Megastar Development Corp.
TSX VENTURE : MDV
FRANKFURT : M5Q

Megastar Development Corp.

March 04, 2010 14:38 ET

Megastar Retains AXINO AG For Investor Relations Services in Europe

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - Megastar Development Corporation ("Megastar" or the "Company") (TSX VENTURE:MDV)(FRANKFURT:M5Q) is pleased to announce that it has, subject to regulatory approval, retained AXINO AG ("AXINO") to provide investor relations services. AXINO will present Megastar in Germany and other European countries, disseminating investor relations information and creating awareness of Megastar in the European financial community.

AXINO will be responsible for maintaining timely contact with Megastar's shareholders, potential investors and investment community professionals. AXINO will receive compensation of EUR 30,000 for an initial term of twelve months starting March 1, 2010 as well as 200,000 incentive stock options under the Company's 2009 Stock Option Plan at an exercise price of $0.13 per share exercisable for a period of 2 years. AXINO has advised Megastar that it does not hold directly or indirectly any shares of Megastar and that it does not have any right to acquire any shares.

"AXINO is pleased to introduce Megastar throughout the European financial communities. We see this as an excellent opportunity for Megastar to increase and diversify their shareholder base to include both retail and institutional investors with differing investment strategies," said Wolfgang Seybold, President & CEO of AXINO.

About AXINO AG

AXINO AG (http://www.axino.com) is a privately owned full-service investor relations firm based in Stuttgart, Germany. It specializes in representing resource sector companies that wish to obtain investor exposure and develop a shareholder following in the European financial markets with a special focus on the German speaking financial communities. AXINO's clients in the resource sector include such reputable companies as Agnico-Eagle Mines Ltd., Endeavour Silver Corp., Monument Mining Limited, Tiger Resources Limited, Yukon-Nevada Gold Corp., and others.

The Company has granted incentive stock options to its directors, officers and consultants to purchase up to a total of 800,000 company common shares, at a price of $0.13 each, for a period of three years. These options have been granted pursuant to the terms of the Company's 2009 Stock Option Plan, approved by company shareholders on Aug. 14, 2009.

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, including the Simkar Gold Project in Val d'Or, Quebec for which a NI 43-101 compliant independent Technical Report concludes that the Project is estimated to have a remaining (post-historic mining) Inferred Resources of about 140,000 ounces, based on parameters appropriate for a reasonable underground mining scenario. For further information, investors and shareholders are invited to visit the Company's website at www.megastardevelopment.com, call the office at 604-683-6648.

ON BEHALF OF THE BOARD OF DIRECTORS

Dušan Berka, P. Eng., President & CEO

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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