Megastar Amends Financing

Megastar Development Corporation ("Megastar", the "Company" or "MDV") (TSX
VENTURE:MDV)(FRANKFURT:M5Q) announces that it is amending the previously
announced financing on June 3, 2011. The Company will now be proceeding with a
financing of up to $650,000 by the way of a non-brokered private placement
offering (the "Offering").


The Offering consists of the issuance of approximately 6,500,000 units at $0.10
per unit (the "Units"). Each Unit consists of one common share (a "Share") and
one share purchase warrant (the "Warrant"). Each Warrant will entitle the holder
thereof to purchase one Share at a price of $0.135 per Share for a period of 24
months. 


Finders' fees may be paid by the Company in conjunction with the completion of
the Private Placement in accordance with TSX Venture Exchange policies.


Proceeds of the Offering will be used for general working capital, including
company's ongoing evaluation of possible projects.


The Offering is subject to regulatory acceptance and final documentation, and is
scheduled to close on or about June 30, 2011. 


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 mineral 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