Megastar Development Corp.
TSX VENTURE : MDV
FRANKFURT : M5Q

Megastar Development Corp.

February 27, 2009 09:15 ET

Megastar Appoints Martin Bourgoin, P. Geo. as Advisor

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2009) - Megastar Development Corporation (the "Company") (TSX VENTURE:MDV)(FRANKFURT:M5Q) is very pleased to announce that Martin Bourgoin, B.Sc., P. Geo has joined Megastar's Advisory Board as Technical Advisor. Mr. Bourgoin brings to Megastar over 24 years of mining, exploration and corporate development experience. Mr. Bourgoin is currently Executive Vice President of Toronto based Champion Minerals Inc. and Executive Vice President, of Toronto based Eloro Resources Ltd.

Mr. Bourgoin is a Professional Geologist with over 24 years of experience in various capacities, and is the founder and President of MRB & Associates, a Val d'Or, Quebec based geological consulting firm. From 1989 to 1993, Mr. Bourgoin worked as chief geologist at the then producing SIMKAR Mine (formerly Louvicourt Goldfields Mine) located 20km east of the town of Val d'Or and now 100% owned by the company. Mr. Bourgoin also held the position of Chief Geologist of the world class Sigma Mine, located in Val-d'Or, Quebec, which was producing 100,000 ounce of gold annually. While at Sigma, Mr. Bourgoin played an instrumental role in the preliminary assessment of the near surface gold resource which was subsequently mined through the open pit mining method. Mr. Bourgoin was also employed as a geologist for a wide range of industry leading companies including Placer Dome Inc. and Agnico Eagle Mines Ltd. Within the mineral exploration field Mr. Bourgoin's experience includes ore reserve and resource estimation using geostatistical bloc model evaluation, bloc model evaluation using 3D Gemcom software and subsequent open pit and underground mine design, mine planning and production, preparation and supervision of exploration programs and the preparation of Qualifying Reports in accordance to National Instrument 43-101 standards.

Dusan Berka, P. Eng., Megastar's President & CEO states that "We are delighted to welcome Martin to our team. His extensive experience in mining, exploration and corporate development along with his intimate knowledge of our flagship SIMKAR Gold Project where he served as chief geologist during the last development and production phase (1989 - 1993) is invaluable in developing and advancing this exciting gold project. It is also very comforting to hear Mr. Bourgoin comment that "An important fact to remember is that the SIMKAR underground mining operations (1989-1992) were stopped because of lack of working capital combined with low gold prices in the range of $350/oz and certainly not because of the lack of potential to discover additional ore."

The Company also announces that under its 10% rolling Stock Option Plan (the "Plan"), it has granted incentive stock options to directors, officers, consultants and employees for the purchase in the aggregate of up to 1,150,000 common shares of the Company for a period of two years at a price of $0.10 cents per share. The options were granted based on the recommendation of the Company's Compensation Committee and are subject to the terms of the Plan.

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 property is estimated to have a remaining (post-historic-mining) Inferred Resource of about 110,000 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 or call the office at 604-683-6648.

ON BEHALF OF THE BOARD OF DIRECTORS

Dusan Berka, P. Eng., President & CEO

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information

  • Megastar Development Corporation
    Dusan Berka, P. Eng.
    President & CEO
    (604) 683-6648
    (604) 683-1350 (FAX)
    Website: www.megastardevelopment.com