Cream Minerals Receives Approval of Fenix Gold-Silver Property Option.

VANCOUVER, British Columbia -- Cream Minerals Ltd. (OTCBB:CRMXF)(TSXV:CMA) ("Cream") is pleased to announce that the TSX Venture Exchange has accepted the previously announced option to purchase agreement (see press release dated October 29, 2004) between Cream's wholly owned Mexican subsidiary, Cream Minerals de Mexico S.A. de C.V. and Juan Pablo Aguilera Barba and Celina Lopez Camarena (the "Optionors"), whereby Cream's subsidiary may acquire a 51% right, title and interest in and to the "Fenix" and "La Fenix 2" gold-silver properties (the "Property"), located in the Province of Nayarit, Mexico.

Pursuant to the terms of the option agreement, the Optionors will vest the 51% right, title and interest in the Property to Cream's subsidiary in exchange for cash payments totalling US$100,000 over a six-month period and the issuance of 200,000 common shares by Cream over a 12 month period. In addition to the above cash and share payments, the Subsidiary must incur expenditures on the Property totalling US$300,000 within one year following the date of regulatory approval.

Interest in the Fenix property, 60 km southeast of Tepic, Nayarit, arose when Ferdinand Holcapek, P.Eng., the Company's Qualified Person, was invited by a local miner to visit and sample the La Fenix Mine earlier this year. Upon examination, a grab sample taken by Ferdinand Holcapek located at the old mine entrance was assayed, yielding the following value:

(Grab)      Gold        Silver      Lead      Zinc
--------------------------------------------------
        31.9 g/t     9,280 g/t     3.76%     9.39%

Reopening of the mine located an adit into a gently sloping hillside where the remnants of a 1.8 meter wide vein was found on one level. Subsequent sampling taken by Mr. Holcapek revealed a 96 meter long drift averaging as follows:

Width                   Gold             Silver
-----------------------------------------------
2.19 metres       11.838 g/t       1,482.51 g/t

including a 46 meter high-grade section averaging:

Sample                  Width             Au                Ag
--------------------------------------------------------------
#182691 to 182696 &
#182708 to 182709      1.60 m      39.73 g/t      4,783.25 g/t

Although numerous other showings on the property are being found and sampled, a Company priority is to determine the size of the high-grade zone through an early drilling program.

Once vested with the 51% right, title and interest in and to the Property, the Subsidiary will enter into a joint venture with the Optionors whereby both parties will transfer their respective right, title and interest in and to the Property into a newly formed Mexican corporation which shall be owned 51% by the Subsidiary and 49% by the Optionors.

No common shares will be issued as bonuses, finder's fees or commissions in connection with this transaction. The common shares issued pursuant to the Agreement have a four-month hold period expiring four months from the date of each issuance.

The Property centres on two historic, high-grade gold-silver mines that are separated by a distance of about 700 metres horizontally and about 25 metres vertically. The workings appear to be centred on a fault - breccia zone having an average width of 1.80 metres within a 100 metre wide zone of silicification and quartz stockwork. The wall rock is bedded, silica flooded rhyolitic tuff showing sericite and argillic alteration with some secondary feldspar. The original workings were accessed by shallow adits. The Subsidiary proposes to drill below the workings to determine if the mineralization extends to depth.

The Property is under the supervision of Mr. Ferdinand Holcapek, P.Eng. Mr. Holcapek is the Company's "Qualified Person" for the purpose of National Instrument 43-101, as defined by National Instrument 43-101, Standards of Disclosure of Mineral Projects, Canadian Securities Administrators.

For more information about Cream Minerals Ltd. and its projects, please visit our website at www.creamminerals.com.

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

U.S. 20-F Registration

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