill results include (See section 503200 E):

Drill hole TL 11-423 intersecting 4.43 g/t gold over 7.0 m
Drill hole TL 11-404 intersecting 1.84 g/t gold over 1.0 m

A further discovery was the early winter surface mapping and rock chip sampling of the AZ zone located approximately 600 m in the FW of the Twin Lake Shear zone. This shear structure is located under a coincident soil geochemical and geophysical anomaly, is mineralized and has very good potential for additional high grade vein and bulk disseminated gold mineralization. The current AZ zone outcrops on surface and can currently be traced for 30 m along strike and is open along strike and dip. Please see section (504300E and AZ Plan view)

The AZ Zone:

Hole/Channel	Type	FROM (m)	TO (m)	INTERCEPT (m)	Au Grade (g/t)
MP-11-001	Grab				12.97
MP – 11 004	Channel	0	2	2	0.97
TL-06-312	Drill	91.8	101.1	9.30	0.46
TL-06-315	Drill	106.8	108.6	1.80	1.30

Operational Improvement Efficiencies

In 2011 and 2012, Mega is completing a series of operational improvements at its Monument Bay Camp.

These include:

Installed wood and pellet stoves for heating the camp (a savings of greater than $20,000 per week)
Installing an onsite geochemical facility, run by Accurassay Laboratories
Installing bulk fuel storage
Installed a 5,000 foot airstrip on the ice at Twin Lakes
Established an academic partnership with the University of Manitoba
Current Camp has 3 drills and one backhoe in camp which includes 2 track based drills capable of drilling all year around

Collectively these improvements will continue to reduce our operational costs by > $100/m drilled and further improve our discovery costs to < $8/ounce.

2012 Exploration Plans

Mega plans an aggressive 50,000 m surface exploration drill program to continue to increase our current resource footprint along strike of our current resource and test over 30 new exploration targets that have been encountered by previous geochemical sampling with a goal of proving that multiple parallel gold bearing systems exist on Mega’s 256 km²land package.

Approximately 70% of this drilling will be directed at step-out and in-fill holes within and around the Burn Zone with the goal of continuing to expand the resource.

Additional drilling will test the 30 new targets identified by geophysical and geochemical soil sampling methods and confirmed by recent detailed structural/geological mapping conducted on the property. The combination of this information has highlighted multiple targets that have similar characteristics to those observed in the current resource area.

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 resouce.

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.