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

VANCOUVER, British Columbia -- Private Placement Financing

Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF) ("Cream") is pleased to announce that it has completed a non-brokered private placement financing, previously announced on March 3, 2005, of 2,000,000 units (the "Units") at a price of $0.35 per Unit, for gross proceeds of $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 entitles the holder to purchase one additional common share of Cream at an exercise price of $0.45 per share up to and including April 18, 2006.

In consideration for introducing Cream to purchasers for the non-brokered financing, Cream issued finder's fees in Units ("Finder Units") to Integral Wealth Securities Limited and CIBC World Markets Inc. equal to 5% of the total number of Units purchased by their respective found purchasers. The Finder Units 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 a four month period expiring August 19, 2005. 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 completion of the 600-metre diamond drill program on the high-grade gold-silver Fenix Veins is expected in a few more days. Assays from Holes 1 and 2 are expected shortly. 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 April 19, 2005, Cream is pleased to report that the drill camp has been satisfactorily set up and work has proceeded with just over 50 Banka drill holes (20 of which are on an island in the middle of the river) completed. Mr. Benjamin Ainsworth P.Eng., Cream's "Qualified Person" in Sierra Leone for the purpose of National Instrument 43-101, has noted that they are starting to process samples, but do not intend to use any recoveries for grade reference. He notes also that gravel thickness on the high terrace is greater than expected, but cannot comment further until surveys have been completed.

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)