Cream Receives Report from Independent Geophysical Contractors on Sierra Leone Diamond Project.

VANCOUVER, British Columbia -- Cream Minerals Ltd. (TSX VENTURE: CMA)(OTCBB: CRMXF) ("Cream") is pleased to announce that it has received a report from independent geophysical contractors (Ask Geosolutions Ltd., Moscow and Yuzmorgeologia State Scientific Center, Gelendzhyk, Russia) detailing the interpretation and modelling of a marine magnetic survey over one of several targets on the offshore licences in Sierra Leone. Yuzmorgeologia was the contractor of choice used by Casierra Development Funds Inc., the licence holders, for the work in 1995 that lead to the discovery of the first marine alluvial diamonds reported offshore in Sierra Leone territorial waters.

The main purpose of this contracted program was the implementation of the magnetic surveys and data interpretation for the evaluation of shallow recent sediments deposited several hundred meters above the crystalline basement. These sediments contain diamonds associated with weak magnetic features in the former and present distributary system of fluviatile sediments off the mouths of rivers in S.E. Sierra Leone. The data for the interpretation were taken from a detailed survey of part of the area on license area EPL  5/94. A total of 170 line kilometers were surveyed covering an area approximately 5 kilometers by 2 kilometers using a G-882 tow-fish magnetometer. In-survey data review identified three strongly anomalous areas. The anomalies are located over sites where earlier sampling in 1995-1996 recovered 13 gem quality diamonds from near the seabed surface in waters less than 20 meters deep.

The magnetometer survey was designed to obtain sufficiently detailed data to plan a bulk sampling program in the next phase of work to develop this first target of many on the offshore licence. Magnetic heavy minerals occur as concentrations in the marine sediments that are derived from the diamondiferous gravels transported into the ocean by two large rivers, the Moa and the Mano. Partially weathered magnetite grains would be expected to have a density close to that of diamonds (3.55 gms/cc) so this concentration would be expected to include diamonds amongst the heavy minerals. For millions of years the rivers have been conveying this material from diamond-bearing kimberlitic sources less than 100 kms upstream in Sierra Leone, Guinea and Liberia. The Mano River drainage area also has a reputation as a source of rare pigeon-blood red diamonds, called "Zimmi" red diamonds that are reported to have a value in the area of US $1 million per carat.

The post-survey data processing indicated five areas where bulk sampling should be undertaken. The following description of these five areas is taken from the conclusions of the report.

1. A submarine paleo-shoreline of 6,000 m length and associated with it a magnetoactive layer of 100 to 400 m width and thickness of 1 to 3 meters.

2. Channels cutting across the paleo-shoreline that are short life channels carrying fluvial sediments.

3. A sector within a high-frequency part of the area with an anomalous magnetic field shows some distinct and well correlated zones that can be followed from survey line to line in the recent/present deposition of the fluviatile sediments onto the sea floor. These features are approximately from 1,500 m wide and more than 2,500 m long in size, with a thickness of up to 5 meters.

4. A submarine paleo-distributary fan of the river within the NW part of the survey area. The size of the identified area is 800 by 1,100 meters and has a thickness of 5 to 10 meters. The depth of the magnetoactive body is 10 to 40 meters.

5. A larger body of 800 x 900 meters with a thickness of 210 meters was identified by results of mathematical modelling in the area of a main distributary channel.

In the lower reaches of the Moa, active river channel gravels are reported to have a grade of 0.5 carats per cu meter (Hall, P.K., Bulletin 5, The Diamond Fields of Sierra Leone, Sierra Leone Geological Survey). There is considerable alluvial mining activity on the Mano River (see Google earth) and that suggests payable grades in that river, which also drains areas with kimberlite dykes and possibly pipe structures. Fluvial sediments in the two rivers should be similar to those deposited from the rivers onto the seafloor.

The exploration targets for the five areas of magnetoactive anomalies are summarized as volumes of sediment in the following table:

TABLE 1
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                              (i)
L1(m)     L2(m)   H(m)  Carat/m3     Cu Meters   Comment
---------------------------------------------------------------------
1,200    1,060      5        0.5     6,360,000   Recent surface seds.
                                                 (Fig.10 area 1)
---------------------------------------------------------------------
1,600    2,450      5        0.5    19,600,000   Modern distribution
                                                 fan (Fig.10 area 2)
---------------------------------------------------------------------
800        900    210        0.5   151,200,000   Big body in central
                                                 paleo-channel
---------------------------------------------------------------------
800      1,100      5        0.5     4,400,000   Paleo-distribution
                                                 fan (Fig.10 area 4)
---------------------------------------------------------------------
200      6,000      2        0.5     2,400,000   Paleo-strandline
                                                 (Fig.6. Area near
                                                 line P1-P2)
---------------------------------------------------------------------
(i) Assumption based on Hall, P.K.

Note: The target estimates in Table 1 are conceptual in nature and are based on extrapolations that have not been systematically tested. Within the main anomalous distributary fan (see 19,600,000 cu meters in table above) some thirteen diamonds with a size range of 0.2 to 1.22 carats have been recovered from 11 out of 13 sample sites (some sample sites had two diamonds). This sampling does not confirm any assumed grade but does confirm the association of diamonds with the magnetoactive distributary sediments.

The contents of this news release have been prepared by Mr. Benjamin Ainsworth, P.Eng., BC, in his capacity as Cream's "Qualified Person" for the Sierra Leone projects, for the purpose of National Instrument 43-101.

For a full copy of the above report or for more information about Cream Minerals Ltd., the Company's mineral property interests or to view the European Presentation, please visit our website at www.creamminerals.com.

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

The above material may contain forward-looking information, as normally defined.

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

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