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

Cream Minerals Ltd.

November 08, 2010 16:48 ET

Cream Minerals Ltd.: Minco Silver Corporation Removes Due Diligence Condition to Its Nuevo Milenio Purchase/Joint Venture Offer and Agrees to Extend Offer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2010) - Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream") announces that Minco Silver Corporation ("Minco") has removed the due diligence condition to its offer to purchase an initial 50% interest in Cream's Nuevo Milenio project and option to acquire a further 20% interest by incurring an additional $5 million in work expenditures (the "Minco Offer").

In addition, Minco has agreed:

  • To move the deadline for execution of definitive documentation of the purchase and option from November 19, 2010, to a date that is suitable to both Minco and Cream; and
  • that, in the event that Endeavour Silver Corporation ("Endeavour") amends or extends its offer to acquire the outstanding shares of Cream made by take-over bid circular dated October 4, 2010 (the "Endeavour Offer"), Minco agrees to extend the Minco Offer to one day past the closing date of such amended or extended Endeavour offer.

Details of the Minco Offer are included in the Cream Board's supplementary Directors' Circular dated October 29, 2010 (the "Cream Directors' Circular") which is available for viewing on the Company's web site www.creamminerals.com and under the Company's profile at www.sedar.com.

Details of the Endeavour Offer are contained in the Endeavour take-over bid circular which is also available under the Company's profile at www.sedar.com.

The Cream board of directors has made no recommendation as to whether Cream shareholders should accept or reject the Endeavour Offer. Cream Shareholders should consider the information contained in the Cream Directors' Circular and this news release carefully and make their own decisions.

Shareholders, who are in doubt about how to respond to the Endeavour Offer, should consult their investment dealer, stockbroker, lawyer or other professional advisors.

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: 000-2987

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Contact Information

  • 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)
    info@creamminerals.com
    www.creamminerals.com