Megastar Development reports results of the annual general meeting

Vancouver, BC, Canada, 31. December 2020 Megastar Development Corp. (Megastar” or that Companies”) (TSX-V: MDV; Frankfurt: M5QN; OTC: MSTXF) announces the results of its Annual General Meeting on Wednesday, December 30th, 2020, was held.

The shareholders have approved all of the resolutions set out in the company’s management information circular dated December 1, 2020, namely:

Set the number of members of the Board of Directors to six (6) and elect all management nominees, i.e. Dusan Berka, Robert Archer, Paul Smith, David Jones, Brian Ostroff and Mary Ellen Thorburn, being Mr. Ostroff and Ms. Thorburn is about to join the board.

Re-contracting the accounting firm Davidson & Company LLP to audit the company for the following year and authorize the Directors to determine their compensation; and

Approve the company’s stock option plan for the following year in accordance with the guidelines of the TSX Venture Exchange.

Brian Ostroff is a graduate of the University of Toronto (1986). In 1987 he came to RBC Dominion Securities, where he focused on special situations from the smallis-Cap segment as well as alternative investments. In 1999 he joined M&A advisory firm Goodrich Capital, where he served as Managing Director for Canada, overseeing mandates in a wide range of industries; his focus was on display technologies and mining. In 2004, Mr. Ostroff moved to the trading side, where he worked for a year as a proprietary trader at a major Canadian bank and then for four years as a freelancer before taking on a role as Managing Director at Windermere Capital. His focus areas are small and medium-sized companies in the mining sector. Mr. Ostroff has been a member of Arianne Phosphate’s board since 2014 and has been CEO since 2016.

Mary Ellen Thorburn is a licensed chartered professional accountant (CPA, CA) and certified financial analyst (CFA), whose areas of expertise include strategic planning and budgeting, treasury management and capital raising, company valuation and modeling, team building and leadership as well Include capital project management. Ms. Thorburn started her career at PricewaterhouseCoopers and continued to climb up the hierarchy. She moved from auditing to equity analysis and worked as a mining and metals analyst at UBS Securities Canada. With her move to the corporate side, she has retained her impressive track record, in which she navigated world-famous multinational companies such as Barrick Gold, Eco Oro Minerals and Great Panther Silver through challenging financial situations. Ms. Thorburn currently serves as Chief Financial Officer of Nexii Building Solutions on an interim basis and works as an independent financial advisor, providing contractual services as CFO and advising on a variety of financial matters.

ABOUT MEGASTAR DEVELOPMENT CORP.

Megastar Development Corp. is engaged in the appraisal, acquisition and exploration of mineral properties in Mexico and Canada. Megastar has an option to acquire a 100 percent interest in three epithermal gold-silver mineral properties in Oaxaca, Mexico. Megastar also has a 100 percent stake to Ralleau, a VMS / Lode GoldMineral concession in the urban Barry District, Lebel-sur-Quévillon area (Quebec), to the DeepRock Minerals (CSE: DEEP) currently has a 50 percent option. For more information, investors and shareholders are invited to visit the company’s website at www.megastardevelopment.com visit or call the office at 604-681-1568 or toll-free at 1-877-377-6222.

FOR THE BOARD OF DIRECTORS:

“DUSAN BERKA”

Dusan Berka, P. Eng.

President & CEO

#1450 – 789 W. Pender Street, Vancouver, BC, Kanada V6C 1H2

Tel .: (604) 681-1568, Fax: (604) 681-8240

Tel: 1-877-377-6222 (toll free)

www.megastardevelopment.com

TSX-V: MDV Frankfurt: M5QN OTC: MSTXF

The TSX Venture Exchange and its regulatory bodies (referred to as the Regulation Services Provider in the Articles of Association of the TSX Venture Exchange) assume no responsibility for the adequacy or accuracy of this news release.

Forward-looking statements:

The statements contained in this release, which include statements about our plans, intentions and expectations that are not exclusively historical in nature, constitute “forward-looking statements”. Forward-looking statements can be identified using terms such as “forecast”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The company advises readers that forward-looking statements, including those relating to the company’s future operations and business projections, are subject to certain risks and uncertainties related thereto This could cause actual results to differ materially from those described in the forward-looking statements.

The source language (usually English) in which the original text is published is the official, authorized and legally valid version. This translation is included for better understanding. The German version can be shortened or summarized. No responsibility or liability is assumed for the content, correctness, appropriateness or accuracy of this translation. From the perspective of the translator, the message does not constitute a buy or sell recommendation! Please note the original English message on www.sedar.com, www.sec.gov, www.asx.com.au/ or on the company website!

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