Cream Minerals Announces 2,000,000 Unit Private Placement.

VANCOUVER, British Columbia -- Cream Minerals Ltd. (OTCBB:CRMXF) (TSX VENTURE:CMA)

Private Placement Financing

Cream Minerals Ltd. ("Cream") is pleased to announce that, subject to regulatory approval, it will carry out a non-brokered private placement of up to 2,000,000 units (the "Units") at a price of $0.35 per Unit, for gross proceeds of up to $700,000. Each Unit is comprised of one common share in the capital of Cream and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of Cream for a period of 12 months from closing, at an exercise price of $0.45 per share.

In consideration for introducing Cream to purchasers for the non-brokered financing, Cream may issue finder's fees in Units ("Finder Units") equal to 5% of the total number of Units purchased by found purchasers. The Finder Units will have the same terms and conditions as the Units.

All shares, warrants and any shares issued upon exercise of the warrants with respect to the above private placements are subject to a hold period and may not be traded for four months from the date of issuance. Proceeds from the non-brokered private placement will be used to fund Cream's work programs in Mexico, Sierra Leone, and for general working capital.

Fenix Property, Mexico

Cream is pleased to report that diamond drilling on its Fenix property, Mexico, commenced March 2, 2005 (see news release dated February 24, 2005). Mr. Ferdinand Holcapek, P.Eng. is Cream's "Qualified Person" in Mexico for the purpose of National Instrument 43-101.

Diamond Exploration Licences, Sierra Leone

Further to its news release of March 1, 2005, Cream announces that the agreement it entered into with Casierra Diamond Fund Inc. and its affiliate company, Casierra Diamond Corporation (collectively the "Optionor") to earn an interest in production from two exclusive prospecting licence areas for diamonds and other minerals and metals in Sierra Leone, West Africa, was approved by Cream's board of directors with Sargent H. Berner, Ronald M. Lang and Arthur G. Troup (who collectively hold less than 0.017% of the seed shares of the Optionor) and Frank A. Lang (who holds approximately 33% of the seed shares of the Optionor) abstaining due to their non-arms length relationship with the Optionor. Mr. Benjamin Ainsworth P.Eng. is Cream's "Qualified Person" in Sierra Leone for the purpose of National Instrument 43-101.

For more information about Cream Minerals Ltd. and its mineral property interests, please see our website at www.creamminerals.com.

Frank A. Lang, BA, MA, P. Eng., President & CEO 

U.S. 20-F Registration: 000-29870

No regulatory authority has approved or disapproved the information contained in this news release.

Cream Minerals Ltd. (TSX VENTURE:CMA) (OTC Bulletin Board:CRMXF)