Cream Minerals Ltd.
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Cream Minerals Ltd.

October 17, 2005 09:30 ET

Cream Minerals Upgrades Casierra Diamond Licences for Bulk Sampling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2005) - Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FWB:DFL) ("Cream") is pleased to announce that work reports submitted last week to the Sierra Leone Government have been accepted and the Government has granted approval for the renewal and upgrading of the two large exclusive diamond licences held in that country to the tenure holder, Casierra Development Fund Inc. (Casierra). The Company can now proceed with bulk sampling programmes on the Hima (EXPL 1/94) and the Offshore (EXPL 5/94) licences to define the best areas to start production on the properties.

The Hima licence is located on the Sewa River just at and below a significant knickpoint some 70 kilometers downstream from the historically rich diamond fields of the Kono-Koidu area. The knickpoint marks a location where the slope of the riverbed changes, flattening significantly due to a change in the geology traversed by the river. This causes a drop in the rate of flow of the river, thus allowing an accumulation of the heavy minerals and diamond-bearing gravels that are flushed through the Sewa River channel during the annual rainy season. A historical estimate by the Geological Survey of Sierra Leone (Hall, P.K. Bulletin 5, The Diamond Fields of Sierra Leone) suggests that the gravels of the river channel and adjacent riverbank terraces of the Hima lease may host 1.8 million carats of diamonds. Reference to this may be found on the documentation filed with SEDAR in a report compliant with National Instrument 43-101. This historical estimate is not qualified as a reserve or resource under the definitions of National Instrument 43 101.

EXPL 5/94 covers an 87.28 sq km area of offshore alluvial sediments where 20 gem diamonds with 90% gem quality product up to 1.22 carats in size have been recovered in earlier work by Casierra. This area, for which the Company optioned future rights from Casierra and its associate company Cassierra Diamond Corporation, has been upgraded this week to a full Exploration Licence. The Company may now exercise fully its right to an interest earned in the property, as funds are expended in the exploration work carried out on the property.

A detailed magnetometer survey carried out in the first half of 2005 on one of several targets in the offshore licence indicated five targets for bulk sampling. The highest priority target covers a near surface volume of some 19.6 million cubic meters of sediments with significant magnetically active material. The magnetic minerals have some similarity in density with that of diamonds and indicate areas with high potential for concentrations of diamonds on the sea floor. In the course of previous work in this same area, carried out in 1996 at a cost of more than US$ 4 million, 13 gem quality diamonds were located from 11 sample sites.

Unfortunately, there is no way to construct a measure of grade from this earlier sampling, as volumes of material processed were not determined. However, this work indicates a great potential for finding further diamonds within the priority target area. The gravels of rivers transporting sediment into this target area have a grade suggested by Hall of 0.4 cts/cu yard (0.5 cts/ cu meter) (see Hall, P.K. Bulletin 5, The Geological Survey of Sierra Leone). Even at a lesser grade of only 0.1 cts/cu meter, the 19.6 million cubic meter volume, interpreted by the independent Russian geophysical contractors who executed the magnetometer survey, would represent an important target for bulk sampling. This is an exploration target that is conceptual in nature and is based upon extrapolations that have not been systematically tested.

Prepared by B.Ainsworth, PEng BC, in his capacity as a Qualified Person for the Sierra Leone projects.

For more information about Cream Minerals Ltd., the Company's mineral property interests or to view the Corporate Presentation, please visit our website at www.creamminerals.com.

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

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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