Mega Precious Metals Inc. (TSX-V:MGP) (“Mega”) is pleased to announce results for 8 more diamond drill holes from the summer drill program at the North Madsen Project. The 2011 program to date has completed over 8800 metres of diamond drilling on the North Madsen property and Mega continues to work on further defining the Buffalo West Extension. Recent results have significantly expanded the Buffalo Extension mineralization both laterally and vertically.

A summary of the current drill results are listed below. Some of the highlights include 12.0 metres (m) of 7.25 grams per tonne (g/t) including 4.8m of 16.85 g/t followed by 19.5m of 1.35 g/t on the Buffalo West zone.

Previously reported drill results are listed below.

Mega’s disciplined and proven exploration model continues to focus on: (1) defining the economic potential and ultimate size of the mineralized systems by systematic drilling along strike and down plunge; and (2) searching for new gold zones within the auriferous grantic pluton complex . See isometric view and drill plan of the Buffalo West Extension Mineralization at www.megapmi.com/north_madsen_gallery.

In September 2011, Mega will be completing an updated NI 43-101 resource that will include the Laverty Dyke Zone plus the other 6 mineralized structures located within the North Madsen Project.

Mr. Jim Rogers commented “Were pleased with the result of this ongoing work program, the exploration upside continues. The drilling indicates that extensions to mineralization remain consistent with previously delineated mineralization of the deposit. Furthermore, the deposit currently remains open in a number of directions, including the potential for additional resource expansion on 4 of the 7 mineralized structures. In addition to the expanded resources, we anticipate ongoing announcements on additional project development milestones once we finalize an updated NI 43-101 report for the property.”

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 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

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.