Megastar Development Corp.
TSX VENTURE : MDV
FRANKFURT : M5Q

Megastar Development Corp.

February 28, 2011 09:00 ET

Megastar Receives Final Report on the Ralleau Copper-Zinc Project in Quebec; a Two Phase, $1.75m Program Is Recommended on a Series of Priority VMS and Gold Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Megastar Development Corp. ("Megastar" or the "Company") (TSX VENTURE:MDV)(FRANKFURT:M5Q) is pleased to announce that it has received the final technical report on its 12,400 hectare Ralleau Copper-Zinc Project (the "Property") from MRB & Associates of Val-d'Or, Quebec (the "MRB"). The Property is located in Québec, approximately 50 kilometres east of the town of Lebel-sur-Quevillon, and about halfway between Val D'Or and Chibougamau. It is easily accessible via a network of logging roads leading from Highway 113. MRB's 43-101 compliant report recommends a $1.75M program consisting of target delineation and definition followed by a diamond drill program.

The Ralleau property is underlain by felsic and mafic volcanic rocks, which comprise part of the Abitibi Greenstone belt. Elsewhere, the Abitibi belt is a major host for volcanogenic massive sulphide (VMS) copper-zinc deposits as well as gold, Ni-Cu, or PGE mineralization. Breakwater Resources' Langlois zinc-copper mine is located in similar rocks about 15 kilometres to the northwest and Metanor Resources' Barry gold deposit is located about 30 kilometres to the southeast.

In 2010, MRB carried out a program of reconnaissance geological mapping and prospecting to follow up on a number of VTEM anomalies identified in a property-wide airborne survey in 2008. The recent fieldwork confirmed the presence of the wide zone of felsic rocks known as the Novellet Rhyolite extending along almost the total length of the property. Whole rock geochemistry identified rock samples from the Ralleau property as tholeiitic to transitional calc-alkaline, indicating an island arc setting favourable for the development of VMS deposits. Potential for VMS deposits is further supported by trace element geochemistry of the volcanic rocks, which shows a relationship between Na and Ca depletion, K-enrichment and copper-zinc mineralization.

The 2010 program identified a number of areas warranting further work, as follows:

  1. The Lac Sheilann area where felsic volcanic rocks exhibiting VMS-style hydrothermal alteration were found to occur along with semi-massive sulphides, sometimes anomalous in copper, and where historic diamond drilling has indicated wide, copper-bearing zones at depth;
  2. The Centre Zone where a number of historical pits are reported to have contained significant copper and zinc values, and
  3. Several other poorly exposed locations on the property where wide zones of shearing, alteration and/or quartz veining, in places accompanied by anomalous concentrations of sulphides, have suggested potential for gold mineralization.

MRB have recommended continued work to evaluate the VMS and gold potential of the property, beginning with a $550,000 Phase One program of detailed geological mapping, ground EM and magnetic surveys and trenching in selected areas. A Phase Two program consisting of 7,500m of diamond drilling to test targets defined in Phase One is budgeted at $1.2 million.

Martin Bourgoin, P. Geo., technical advisor of the company, is the NI 43-101 Qualified Person responsible for the technical content of this news release.

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

Dušan Berka, P. Eng., President & CEO

Statements made in this news release that are not historical facts are "forward-looking statements", and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.

Neither the 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 news release.

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