Megastar Development Corp. Announces AGM Results

VANCOUVER, Dec. 31, 2020 - Megastar Development Corp. ("Megastar", or the "Company") (TSXV:MDV) (Frankfurt:M5QN) (OTC PINK:MSTXF) announces the results of its 2020 Annual General Meeting ("AGM") of shareholders held on Wednesday, December 30, 2020.

Shareholders approved all the resolutions detailed in the management information circular of the Company dated December 1, 2020, namely:

• Fixing the number of the Board of Directors at six (6) and electing all of management's nominees, namely Dusan Berka, Robert Archer, Paul Smith, David Jones, Brian Ostroff and Mary Ellen Thorburn, Mr. Ostroff and Ms. Thorburn being new members to the Board.



• Re-appointing Davidson & Company LLP, Chartered Professional Accountants as auditor of the Company for the ensuing year and authorizing the directors to fix their remuneration; and



• Approving the Company's stock option plan for the ensuing year in accordance with the policies of the TSX Venture Exchange.

Brian Ostroff is a graduate of the University of Toronto (1986). In 1987, he joined RBC Dominion Securities where his focus was on smaller cap special situations as well as alternative investments. In 1999, he joined the M&A advisory firm Goodrich Capital where he was the Canadian managing partner overseeing mandates across a spectrum of industries with a focus on display technologies and mining. In 2004, Mr. Ostroff moved over to the trading side of the business where he spent a year as a proprietary trader with a large Canadian bank and subsequently on his own for four years, prior to joining Windermere Capital as Managing Director. His area of focus is the junior and mid-tier mining sector. Mr. Ostroff has sat on Arianne Phosphate's board since 2014 and serves as CEO since 2016.

Mary Ellen Thorburn is a Chartered Professional Accountant (CPA, CA) and Chartered Financial Analyst (CFA) whose areas of expertise include, but are not limited to, strategic planning and budgeting, treasury management and capital raising, business valuations and modelling, team building and leadership, and capital projects management. Ms. Thorburn began her career with PricewaterhouseCoopers and was progressively promoted through the ranks. From public accountancy, she transitioned into equity research, working as a mining & metals analyst with UBS Securities Canada. Moving to the corporate side of business, she maintains an impressive track record of navigating world class, multinational organizations such as Barrick Gold, Eco Oro Minerals and Great Panther Silver through challenging financial landscapes. Ms. Thorburn is currently interim Chief Financial Officer of Nexii Building Solutions and works as an independent finance consultant, providing contract CFO services as well as advising on a myriad of finance matters.


ABOUT MEGASTAR DEVELOPMENT CORP.

Megastar Development Corp. is engaged in the evaluation, acquisition and exploration of mineral properties in Mexico and Canada. Megastar has an option to acquire 100% interest in three epithermal Au-Ag mineral properties in Oaxaca, Mexico. Megastar also owns 100% interest in the Ralleau, VMS/lode gold mineral property in Urban Barry District, Lebel-sur-Quévillon area of Quebec, currently under 50% option to DeepRock Minerals Inc. (CSE: DEEP). For further information, investors and shareholders are invited to visit the Company's website at www.megastardevelopment.com or call the office at 604-681-1568 or toll free at 1-877-377-6222.


ON BEHALF OF THE BOARD OF DIRECTORS,

" DUSAN BERKA"
Dusan Berka, P. Eng., President & CEO



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Statements: Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE: Megastar Development Corp.