Mega Precious Metals Extends Blue Caribou Deposit to 225 Metre Depth and Demonstrates Potential for a Large Scale Copper-Silver Deposit

Shares Issued: 43,605,780

THUNDER BAY, Ontario -- Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”), is pleased to report that a significant step-out hole at the Blue Caribou Copper Zone in Nunavut has extended the deposit to depth of at least 225 metres. Hole BC09-34 intersected 4.2 metres (m) of 3.0% copper, 0.06% molybdenite, 40.23 grams per tonne (g/t) silver, and 0.26 g/t gold at 700m down dip or 225m below surface. At 175m below surface, 400 meters to the west of hole BC09-34, at the western edge of the resource projection, hole BC09-33 intersected 5.8m of 1.19% copper, 0.02% molybdenite, 21.37g/t silver, and 0.08 g/t gold. These grades are consistent with and represent the down dip extension of the NI 43 101 compliant inferred resource of 2.77 million tonnes averaging 2.82% copper, 0.06% molybdenum, 31.26 g/t silver and 0.20 g/t gold (reported in Press Release dated June 9, 2009).

The new intercepts demonstrate continuity at depth, more than doubles the average 90m depth of the current resource and demonstrates that the deposit is open at depth. The zone is also represented by a strong geophysical anomaly located approximately 300-400m south of the inferred mineral resource. Both holes intersected mineralized quartz veining with chalcopyrite, pyrrhotite, and molybdenite over several meters. The 2008 and 2009 drill programs demonstrate consistent mineralization of copper-bearing quartz veining with accessory molybdenite mineralization. The 2009 drilling suggests the potential to materially increase resources at Blue.

Jim Rogers, President and CEO of Mega states; “I am very excited that the current drilling program is returning consistently high grade intercepts and with the depth potential extended, Blue Caribou has the potential to be a large scale copper-silver deposit. In 2010 we plan conduct metallurgical testing, to focus our exploration program on extending the deposit at depth and along strike as well as exploring new zones.”

In 2009, the company completed detailed ground geophysical surveys and tested the Blue Caribou Copper Zone with two diamond drill holes within the Company’s large claim holding in Nunavut.

Two other diamond drill holes (MP09-series) were completed on the Beechey Grid area approximately 2km to the east of the Copper Zone, testing a significantly geophysical conductor. Drilling intersected sediments with minor silicic alteration and few quartz veins in a greywacke host rock. No significant assays were returned in this drilling.

This press release is approved by Mr. Robert Chataway, P.Geo, Qualified Person for Mega Precious Metals Inc.

Jim Rogers, P.Geo, President and CEO, has 30 years experience, 20 in Red Lake as former Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Red Lake Mine complex and most recently Regional Exploration Manager for Goldcorp in the Red Lake gold camp.

Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with sufficient cash to carry out all planned exploration programs on properties in Northwestern Ontario, Nunavut and the Yukon. 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.