Casierra Development Fund Inc. ("CDF"), the Cream Minerals Ltd. ("Cream") Sierra Loene joint venture partner, has been working in Sierra Leone since 1993 and obtained its first prospecting license on the Sewa River, which drains the Kono diamond area. CDF obtained its second offshore special Exclusive Prospecting License ("EPL") in 1994 at the mouth of two rivers with extensive alluvial diamond mining activity, the Moa and the Mano Rivers.

The offshore exploration license, the first granted in Sierra Leone, ("EPL 5/94") encompasses 88 square kilometers along the continental shelf at the mouth of the Moa and Mano Rivers and paleo channels of other rivers. Historical data for the offshore license was conducted by CDF in 1995 and the Malaysia Mining Corporation in 1996. The exploration programs cost approximately USD$750,000.00 and USD$3.3 million respectively.

The off shore license covers the mouths of the Moa and Mano Rivers, which drain areas of diamond mining from Kimberlites and alluvial sources. It is believed that that the runoff from these rivers deposited diamonds to the ocean bottoms within the license area. The ocean bottom in the license bottom is comprised of unconsolidated sediments.

The 1995 exploration program managed by CDF employed a Russian oceanographic survey company. The work completed seismic, bathymetric, side ocean sonar and high resolution differential magnetometer surveys along with follow up sampling employing vibracore drills and box corers. Approximately 1,470 line km of data was collected and interpreted. The data was used in preliminary mapping of water depths, depths of soft sediments, and location of probable paleo channels. Sample recovery was limited by difficulties with the dredging equipment. Three samples totaling 100lbs were recovered which yielded four diamonds weighing 0.34 carats to 0.54 carats.

The 1996 exploration program carried out by the Malaysia Mining Corporation consisted of a sampling program. A survey ship, the Lady S. Gal Marine of South Africa was contracted. A vibracore and airlift dredge sampler along with an onboard sampling plant were employed. Recovery consisted of 16 quality stones ranging in size from 0.2 carats to 1.22 carats.

No additional work has been carried out on the license since 1996. In 2009 Cream Minerals prepared an application to the government of Sierra Leone to renew the off shore license. A one year renewal for the offshore concession was approved on June 12, 2009 by the Ministry of Mineral Resources, Sierra Leone Government.

Work programs were conducted in 2005, 2007 and 2008 on the Sewa River license. The results of the 2008 work program, the most comprehensive conducted did not justify further expenditures on the property. As a result the property was written down to $1.00 in 2008 and the Company did not apply to renew the concession.

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