Thunder Bay, Ontario
March 22, 2011 Shares Issued: 74,281,980
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.
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.
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
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.