THUNDER BAY, ONTARIO--(Marketwired - Jun 11, 2014) - Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega") is pleased to announce an additional four (4) holes from its 29 hole, 4,784m winter drill program and six (6) holes from its OCAP (Old Core Assay Program) on its high grade gold and tungsten Monument Bay Project, located in Manitoba. The success of the winter drill program continues to expand multiple high grade gold/tungsten structures to surface within the porphyritic dyke host rock and associated shear zones at the Twin Lakes Deposit.

Highlights:

• Mega's 2014 drill program has now encountered multiple high grade gold and gold/tungsten structures near surface within broader gold mineralized zones with multiple occurrences of visible gold ("VG")
  • TL-14-532 intersects 55.0m of 3.33 g/t gold including 15.0 g/t gold over 5.0m plus 14.0m @ 0.16 WO₃
  • TL-14-527 intersects 37.6m of 3.06 g/t gold including 5.32 g/t gold and 0.12% WO₃ over 17.0m

• The OCAP program continues to define broad gold zones coupled with multiple gold/tungsten shear zones that were previously left unassayed
  • TL-02-99 intersects 20.0m of 2.38 g/t gold along with 0.98% WO₃ over 2.1m
  • TL-03-123 intersects 19.0m of 1.56 g/t gold along with 4.64 g/t gold and 0.27% WO₃ over 8.1m
  • TL-13-503 intersects 24.5m of 1.00 g/t gold including 2.35 g/t gold and 0.17% WO₃ over 8.5m
  • TL-11-427 intersects 43.0m of 1.66 g/t gold including 5.71 g/t gold over 10.0m plus 0.03% WO₃ over 14.0m

Holes TL-14-532, TL-14-531, TL-11-439, TL-11-466 and TL-11-427 have successfully extended multiple high grade gold and tungsten mineralized structures up to or near surface at the western portion of the potential Twin Lakes open pit. These higher grade structures in the west and central portions of the pit constrained resource demonstrate gold equivalent grades that are comparable to the high grade structures found in the eastern area where previously released hole TL-14-526 intersected 61.0m of 3.44 g/t gold including 6.64 g/t gold over 30.0m plus 8.0m @ 0.21 WO₃. (See Figure 1, 2 and 3).

In the central portion, holes TL-14-527, TL-13-503, TL-02-99 and TL-03-123 were focused on identifying additional near surface high grade gold/tungsten mineralization through the expansion of the high grade mineralized cores.

The 2014 winter drill program has encountered vein grades X thickness that have improved since the June 2013 Twin Lake Resource. Collectively, these drill results continue to identify near surface high grade gold/tungsten mineralization, within a broader gold mineralized zone all within the upper 5-100 m of the deposit. Subsequent drill programs have the potential to identify additional high grade structures within and between the high grade starter pits. (See Figure 1)

Glen Kuntz, P.Geo, President and CEO, stated "We are pleased that our winter drilling and OCAP programs are delivering multiple high grade gold and tungsten intercepts. These results either correlate well to or are better than the estimated grades in our June 2013 gold-only resource estimate. Overall, these gold/tungsten results have the potential to change the economics of the project and we continue to be excited at the continuity of the multiple high grade gold/tungsten structures along strike and at depth. Our goal is to include as much of the 2013/2014 drilling and OCAP program as possible into an updated gold/tungsten NI 43-101 resource estimate in Q3 2014."

More than 12,000 m of new drilling (2013/2014) and over 8,000m of historical core from 64 drill holes of the OCAP program has yet to be incorporated into a new resource. Mega expects to provide an updated NI 43-101 resource during Q3 of 2014 which will encompass gold, tungsten and include the results from the metallurgical testing program. The Company has limited deep drilling at Monument Bay which is located in an Abitibi style Green Stone Belt and has the same style of gold and tungsten mineralization as the Hollinger Mine in the Timmins Camp. These types of deposits are known to extend beyond 2,000 m. The current Monument Bay pit constrained resource covers a strike length of 8 kms.

To view accompanying Figures 1 to 3, visit the following link: http://media3.marketwire.com/docs/MGP_Figures1to3.pdf

The 338km² property is located on Crown property 570 km northeast of Winnipeg and 340 km east southeast of Thompson, Manitoba. The nearest communities are Red Sucker Lake First Nation, 52 km to the southwest, and God's Lake Narrows First Nation, 100 km to the west.

Mega currently has winter road access to its camp from local communities. Manitoba's Current Northern Development Strategy is building all-purpose roads and infrastructure improvements within the region. Once these are complete, Mega will have all purpose roads within approximately 52 km of our project area. The current power lines which connect Red Sucker Lake First Nation and God's Lake Narrows First Nation have very low electricity rates (estimated at $0.02-0.04/kWh) and are approximately 48 kms from our project area.

Technical Information

The design of Mega's drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Mega's geological staff including qualified persons employing a QA/QC program consistent with NI 43‐101 and industry best practices. A detailed review of Mega's QA/QC procedures is filed in the NI 43-101 report dated June 17, 2013 and on SEDAR.

All drill core is transported by Company personnel from drill site to our camp for logging, sampling preparation are completed. Sampling intervals are defined after core logging and determination of scheelite content by examination under short‐wave UV‐light. One half of the core is sent for analysis, while the other half is retained in the core boxes for future reference. All samples are shipped to Accurassay Laboratories in Thunder Bay, Ontario and analyzed employing the appropriate gold fire assaying technique. For QA/QC purposes the Company as well as the lab submits standards and blanks every 20 samples. Samples are analyzed for W by XRF and Assay results for tungsten are reported by the laboratory as W%. WO³ values are calculated using a conversion factor of 1.2611. BC Energy & Mines

Glen Kuntz, P. Geo, President and CEO, 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, Chief Operating Officer with Mega Precious Metals.

Mega Precious Metals Inc. is a leading Canadian-based exploration company with a high quality pipeline of projects located in the mining friendly jurisdictions of Manitoba, Northwestern Ontario and Nunavut. The Company's significant portfolio includes the flagship Monument Bay Gold Tungsten Project in NE Manitoba as well as the N. Madsen Gold Project in the prolific gold mining district of Red Lake, Ontario. Mega has established a record of delivering rapid growth through their focused and low cost approach to exploration and resource development. The Company'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.