Reading And Parsing Large Delimited Text Files?

I'm busy with an applicaton which reads space delimited log files ranging from 5mb to 1gb+ in size, then stores this information to a MySQL database for later use when printing reports based upon the information contained in the files. The methods I've tried / found work but are very slow.

or is there a better way to handle very large text files?

I've tried using textfieldparser as follows:

Using parser As New TextFieldParser("C:logfiles estfile.txt")
parser.TextFieldType = FieldType.Delimited
parser.CommentTokens = New String() {"#"}

[Code].....