Cream Minerals Ltd.
Nuevo Milenio Silver Gold property - Mexico - 54.6 Million oz Silver
Cream Minerals Ltd. Vancouver, B.C., TSX.V : CMA; Frankfurt : DFL.; is primarily a silver-gold exploration company with properties in Mexico and Canada. Incorporated in 1966.
The Company's flag ship project is the Nuevo Milenio Silver-Gold property located in Nayarit State Mexico.
The Nuevo Milenio contains a significant NI 43-101 compliant silver equivalent mineral resource.
The revised Inferred Mineral Resource Estimate is 54.64 million ounces silver equivalent (50:1) contained within 5.07 million tonnes.
Tonnes: 5,088,000 Au: 1.660 grams per tonne (g/t), Ag: 251.09 g/t, Au: 271,500 ounces, Ag: 41,072,000 silver equivalent (gold -- silver price ratio is equal to 50:1): 54,647,000 ounces (assumes 100-per-cent recovery).
The Nuevo Milenio is located twenty seven kilometres by road from Tepic, the capital city of Nayarit State.
The project is located close to significant infrastructure, including power lines, water supplies, paved roads, a major highway and rail lines.
Cream is revising the Inferred Mineral Resources estimate with two objectives in mind. One, define high grade veins over optimal mining widths and two maintain the continuity of mineralization along strike and down dip. The original Inferred Mineral Resource Estimate was 71 million ounces silver equivalent (50:1) contained within 17.9 million tonnes.
The outcome is a high grade Mineral Resource that is indicative of a very robust resource which maintains significant upside exploration potential.
Nuevo Milenio Silver Property, Mexico
Work in progress includes further surface prospecting and sampling to identify new zones of mineralization, testing of recently identified mineralized zones and continued review and sampling of historical Spanish underground workings. The Company has designed an underground work program intended to upgrade current mineral resources as well as identify additional mineral resources.
The underground program may require two years to complete and will include the construction of tunnels, approximately 8,000 metres of underground diamond drilling, a bulk sampling program and metallurgical studies.
Upon completion of the work program is anticipates that the reported underground and open pit Inferred Mineral Resource of 54.6 million ounces silver equivalent (50:1gold-silver ratio) will be upgraded to a Measured and Indicated Resource.
In addition the Company expect to add additional NI 43-101 compliant Inferred Mineral Resources indicated within Mineral Resource Targets, in close proximity to the current Inferred Mineral Resources (see news release dated May 21, 2008).
Casierra Diamond Properties, Sierra Leone
In July 2008 the company exported a parcel of diamonds from its Sewa River Prospecting License in Sierra Leone, Africa.
Wine Nickel-Copper Property, Manitoba
At the Wine Project in Manitoba, where a drill intersection of 66.8 feet of 1.3% nickel, 2.27% copper, 0.32 grams gold/tonne, 0.132 grams platinum/tonne, 0.270 grams palladium/tonne and 0.05% cobalt was reported last year, a VTEM survey has been flown and results are pending.
13 feet averaging 0.69% Cu, 1.12% Ni
0.009 oz/ton platinum and palladium,
20.9 feet averaging 1.52% Cu
1.67% Ni 3.08% Cu, 1.2% Ni
0.12 oz/ton Au over 0.5 feet
The company is managed by a group of technical and financial professionals, all of whom have extensive experience in mining exploration and development