Cream Minerals Ltd.

Cream Minerals Ltd.

March 03, 2005 09:00 ET

Cream Minerals Announces 2,000,000 Unit Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CREAM MINERALS LTD.

TSX VENTURE SYMBOL: CMA
OTC Bulletin Board SYMBOL: CRMXF

MARCH 3, 2005 - 09:00 ET

Cream Minerals Announces 2,000,000 Unit Private
Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Cream
Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)

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

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