MEGASTAR DEVELOPMENT CORP.
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November 5, 2008
 
The company is pleased to report that further exploration is continuing on the Simkar Gold Project located in Val d'Or, Quebec.
 
The company has identified a target area known as the Montana Zone where previous sampling on surface returned 57.6 g/t Au over 1.07 m. (GM 49481). Follow-up drilling over 33 holes, to a depth of 60 meters, identified a series of three separate sub-parallel sulfide veins approximately 10 meters apart and returning gold mineralization of potential economic interest over a 45-meter strike length, open to the west and to depth. Preliminary resource calculated following the drilling outlined a modest resource of 8.26 g/t Au diluted over an average width of 1.8 meters (pre 43-101 guidelines). This work shows that a significant potential exists for near-surface mineralization and the high grade obtained from the individual sulfide veins adds to this potential. In addition, recent grab samples taken on surface to the west of the drilling identified the Montana Zone and returned 2.91 g/t Au, 1.68% Cu and 18.6 g/t Ag, which could indicate polymetalic potential as well.
 
A surface stripping and sampling program within the Montana Zone area is now under way with a focus on better understanding the style of the mineralization and the prevalent structure control. Results of this work will help establish the potential for near-surface bulk tonnage mineralization.
 
The Simkar Property exploration program is supervised by Mr. Michel Proulx, P. Geo, a Qualified Person as defined under NI 43-101 guidelines.
 
ABOUT MEGASTAR DEVELOPMENT CORP.
 
Megastar Development Corp. is a resource company engaged in the acquisition, exploration and development of mineral properties in Quebec and British Columbia. Megastar is listed on the TSX Venture Exchange under the trading symbol �MDV� and on the Frankfurt Stock Exchange under the trading symbol �M5Q�.
 
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, or contact D. Cameron Stretch at 604-961-9795.
 
ON BEHALF OF THE BOARD OF DIRECTORS
 
�DUSAN BERKA�
 
Dusan Berka, P. Eng.
President and CEO