CREAM MINERALS LTD.
CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2010 and 2009
To the Shareholders of
Cream Minerals Ltd.
We have audited the consolidated balance sheets of Cream Minerals Ltd. as at March 31, 2010 and 2009
and the consolidated statements of operations, comprehensive loss, shareholders’ equity (deficiency)
and cash flows for each of the three years ended March 31, 2010, 2009 and 2008. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform an audit to obtain reasonable assurance whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, and evaluating the overall financial
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial
position of the company as at March 31, 2010 and 2009 and the results of its operations and its cash
flows for each of the years in the three year period ended March 31, 2010, 2009 and 2008 in accordance
with Canadian generally accepted accounting principles.
“Morgan & Company”
Comments by Auditors for U.S. Readers on Canada-U.S. Reporting Difference
In the United States, reporting standards for auditors require the addition of an explanatory paragraph
(following the opinion paragraph) when the financial s