Cream Minerals to Re-Price and Extend Existing Warrants

Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCQB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") announces that, subject to receipt of all necessary regulatory
approvals and the consent of all of the holders of common share purchase
warrants previously issued in connection with a private placement conducted by
the Company in December, 2010 (the "Warrants"), it will amend the exercise price
of the Warrants to $0.10, which is the minimum price permitted under the
policies of the TSX Venture Exchange, ("Exchange") and will extend the exercise
period of the Warrants for a further (12) months from the original expiry date,
provided that such exercise period will be reduced to 30 days in the event that
for any ten consecutive trading days during the unexpired period the closing
price of the Company's shares on the Exchange exceeds the amended exercise price
by the applicable private placement discount under the policies of the Exchange.


Pursuant to Exchange policies, if insiders hold in aggregate more than 10
percent of the outstanding Warrants, only 10 percent of the total number of
Warrants held by insiders will be re-priced and the re-priced Warrants will be
allocated pro rata among the insiders holding Warrants. Warrants issued to
brokers, agents or finders in connection with the December 2010 private
placement will not be amended.


Cream Minerals is a silver-gold exploration company. To learn more about Cream
Minerals please click here www.creamminerals.com.


This release was prepared by the Company's management.

This news release includes certain statements that are "forward-looking
statements" within the meaning of applicable securities laws including
statements regarding the proposed re-pricing and extension of the warrants,
which are based on the assumption that regulatory and warrant holder approval
will be obtained prior to the expiry date of the warrants. There is no assurance
that such approvals will be obtained in a timely manner, or at all. If the
necessary approvals are not obtained the warrants may expire, unexercised.


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

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


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