Megastar Development Corp.

Megastar Development Corp.

March 04, 2005 16:11 ET

Megastar's Data Reveals Prospective Gold-Copper Targets at Simkar


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MEGASTAR DEVELOPMENT CORP.

TSX VENTURE SYMBOL: MDV

MARCH 4, 2005 - 16:11 ET

Megastar's Data Reveals Prospective Gold-Copper
Targets at Simkar

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 4, 2005) - Megastar
Development Corporation (TSX VENTURE:MDV) is pleased to announce the
results of a detailed compilation of the prospective North Rhyolite
target area, on the Simkar property, Val d'Or, Quebec, where significant
gold-copper values of up to 7.43 g/t and 0.20% Cu were obtained during
the 2004 drilling program (NR December 13, 2004).

The North Rhyolite is a 700m wide, virtually untested sequence of felsic
volcanic rocks belonging to the Val d'Or Formation. The Val d'Or
Formation is host to the Louvicourt VMS Deposit (10 MT at 3%Cu, 1.5%Zn,
25 g/t Ag, 1 g/t Au) the Sigma and Lamaque Mines (9 million ounces Au
produced to date) and many others. The North Rhyolite crosses the north
part of the property over a strike length of 1km. To date, only 6 drill
holes have been completed within the favourable sequence. Assessment
files compiled indicate that all of these holes have crossed wide zones
of significant sulphide mineralization consisting mostly of pyrite and
minor chalcopyrite. Although these reported sulphide zones were not
systematically assayed many of the rare samples taken returned anomalous
to higher-grade gold values as presented below. A 1997 IP survey
suggests that the North Rhyolite is crossed by two strong IP anomalies
which are believed to correspond to the zones of gold mineralization
obtained in the previous drilling.



Best Assay Table; North Rhyolite - Simkar Property

----------------------------------
Length Au
Drill Hole (m) (g/t)
----------------------------------
90-18 0.3 5.53
90-39 2.0 1.40
97-SKR-07 0.80 4.74
2004-SKR-01 6.20 1.27
including 0.82 7.43
and 0.56 1.42
2004-SKR-01 0.91 2.20
2004-SKR-01 0.84 1.90
----------------------------------


Although gold-copper and stratabound gold deposits are uncommon within
the Val d'Or Mining Camp, they represent the bulk of the in-situ gold
mineralization observed within the Bousquet Mining Camp located
approximately 50km west of Val d'Or. At Bousquet, the stratabound gold
deposits are deep-seated (up to 2km deep) and often associated with
locally significant Zn or Cu mineralization.

In addition to the existing IP Survey, recently completed regional-scale
Megatem and Titan24 surveys, completed by Aur Resources, covered the
north part of the Simkar Property, including most of the North Rhyolite.
The Data, recently obtained from Aur Resources, identifies nine (9)
anomalies within the Simkar Property. The most significant is quoted as
a "Priority 1", moderate conductor located at moderate to great depth.
This anomaly appears coincident with one of Megastar's IP anomaly. In
addition, a strong, deep-seated Titan24 anomaly is interpreted to be
located within the North Rhyolite. Geophysical interpretation suggests
that the anomaly is located at a depth of 700m to 1200m. The Titan24
anomaly is coincident with both the IP and the Megatem features
described above.

The deep penetrating geophysical data obtained from Aur Resources
greatly enhances the potential of the North Rhyolite. Megastar intends
to conduct a phase one exploration program consisting of down-hole Pulse
EM geophysics of two previous holes and diamond drilling of selected
Pulse EM, Megatem, and Titan24 anomalies.

ON BEHALF OF THE BOARD OF DIRECTORS

Dusan Berka P.Eng., President & CEO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Megastar Development Corp.
    D. Cameron Stretch
    (604) 961-9795
    www.megastardevelopment.com
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    responsibility for the adequacy or accuracy of this news release.