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

Cream Minerals Ltd.

June 27, 2005 09:01 ET

Cream Minerals Completes Partial Marine Magnetometer Survey Over Offshore Diamond Licences in Sierra Leone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 27, 2005) - Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF) ("Cream") announces that a marine magnetometer survey detailing an important target of the offshore licence in Sierra Leone ("EPL 5/94") has been completed. As reported by Mr. Benjamin Ainsworth, P.Eng., B.C., 170 line kilometers were surveyed covering an area approximately 4 kilometers by 2 kilometers equal to 8 million cubic meters per meter of depth. Three strongly anomalous areas were identified. The anomalies are located over sites where earlier sampling in 1995-1996 recovered more than 12 gem quality diamonds from near the seabed surface in waters less then 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 necessary to develop this first target of many on the offshore licence. Magnetitic heavy minerals in the younger marine sediments occur as concentrations in the marine sediments that are derived from the diamondiferous gravels transported into the ocean. 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.

The three anomalies indicate areas of heavy mineral concentrations over 2 sq. kms each in size. The total area thus identified would have a volume of approximately 8,000,000 cu m per meter of depth, located within a small part of the 88 sq. km licence. Modeling of the magnetic data will allow estimates of thickness of the heavy mineral rich zones and serve to guide the next phase of sampling.

Cream Minerals Ltd. can earn up to a 70% interest in EPL 1/94 and a 70% interest in 90% of EPL 5/94 by spending a total of US$800,000 and issuing 500,000 shares. The estimate exploration budget for 2005 is US $1.5 million, subject to financing.

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., the Company's mineral property interests, or to view the European Presentation, please visit our website at www.creamminerals.com.

Frank A. Lang, 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.

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