The paper discusses the gamma event of Mar. 5, 1979, the most intense burst of nonsolar high-energy photons ever recorded, which was observed by 12 gamma burst instruments on nine spacecraft. The fast rise time of the event and ephemeris and absolute time information from the spacecraft are considered, and a unique and redundantly determined 1 x 2 arcmin error box centered at R.A. = 5h 25.95m, decl. = -66 deg 07.1 arcmin (equinox 1950.0) is found. Statistical arguments favor identification with the SNR N49, located within the box. It is suggested that if N49 was the source of the transient, then peak gamma-ray and hard X-5ay luminosity was between 10 to the 44th and 10 to the 45th ergs/s, and the total radiated energy was between 10 to the 43rd and 10 to the 44th ergs.