Cream Minerals Files Amended Management Discussion and Analysis Correcting Non Material Information
03 Agosto 2012 - 8:00PM
Marketwired Canada
Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or
the "Company") has filed an Amended Management's Discussion and Analysis for the
period ended March 31, 2012 to correct an error in the table of estimated
open-pit inferred mineral resources which formed part of the updated Mineral
Resource Estimate. The same table appeared in the Company's news release of July
30, 2012.
In both cases the figures in the tables representing total ounces of silver and
total silver equivalent ounces were understated. The corrected table can be
found below:
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Tonnes
measured
Tonnes Tonnes plus Tonnes
Zone measured indicated indicated inferred
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Dos Hornos 1 50g 1,000,000 278,000 1,278,000 133,000
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Dos Hornos 2 50g
526,000 255,000 781,000 122,000
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Veta Thomas 50g 430,000 340,000 770,000 245,000
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Total measured 1,956,000
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Total indicated 873,000
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Total measured and indicated 2,829,000
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Inferred 500,000
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Inferred resources Dos
Hornos 1 and 2 and Veta
Thomas 500,000
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Open-pit potential 20g
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Once Bocas North 2,145,000
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Once Bocas South 909,000
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Total inferred 3,554,000
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Gold Silver AgEq Au Ag AgEq
Zone (g/t) (g/t) (g/t) (oz) (M oz) (M oz)
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Dos Hornos 1 50g 0.45 80.97 103.47 14,643 2.60 3.34
0.33 71.98 88.63 2,980 0.64 0.79
0.42 79.41 100.24 17,623 3.24 4.13
0.21 59.50 73.53 920 0.27 0.32
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Dos Hornos 2 50g 0.73 74.60 118.18 12,384 1.26 1.88
0.58 63.30 92.49 4,792 0.52 0.76
0.68 70.91 109.79 17,176 1.78 2.64
0.52 51.49 77.22 2,027 0.20 0.30
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Veta Thomas 50g 0.55 95.09 122.52 7,582 1.31 1.69
0.56 81.62 109.55 6,104 0.89 1.20
0.55 89.14 116.64 13,686 2.20 2.89
0.65 88.37 120.67 5,087 0.70 0.95
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Total measured 0.55 82.36 111.61 34,609 5.17 6.91
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Total indicated 0.49 73.20 97.91 13,876 2.05 2.75
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Total measured and indicated 0.53 79.79 107.34 48,435 7.22 9.66
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Inferred 0.50 71.69 97.53 18,773 1.17 1.57
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Inferred resources Dos
Hornos 1 and 2 and Veta
Thomas 0.50 71.69 97.53 18,773 1.17 1.57
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Open-pit potential 20g
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Once Bocas North 0.20 40.67 50.67 15,840 2.50 3.20
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Once Bocas South 0.27 72.28 82.27 8,170 2.10 2.52
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Total inferred 0.26 53.25 66.25 42,783 5.77 7.29
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Qualified Person
Dr. Derek McBride P.Eng., prepared the 2012 mineral resource estimate for Nuevo
Milenio and has supervised the preparation of information of a scientific or
technical nature in this news release.
Quality Control and Data Verification
Ferdinand Holcapek, director of Cream and director-general of Cream Minerals de
Mexico, is the Company's qualified person responsible for the Company's quality
control and quality assurance program and has verified technical data underlying
the opinions and information in this news release. Details of the Company's
quality assurance and quality control program are contained in News Release
dated February 27, 2012.
Cream Minerals is a silver-gold exploration company. The Company's flag ship
project is the Nuevo Milenio silver - gold project in Nayarit State Mexico. To
learn more about Cream Minerals please click here www.creamminerals.com.
Forward-Looking Information
Statements in this news release regarding mineral resource estimates in respect
of the Nuevo Milenio project and exploration potential of the project constitute
"forward-looking statements" within the meaning of the U.S. Securities
Litigation Reform Act of 1995 and "forward-looking information" under applicable
Canadian securities legislation. Some forward-looking information may be
identified by terms such as "believes", "anticipates", "intends" or "expects".
Forward-looking information is based on a number of assumptions believed by
management and the Company's independent qualified person to be reasonable based
on information and data currently available. However, such statements are
subject to a number of risks and uncertainties. There is significant uncertainty
inherent in any mineral resource estimate. Inferred mineral resources in
particular have a great amount of uncertainty as to their existence, as well as
to their economic and legal feasibility. It cannot be assumed that all or any
part of a mineral resource will ever be upgraded to a higher category, or to
mineral reserves, or that further exploration will confirm or validate such
estimates. Under Canadian securities rules, estimates of inferred mineral
resources may not form the basis of feasibility or other economic studies.
Actual results of further exploration may differ materially from estimates
disclosed by the Company or implied by estimates of mineral resources. The
estimating of mineral resources is a subjective process and the accuracy of
mineral resource estimates is a function of the quantity and quality of
available data, the accuracy of statistical computations, and the assumptions
used and judgments made in interpreting engineering and geological information.
Mineral resource estimates are based on many things, including assumed commodity
prices, continuity of mineralization, operating costs and exchange rates.
Changes in assumptions, including as a result of data gained through further
exploration including as to continuity and grade of mineralization, unexpected
geological formations, changes in commodity prices, and other factors may result
in a significant reduction in the reported mineral resources and could have a
material adverse effect on the Company's results of operations, financial
condition and its ability to raise additional capital.
Additional Caution to US Readers
This News Release uses the terms "measured mineral resources" and "indicated
mineral resources." We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the U.S. Securities and
Exchange Commission does not recognize them. U.S. investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will
ever be converted into reserves.
This News Release also uses the term "inferred mineral resources." We advise
U.S. investors that while such term is recognized and permitted under Canadian
regulations, the U.S. Securities and Exchange Commission does not recognize it.
"Inferred resources" have a great amount of uncertainty as to their existence,
as well as to their economic and legal feasibility. It cannot be assumed that
all or any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral resources
may not form the basis of feasibility or other economic studies. Investors are
cautioned not to assume that any part or all of an inferred resource exists, or
is economically or legally mineable.
U.S. 20-F Registration: 000-29870
Cream Minerals Ltd. (TSXV:CMA)
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