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Thunder Bay, Ontario                                                                            July 16, 2014

Mega Precious Metals Inc. (MGP:TSX-V) ("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

For further information, please contact:

Mega Precious Metals Inc.
Glen Kuntz, P.Geo.
President, Chief Executive Officer & Director
O: 807-766-3380
TF: 877-592-3380
info(at)megapmi(dot)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.

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