MDV Megastar Development Corp

Megastar Development Corporation ("Megastar", the "Company" or "MDV") (TSX
VENTURE:MDV)(FRANKFURT:M5Q) announces that effective as of the opening of
trading of the TSX Venture Exchange (the "Exchange") on Wednesday May 4, 2011,
the Company will consolidate its common share capital on the basis of one (1)
post-consolidated common share for every four (4) pre-consolidated common shares
held (the "Consolidation"). The Company's name and trading symbol will remain
the same. The Company's new CUSIP number is 58516P307.


The Consolidation was approved by the shareholders at the Company's Special
Meeting held on December 20, 2010 (see the Company's news release dated March
31, 2011). 


Letters of transmittal with respect to the Consolidation will be mailed to all
registered shareholders of the Company. All registered shareholders will be
required to send their respective certificates representing the pre-consolidated
common shares along with a properly executed letter of transmittal to the
Company's transfer agent, Computershare Investor Services Inc.
("Computershare"), in accordance with the instructions provided in the letter of
transmittal. Additional copies of the letter of transmittal can be obtained
through Computershare (Shareholder Services 1-800-564-6253). All shareholders
who submit a duly completed letter of transmittal along with their respective
pre-consolidated common share certificate(s) to Computershare, will receive a
post-consolidated common share certificate.


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

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