Tue Feb 8, 2011
Cream Minerals Initiates 10,000 Metre Drill Program at the Nuevo Milenio Silver-Gold Project
Vancouver, BC -- February 8, 2011, Cream Minerals Ltd. (TSXV - CMA) ("Cream" or the "Company") is pleased to announce the initiation of its 2011 exploration and drill program at the Company's flag ship project, The Nuevo Milenio Silver-Gold Project located in Nayarit State, Mexico.
Nuevo Milenio contains a significant NI 43-101 compliant silver equivalent mineral resource. The first phase of the exploration program calls for 10,000 metres of diamond drilling employing two drill rigs to complete 50 drill holes with the option to extend the program for an additional 10,000 metres.
The prescribed forms to advise the Environmental Department in Tepic (SEMARNAT) of the initiation of the 2011 diamond drill program were submitted January 17, 2011. Repair and improvement of property access roads is in progress, to be followed by preparation of drill sites and drill access roads. Diamond drilling started February 6, 2011.
The objective of the drill program is three fold:
At Dos Hornos 1, Dos Hornos 2 and Veta Tomas -- in-fill drilling to upgrade the reported Inferred Mineral Resources.
At Once Bocas North define the known 100 metre wide quartz vein - quartz stockwork zone and to confirm its possible open pit potential, including in-fill drilling to delineate the potential of the higher grade vein structures.
Step-out drilling to test known extensions of Once Bocas North, the Once Bocas South, the Chacuaco open pit potential and high grade quartz vein potential, and the Cafetal South vein structures.
Since denouncing (staking) the property in 2000, exploration and development work has been completed including prospecting, geological, geochemical and topographic surveys, trenching, road building, as well as reopening and channel sampling of 200 year old Spanish workings. Laboratory analyses of more than 2000 samples, Metallurgical Studies and diamond drilling have also been completed.
From 2002 to date Cream has completed 60 drill holes totalling 12,000 metres while Roca Mines Inc. ("Roca") drilled five check holes of approximately 1,000 metres for a total of 65 holes, approximately 13,000 metres of diamond drilling on the project.
The NI 43-101 Inferred Mineral Resource was disclosed by news release dated February 12, 2008. The report, entitled "Evaluation Report Dos Hornos and Veta Tomas Gold-Silver Structures Nuevo Milenio Project" and authored by Mr. Ferdinand Holcapek, P. Eng, Qualified Person, can be found on SEDAR (www.sedar.com) or the Company's website www.creamminerals.com.
Reported Inferred Mineral Resources NI 43-101 (January 2008)
Dos Hornos (U/G) Width m Tonnes Au g/t Ag g/t Au oz Ag oz
Dos Hornos Segment 1 7.13 2,132,802.55 1.530 133.71 104,582.59 9,168,652.44
Dos Hornos Segment 2 14.88 2,949,214.68 0.946 76.47 89,657.28 7,250,802.66
Veta Tomas 5.09 1,246,162.50 1.282 354.72 51,344.17 14,212,286.62
Once Bocas (OP) 100 11,590,000.00 0.345 57.90 129,000.00 21,580,000.00
Total 17,918,179.73 374,584.00 52,211,800.00
Tonnes: 17,920,000 Au oz: 375,000 Ag oz: 52,212,000 Silver Equivalent (Gold -- Silver price Ratio = 50:1): 71,000,000 oz (100% recovery)
Following the drop in gold and silver prices during the 2008 financial crisis the Inferred Mineral Resource data has been revised. Based on an anticipated higher cut off grade, narrower mineralized vein structures of significantly higher grade were selected and employed to calculate the revised Inferred Mineral Resources outlined below. The revised NI 43-101 Inferred Mineral Resource was disclosed by news release dated December 15, 2008. The report, entitled Revised Evaluation Report Dos Hornos and Veta Tomas Gold -- Silver Structures Nuevo Milenio Project and authored by Mr. Ferdinand Holcapek, P. Eng, Q.P. can be found on SEDAR (www.sedar.com) or the Company's website www.creamminerals.com.
Revised Inferred Mineral Resources NI 43-101 (December 2008)
Dos Hornos (U/G) Width m Tonnes Au g/t Ag g/t Au oz Ag oz
Dos Hornos Segment 1 4.70 1,173,901.56 1.500 165.34 59,400.00 6,552,238.85
Dos Hornos Segment 2 4.06 746,528.32 1.770 201.95 42,390.25 4,847,215.70
Veta Tomas 5.09 1,246,162.50 1.280 351.19 51,344.17 14,070,467.48
Once Bocas 2.42 1,921,162.50 1.920 252.59 118,347.79 15,602,012.74
Total 5,087,754.88 1.660 251.09 271,482.21 41,071,934.77
Tonnes: 5,088,000 Au: 1.660 g/t, Ag 251.09 g/t Au: 271,500 oz, Ag: 41,072,000 Silver Equivalent (Gold -- Silver price Ratio = 50:1): 54,647,000 oz (100% recovery)
Mr. Ferdinand Holcapek, P. Eng., Director and Administrator General, Cream Minerals De Mexico, SA de CV, supervises exploration programs on the Nuevo Milenio Project. He is responsible for all technical reporting and is the Company's "Qualified Person" for the purpose of National Instrument NI 43-101.
A panoramic view of the Nuevo Milenio mineralized structures, which outlines the three main areas of mineralization as well as additional defined areas of mineralization extending over a 5 km's distance can be seen below.
Cream Minerals is a silver-gold exploration company with properties in Mexico and Canada. To learn more about Cream Minerals please click here www.creamminerals.com
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