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MEGA CLOSES ITS ACQUISTION OF THE HEADWAY PROPERTY IN
RED LAKE, ONTARIO
November 29, 2012
Thunder Bay, Ontario
Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce that it has made the final option payment to complete the acquisition of a 100% interest in the Headway property in Red Lake, Ontario, which consisted of the issue of 3,600,000 common shares to Kings Bay Gold Corporation and 400,000 common shares to Palomino Mining and Exploration Ltd for the Headway Property. The 4,000,000 common shares issued by Mega are subject to a four month hold period under Canadian securities laws which expires on March 23, 2013.
The Headway property is located along the Red Lake mine trend, adjacent to Hwy 105 and just South of Goldcorp's high grade Red Lake and Campbell mines that are located in Balmertown, Ontario. The property consists of six (6) patented claims and one (1) unpatented claim totaling approximately 320 acres. The definitive agreement to acquire the 100% interest in the Headway Property was first announced October 5, 2009 https://www.megapmi.com/2009-releases/content/2009-releases/article/nr_5-10-2009_headway_da.
Glen Kuntz President and Interim Chief Executive Officer stated: "We are pleased to complete the acquisition of a 100% interest in the Headway Gold project; we believe the property will prove to be an important and valuable asset in our holdings”.
Since October 5, 2009, the company has drilled 3 deep holes that have tested a geological model to a depth of 2,601 m. Hole MH1103 is currently at 2,543 m and is located in the Balmer Assemblage that is the known host rock for the gold deposits that are being mined by Goldcorp’s Red Lake Mine.
Based upon the current drill locations, Mega has increased the potential mineralized footprint and in the process has acquired much needed geological/geotechnical information that is essential to future drilling which will continue to test for zones similar to Goldcorp’s High Grade Zone mineralization.
The Company is currently evaluating its options on how best to continue exploring the property’s potential during 2013.
Below is a plan view at 2300 m showing location of MH 1103 in relation to the High Grade target area.
The Company believes that an opportunity exists on the Headway claims to encounter high grade mineralization.
Glen Kuntz, President and Interim Chief Executive Officer (CEO), is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101.
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.
Glen Kuntz, President and Interim Chief Executive Officer
O: 807-766-3380
TF: 877-592-3380
info@megapmi.com
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