Megastar Announces Reorganization and a New Director

Megastar Development Corporation (TSX VENTURE:MDV)(FRANKFURT:M5Q) ("Megastar",
the "Company" or "MDV") announces that the board of directors of the Company
(the "Board") has determined to proceed with the proposed share consolidation
previously approved by shareholders at the Special Meeting of Shareholders of
Megastar (the "Meeting") held on December 20, 2010. At the Meeting, shareholders
approved a share consolidation, at the discretion of Company's management and
the Board, on the basis of one (1) new post-consolidation Megastar share for up
to every six (6) pre-consolidation Megastar shares outstanding.


The Board has unanimously resolved to implement the consolidation ratio of one
(1) new post-consolidation common share for every four (4) pre-consolidation
common shares (the "Share Consolidation"). Once complete, the 42,127,233 issued
common shares currently outstanding will be reduced to 10,531,808 common shares
(as at the date of this release). No fractional common shares will be issued as
a result of the Share Consolidation. The exercise price and the number of common
shares issuable under any outstanding convertible securities of the Company,
including outstanding incentive stock options and common share purchase
warrants, will be proportionately adjusted once the transaction is complete.


The Company's common shares will continue to be traded on the TSX Venture
Exchange under the symbol "MDV" on a post-consolidation basis. The consolidation
of the Company's shares is subject to all necessary regulatory approvals,
including that of the TSX Venture Exchange.


Appointment of New director

The Company announces that Richard Roy, P.Geo., has resigned as a director of
the Company in order to focus on other professional commitments and business
interests. The Company has appointed Andrew Lee to its Board to fill the vacancy
created by Mr. Roy's resignation.


Mr. Lee holds a Bachelor of Science degree from the University of British
Columbia and has been working as a self-employed consultant to mineral
exploration companies for the past six years, assisting with financings and
corporate development. Recently, Mr. Lee served as a director of Plains Creeks
Mining Limited, a private company that went public through a reverse takeover of
Resource Hunter Capital Corp., listed on the TSX Venture Exchange. Currently,
Mr. Lee is working on plans to take Four Rivers Resources Inc., an industrial
company focused on forest products, public later this year. The Company wishes
to thank Mr. Roy for his valuable contribution and technical assistance to the
Company over the past seven years and wishes him the very best in his future
business endeavours, and welcomes Mr. Lee to the Board.


ABOUT MEGASTAR DEVELOPMENT CORP.

Megastar Development Corp. is an emerging resource company engaged in the
acquisition, exploration and development of mineral properties in Canada.
Megastar owns gold and base metal properties in Quebec and British Columbia. For
further information, investors and shareholders are invited to visit the
Company's website at www.megastardevelopment.com or call the office at
604-683-6648.


ON BEHALF OF THE BOARD OF DIRECTORS

Dusan Berka, P.Eng., President & CEO

Megastar Development (TSXV:MDV)
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