Cream Minerals Clarifies Disclosure Related to Mineral Resource Estimate

Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") advises that, as a result of a review by the British Columbia
Securities Commission (the "BCSC"), the Company is issuing this news release to
clarify its disclosure. 


On October 2, 2012, the Company filed on SEDAR an independent technical report
(the "Report") in respect of the mineral resource estimate on the Company's
Nuevo Milenio silver project. The BCSC has advised the Company that the BCSC has
reviewed the Report and considers it to be materially deficient under the
requirements of National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101"). The Company has not previously filed an independent
technical report. As a result, the public should not rely on the Company's
previously disclosed mineral resource estimates (or any such estimates) on the
Nuevo Milenio project until the mineral resource estimates are supported by a
compliant NI 43-101 technical report.


The Company has accordingly removed the Report, as well as all references to
mineral resource estimates on the Nuevo Milenio project, from its website. 


The BCSC's comments on the Report include concerns in relation to the
methodology, key assumptions and parameters used in the preparation of the
mineral resource estimates; disclosure of non-compliant mineral resources;
improper reliance by the author of the Report on other experts; and the author's
relevant experience in relation to the subject matter of the Report. In
addition, the BCSC advised that the Report requires greater detail and improved
discussion on, among other things, the illustrations and maps in the Report;
property description; drilling; sample preparation, analysis and security; and
data verification. 


The Company is diligently working with its independent consultants and the BCSC
in order to address the issues raised, with a view to the filing of a revised
technical report, as soon as possible. Regular press releases will be issued as
progress is made. 


Christopher Hebb, LLB, Chairman of the Board

Michael E. O'Connor, President & CEO

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

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information is generally
identifiable by use of the words "believes," "may," "plans," "will,"
"anticipates," "intends," "budgets", "could", "estimates", "expects",
"forecasts", "projects" and similar expressions, and the negative of such
expressions. Forward-looking information in this news release include statements
about the independent technical report on the Company's Nuevo Milenio's silver
project filed on October 2, 2012 (the "Report"); the BCSC review of the Report;
work towards and completion of a compliant NI 43-101 technical report;
resolution of the BCSC's issues and comments with the Report; filing a complaint
NI 43-101 technical report; progress report press releases. 


In connection with the forward-looking information contained in this news
release, the Company has made numerous assumptions, regarding, among other
things that the Company will be able to work with its consultants and the BCSC
to resolve the issues addressed by the BCSC in a compliant NI 43-101 technical
report. While the Company considers these assumptions to be reasonable, these
assumptions are inherently subject to significant uncertainties and
contingencies. Additionally, there are known and unknown risk factors which
could cause the Company's actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by the forward-looking information contained herein. Known
risk factors include, among others: the Company may not be able to resolve the
issues raised by the BCSC in connection with the Report on a timely basis, or at
all; the Company may not receive necessary cooperation of third parties required
in order to address the BCSC issues; the Company may not be able to deliver a
compliant technical report on a timely basis, or at all; the BSCS may not remove
the Company from the Issuers on Default list on a timely basis, or at all; the
BCSC may cease trade the securities of the Company; the ongoing resolution of
the issues raised by the BSCS may have a material adverse effect on the
Company's financial condition and share price and may affect the Company's
ability to raise additional capital on terms acceptable to the Company, or at
all. 


A more complete discussion of the risks and uncertainties facing the Company is
disclosed in the Company's continuous disclosure filings with Canadian
securities regulatory authorities at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary statement,
and the Company disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of any revisions
to any of the forward-looking information contained herein to reflect future
results, events or developments, except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Cream Minerals Ltd.
Christopher Hebb, LLB
Chairman of the Board
[phone] or Toll Free: 1-888-267-1400
[phone] (FAX)


Cream Minerals Ltd.
Michael E. O'Connor
President & CEO
[phone] or Toll Free: 1-888-267-1400
[phone] (FAX)
[e-mail]
www.creamminerals.com