Cream Minerals Ltd.

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Cream Minerals Ltd. is a precious and base metals exploration company with properties in Mexico and Canada. Cream's focus is on high-value, low-cost, gold, silver and base metals properties. The Company's business strategy is to acquire under explored properties, develop to advanced stage then position properties to maximize shareholder value. The Company's most advanced exploration project is the Nuevo Milenio Silver-Gold Project located in Mexico - a mining friendly and low-cost jurisdiction.

PROJECT IN HAND

Projects in Mexico

Nuevo Milenio Silver-Gold Project, Nayarit State, Mexico

The 100% owned Nuevo Milenio silver-gold project encompasses 2,560 hectares and is located 27 km from Tepic the capital of Nayarit State, Mexico. Cost effective access to infrastructure is an important feature of Nuevo Milenio with easy access to power lines, water, a railway, a highway, and an airport.

In July 2009, Cream signed an option agreement with Roca Mines Inc. that will allow Roca to earn up to a 70% interest in Cream's Nuevo Milenio Project contingent upon a US$12 million exploration expenditure by the fourth year of the option agreement date and the completion of a positive feasibility study by the seventh year of the option agreement date. The Nuevo Milenio property hosts a low sulphidation epithermal gold and silver deposit contained within a collapsed caldera.

The property has a compliant NI 43-101 Inferred Mineral Resource of 54.6 million ounces silver equivalent (gold-silver price ratio = 50:1) contained within 5.09 million tonnes. The average grade is 251 ounces per tonne.

REVISED NI 43-101 INFERRED MINERAL RESOURCES
December 2008

Roca is currently reviewing its recent exploration results in context with historic information collected by Cream. Updated geological maps and sections are being prepared and a summary of that review and near-term exploration plans at Nuevo Milenio will be described shortly in a news release.

Las Habas Silver-Base Metal Project, Sinaloa State, Mexico

On May 18, 2010, Cream announced that it has signed a letter of intent (LOI) optioning the high-grade Las Habas silver-base metal project which comprises 336 hectares in Sinaloa State of Mexico. The LOI is for a period of three months. The proposed option agreement calls for total payments of US$1 million over a five-year period and a 2% net smelter returns royalty (NSR) payable out of production.

During the period from 1986 to 1993 Consejo De Recursos Naturales conducted a regional prospecting program including the Las Habas area. High-grade silver-base metal quartz veins and silver-base metal-bearing skarn zones were identified.

Cream through its subsidiary Cream Minerals De Mexico has initiated a work program to verify the data which are historical in natural.

Projects in Canada

Wine Nickel-Copper-PGM Project, Manitoba

The Wine Property (formerly held by Hudson Bay Exploration Development Co. Ltd. "HBEP") is located approximately 60 km southeast of Flin Flon, Manitoba. The project is located in Manitoba Mining Belt. Cream has acquired an option to earn a 100% interest in the Wine project. In July 2007, Cream reported results from its first test hole, RAD 07-01, assayed 1.30% nickel, 2.27% copper, 0.319 g/t gold, 0.132% platinum and 0.270 g/t palladium over 66.8 feet (20.24 m) core length. The hole was drilled to test and confirm an earlier hole DDH EEL-346, drilled in 1987 by HBEP, which assayed 0.85% nickel and 1.42% copper over 54.0 feet (18.0 m).

Further assaying of RAD 07-01 returned a significant occurrence of Cobalt averaging about 0.05% (one pound/ton) Cobalt for the entire sulfide intersection length of 66.8 ft. (20.24 m). Plans are to review data accumulated to date, in preparation for further exploration activities.

Blueberry Gold Project, Manitoba

The Blueberry gold project is located approximately 20 km northeast of Flin Flon, Manitoba. The project is contained within Flin Flon - Snow Lake volcangenic massive sulphide belt. Cream has optioned the Blueberry project from W.S. Ferreira Ltd. in October 2009. Cream staked four surrounding claims in November 2009.

Ten grab and chip samples from a 250 metre by 400 metre outcrop ranged from 0.2m to 0.5m assayed 2.5 g/t gold to 43.28 g/t gold.

Kaslo Silver Project, British Columbia

The 100% owned 4,000-hectare Kaslo silver project is located 12 kilometres west of the town of Kaslo in southern British Columbia. This historic property hosts the former Cork Province Mine and nine former high-grade silver-lead-zinc deposits within a nine kilometre long shear zone. An airborne geophysical survey was completed in 2006.

Cork South Zone:
Diamond drilling gave a weighted average grade of 209.3 g/t silver, 6.02% lead and 8.04% zinc across a true width of 21.1 metres.

Gold Cure Zone:
Trenching gave an average grade of 416.0 g/t silver, 1.20% lead and 0.63% zinc across a true width of 4.0 metres.

Silver Bear Zone:
A 37.0 metre wide interval across the width of the mineralization averages 192.3 g/t silver, 1.76% lead and 1.69% zinc.

Goldsmith Gold Project, British Columbia

The Goldsmith gold project is located 66 km north of the town of Kaslo in southeastern British Columbia. Gold mineralization was discovered in 2003. Grab sampling of mineralization from numerous historic workings returned high-grade gold-silver assays with the highest value being 9,901.79 g/t gold. An airborne geophysical survey has been completed and additional claims have been acquired.

MANAGEMENT

Cream Minerals' team has more than 100 years combined exploration experience with a history of significant discoveries.

Directors & Officers

Frank Lang, B.A., M.A., P.Eng., Chairman & Director
Mr. Lang has a proven track record in discovering economical mineral deposits and the ability to raise the capital necessary to bring them to fruition.

Michael E. O'Connor, President, CEO & Director
Mr. O'Connor brings to Cream over 20 years experience in the financial services industry. Mr. O'Connor is an experienced capital markets and communications professional with national and international contacts and has a strong background in the financing of development stage companies.

Arthur G. Troup, M.Sc., P.Eng., Director
Mr. Troup has 30 years experience in the mining industry. He was Cream Minerals' Vice President of Exploration from 1997 to 2009.

Shannon Ross, C.A., CFO & Corporate Secretary
Ms. Ross brings more than 25 years of accounting and financial management experience to Cream Minerals.

Ferdinand Holcapek, Q.P., P.Eng., Director and General Administrator, Cream Minerals de Mexico, S.A. de C.V.
Mr. Holcapek has been active in the mineral exploration business since 1962. He has extensive experience in the acquisition, management and exploration of mineral deposits.

Sargent H. Berner, B.A., LL.B., LL.M., Director
Mr. Berner has been a partner of the Vancouver law firm of DuMoulin Black Barristers and Solicitors since 1976.

Robin Merrifield, C.A., Director
Mr. Merrifield is a chartered accountant with substantial international experience.

C. Douglas Lang, CGA, Director
Mr. Lang is currently working as an independent consultant for local governments in British Columbia and has done consulting work for the junior mining industry.


NEWS UPDATE

On May 18, 2010, Cream announced that it has signed a letter of intent (LOI) optioning the high-grade Las Habas silver-base metal project which comprises 336 hectares in Sinaloa State of Mexico. The LOI is for a period of three months. The proposed option agreement calls for total payments of US$1 million over a five-year period and a 2% net smelter returns royalty (NSR) payable out of production.

During the period from 1986 to 1993 Consejo De Recursos Naturales conducted a regional prospecting program including the Las Habas area. High-grade silver-base metal quartz veins and silver-base metal-bearing skarn zones were identified.

Cream through its subsidiary Cream Minerals De Mexico has initiated a work program to verify the data which are historical in natural.

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