EARLY WARNING report - sedar

On January 30, 2009, Frank A. Lang, an officer and director of Cream Minerals Ltd.

(“Cream”), acquired 3,000,000 Units (each Unit consisting of one common share and one common share purchase warrant), as part of a private placement of Cream.

Additionally, Dauntless Developments Ltd. (a company controlled by Mr. Lang) acquired 2,000,000 Units in the same private placement. Immediately prior to the closing of the private placement,

Mr. Lang beneficially owned or had control or direction over 11,465,951 common shares of Cream and securities convertible into an additional 2,005,000 common shares of Cream equal in aggregate to approximately 27% of the issued and outstanding common shares of Cream.

The direct and indirect acquisition of an aggregate 5,000,000 Units by Mr. Lang constitutes an increase in his holdings (both direct and indirect) equal to approximately 9% of the post closing issued and outstanding common shares of Cream, or an aggregate of approximately 36%.

The Offeror, immediately after this transaction, beneficially owns and has directiona nd control over 16,465,951 common shares of Cream and securities convertible into 7,005,000 common shares of Cream equal in aggregate to approximately 36% of the issued and outstanding common shares of Cream.

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