MGP

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega" or the "Company") is pleased
to announce it has closed its previously announced private placement (the
"Offering"), for gross proceeds of $5,315,677. The Company issued an aggregate
of 3,930,045 units (the "Non-Flow-Through Units") for gross proceeds of $432,305
and 40,694,766 Million flow-through units (the "Flow-Through Units") for gross
proceeds of $4,883,372.


"Mega is pleased with the closing of the financing. We continue to advance our
flagship asset Monument Bay with an updated mineral resource estimate that is
scheduled for Q3 2014 that will include estimates of both gold and tungsten.
Following the updated mineral resource estimate, Mega expects to prepare its
first preliminary economic assessment." 


Total finder's fees of $263,874 were paid in conjunction with the Offering and
2,154,609 Compensation Warrants (the "Compensation Warrants") were granted. The
Compensation Warrants entitle the holder to purchase one Common Share at a price
of $0.15 for 18 months following closing of the Offering. 


All Common Shares issued and issuable hereunder (including those issuable upon
the exercise of Warrants and the Compensation Warrants), the Warrants and the
Compensation Warrants are subject to a four-month hold period expiring November
16, 2014.


The terms of the Offering were Non-Flow-Through Units at a price of $0.11 per
Non-Flow-Through Unit and Flow-Through Units at a price of $0.12 per
Flow-Through Unit. Each Non-Flow-Through Unit consisted of one common share of
the Company and one-half of one warrant (each whole warrant a "Warrant") to
purchase common shares of the Company. Each Warrant entitles the holder thereof
to purchase one common share of the Company at an exercise price of $0.15 until
18 months following the closing date of the Offering. Each Flow-Through Unit
consisted of one common share of the Company, which will qualify as a
"flow-through share" within the meaning in the Income Tax Act (Canada) and
one-half of one Warrant. 


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 Information

Certain statements in this press release contain information that may constitute
forward-looking information under applicable Canadian securities legislation,
including but not limited to, information relating to the terms of the Offering
and an updated resource regarding Monument Bay. 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. These 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. These risks and uncertainties include, but are not
limited to, the strength of the global economy, fluctuations in the price of
gold and operational, funding and liquidity risks. 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 the
Company's filings which are posted on SEDAR at www.sedar.com.The Company does
not intend, and does not assume any obligation, to update these forward-looking
statements or to update the reasons why actual results could differ from such
information unless required by law.


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mega Precious Metals Inc.
Glen Kuntz, P.Geo.
President, Chief Executive Officer & Director
O: 807-766-3380 or TF: 877-592-3380
info@megapmi.com
www.megapmi.com

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