Cream Minerals Ltd.
OTC Bulletin Board : CRMXF
TSX VENTURE : CMA
FRANKFURT : DFL

Cream Minerals Ltd.

December 15, 2008 08:30 ET

Cream Minerals Announces Revised Inferred Mineral Resource Estimate at the Nuevo Milenio Silver-Gold Project, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2008) - Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or the "Company") is pleased to provide an update on the Company's flagship project, the Nuevo Milenio Silver-Gold property located in Nayarit State, Mexico (the "Nuevo Milenio"). The Nuevo Milenio is located twenty seven kilometres by road (24 km paved, 3 km dirt) from Tepic, the capital city of Nayarit State. The project is located close to significant infrastructure, including power lines, water supplies, paved roads, a major highway, an international airport and rail lines.

The Inferred Mineral Resource estimate was revised with two objectives in mind. One, define high grade veins over optimal mining widths, and two, maintain the continuity of mineralization along strike and down dip. While removal of lower grade vein segments from the Inferred Mineral Resource reduces the volume of the revised Resource, the outcome is a high grade Mineral Resource that retains the same overall exploration potential.



Reported Inferred Mineral Resources NI 43-101 (2006 and 2008)
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Width Au Ag Au Ag
Dos Hornos (U/G) m Tonnes g/t g/t oz oz
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Dos Hornos
Segment 1 7.13 2,132,802.55 1.530 133.71 104,582.59 9,168,652.44
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Dos Hornos
Segment 2 14.88 2,949,214.68 0.946 76.47 89,657.28 7,250,802.66
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Veta Tomas 5.09 1,246,162.50 1.282 354.72 51,344.17 14,212,286.62
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Once Bocas (OP) 100 11,590,000.00 0.345 57.90 129,000.00 21,580,000.00
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Total 17,918,179.73 374,584.00 52,211,800.00
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Tonnes: 17,920,000 - Au: 375,000 oz, Ag: 52,212,000 oz
Silver Equivalent (Gold - Silver price Ratio equals 50:1): 71,000,000 oz
(assumes 100% recovery)


The initial Inferred Mineral Resources were calculated during a period of sharply rising gold and silver prices. Consequently, the anticipated economic cut off grade at the time was estimated to be 60 g/t silver to 70 g/t silver. Following the downward adjustment in gold and silver prices that has occurred since March 2008, the Inferred Mineral Resource data has been revised in the light of current gold and silver prices. Based on the anticipated higher cut off grade of 120 g/t to 150 g/t silver, narrower mineralized vein structures at significantly higher grade have been selected and were used to calculate the revised Inferred Mineral Resources outlined below.



Reported Inferred Mineral Resources revised to allow for present Gold and
Silver Prices
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Width Au Ag Au Ag
Dos Hornos (U/G) m Tonnes g/t g/t oz oz
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Dos Hornos
Segment 1 4.70 1,173,901.56 1.500 165.34 59,400.00 6,552,238.85
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Dos Hornos
Segment 2 4.06 746,528.32 1.770 201.95 42,390.25 4,847,215.70
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Veta Tomas 5.09 1,246,162.50 1.280 351.19 51,344.17 14,070,467.48
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Once Bocas 2.42 1,921,162.50 1.920 252.59 118,347.79 15,602,012.74
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Total 5,087,754.88 1.660 251.09 271,482.21 41,071,934.77
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Tonnes: 5,088,000 - Au: 1.660 g/t, Ag: 251.09 g/t - Au: 271,500 oz, Ag:
41,072,000 oz
Silver Equivalent (Gold - Silver price Ratio equals 50:1): 54,647,000 oz
(assumes 100% recovery)


The NI 43-101 Compliant Inferred Mineral Resources were revised to reflect changes in silver and gold prices, hence requiring the selection of sample sections with higher grades and/or narrower widths from the existing data base used for the Inferred Mineral Resource calculations as reported in the NI 43-101 compliant Reports, dated Feb. 12, 2006 and Jan. 30, 2008. In particular, Dos Hornos Segment 1 has a reduced width from 7.13 m to 4.67 m and Dos Hornos Segment 2 from 14.88 m to 4.34 m but retaining the horizontal and vertical dimensions for each individual Mineralized Block as used for the calculation of Inferred Mineral Resources, as reported, in the NI 43-101 compliant report dated Jan. 30, 2008. At Once Bocas, only the higher grade and continuous veins were selected. The strike length of 300 m, as used for the open pit, was retained but the down dip dimension was taken as 250 m. The continuity of mineralization along strike and down dip of the vein structures was preserved.



Dos Hornos Segment 1:
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Width Au Ag Au Ag
Segment 1 m Tonnes g/t g/t oz oz
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Block 1 4.67 143,753.81 1.759 195.19 8,129.86 902,141.46
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Block 2 4.34 268,280.70 1.728 164.03 14,906.53 1,414,892.32
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Block 3 5.21 281,847.33 1.835 148.98 16,624.99 1,350,010.34
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Block 4 4.61 349,806.63 1.388 160.00 15,605.43 1,799,512.77
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Block 5 3.00 148,892.90 0.678 169.75 3,244.35 812,613.45
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Block 6 2.00 42,466.25 0.651 200.00 888.84 273,068.51
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Total 4.70(i) 1,173,901.56 1.496 165.34 59,400.00 6,552,238.85
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(i) weighted average width of Blocks 1 to 6


Dos Hornos Segment 2:
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Width Au Ag Au Ag
Segment 2 m Tonnes g/t g/t oz oz
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Block 1 4.52 84,325.12 4.950 254.45 13,420.23 689,853.93
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Block 2 3.41 125,578.20 2.911 274.44 11,752.22 1,108,057.64
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Block 3 3.00 99,375.00 1.191 252.52 3,806.35 806,798.18
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Block 4 3.85 218,625.00 0.735 149.26 5,164.02 1,325,681.61
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Block 5 3.00 218,625.00 1.173 130.43 8,247.44 916,824.34
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Total 4.06(i) 746,528.32 1.766 201.95 42,390.25 4,847,215.70
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(i) weighted average width of Blocks 1 to 5


Veta Tomas: No changes from NI 43-101 Jan. 30, 2008
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Width Au Ag Au Ag
Veta Tomas m Tonnes g/t g/t oz oz
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Block 1 8.00 206,700.00 1.662 160.88 11,045.09 1,069,153.97
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Block 2 5.71 251,750.00 1.327 177.13 10737.6 1,433,735.80
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Block 3 5.00 251,750.00 0.594 157.54 4807.88 1,275,124.31
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Block 4 5.00 185,500.00 1.113 394.48 6639.19 2,352,688.45
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Block 5 5.00 169,600.00 1.989 735.6 10845.72 4,011,116.61
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Block 6 4.00 180,862.50 1.250 700.00 7268.69 4,070,467.48
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Total 5.09(i) 1,246,162.50 1.282 354.72 51,344.17 14,212,286.62
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(i) weighted average width of Blocks 1 to 6


Veins Once Bocas North of Creek:
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Width Au Ag Au Ag
Description m Tonnes g/t g/t oz oz
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Vein 2 2.3 457,125.00 1.537 159.58 22,589.50 2,345,368.86
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Vein 3 1.9 377,625.00 0.866 178.8 10,514.20 2,170,830.79
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Total 2.10(i) 834,750.00 1.233 168.27 33,103.70 4,516,199.64
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(i) weighted average width of Veins 2 and 3


Veins Once Bocas South of Creek:
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Width Au Ag Au Ag
Description m Tonnes g/t g/t oz oz
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Vein 1 2.57 510,787.50 4.311 509.3 70,797.19 8,363,954.40
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Vein 2 2.90 576,375.00 0.78 146.88 14,446.90 2,721,858.34
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Total 2.73(i) 1,087,162.50 2.439 317.16 85,244.09 11,085,812.74
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(i) weighted average width of Veins 1 and 2


Work in progress includes further surface prospecting and sampling to identify new zones of mineralization, testing of recently identified mineralized zones and continued review and sampling of historical Spanish underground workings. The Company has designed an underground work program intended to upgrade current mineral resources as well as identify additional mineral resources. The underground program may require two years to complete and will include the construction of tunnels, approximately 8,000 metres of underground diamond drilling, a bulk sampling program and metallurgical studies. Upon completion of the work program, it is anticipated that the reported underground and open pit Inferred Mineral Resource of 54.6 million ounces silver equivalent (50:1 gold-silver ratio) will be upgraded to a Measured and Indicated Resource. In addition, the Company expects to add additional NI 43-101 compliant Inferred Mineral Resources indicated within Mineral Resource targets, in close proximity to the current Inferred Mineral Resources (see news release dated May 21, 2008).

Mr. Ferdinand Holcapek, P.Eng., Director and Administrator General, Cream Minerals de Mexico, SA de CV, supervises exploration programs on the Nuevo Milenio Project. He is responsible for all technical reporting and is the Company's "Qualified Person" for the purpose of National Instrument 43-101.

A Panoramic View of the Nuevo Milenio mineralized structures, which outlines the three main areas of Mineralization as well as additional defined areas of mineralization extending over a 5 km distance, can be seen at the following link: http://media3.marketwire.com/docs/cma1215.jpg

Cream Minerals is primarily a silver-gold exploration company with properties in Mexico and Canada. The Company's flagship project is the Nuevo Milenio Silver-Gold property located in Nayarit State, Mexico. The Nuevo Milenio contains a significant NI 43-101 compliant silver equivalent mineral resource. To learn more about Cream Minerals or view a recent Resource World article on the Company please click here www.creamminerals.com.

Cautionary Language and Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.creamminerals.com.

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Cream Minerals Ltd.
    Frank A. Lang, BA, MA, P.Eng.
    Chairman
    (604) 687-4622 or Toll Free: 1-888-267-1400
    or
    Cream Minerals Ltd.
    Michael E. O'Connor
    President & CEO
    (604) 687-4622 or Toll Free: 1-888-267-1400
    or
    Cream Minerals Ltd.
    Robert Paul
    Investor Relations
    (604) 687-4622 or Toll Free: 1-888-267-1400
    (604) 687-4212 (FAX)
    Email: info@creamminerals.com
    Website: www.creamminerals.com