Cream Minerals Clarifies Disclosure Related to Mineral

Cream Minerals Clarifies Disclosure Related to Mineral Resource
Estimate 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/23/12 -- 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. 
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. 
Contacts:
Cream Minerals Ltd.
Christopher Hebb, LLB
Chairman of the Board
(604) 687-4622 or Toll Free: 1-888-267-1400
(604) 687-4212 (FAX) 
Cream Minerals Ltd.
Michael E. O'Connor
President & CEO
(604) 687-4622 or Toll Free: 1-888-267-1400
(604) 687-4212 (FAX)
info@creamminerals.com
www.creamminerals.com