UPDATE 2-Cream Minerals cool to Endeavour bid, shares up

* Says talking with other parties on takeover bids

* Prize in deal is Nuevo Milenio gold-silver mine

* Cream shares up 12 pct at C$0.14
(Adds details, analyst comment, updates share price; in U.S.
dollars unless noted)

By Julie Gordon

TORONTO, Sept 28 (BestGrowthStock) – Shares of Cream Minerals
(CMA.V: ) were up 12 percent on Tuesday, after the exploration
company said a takeover bid by Endeavour Silver (EDR.TO: ) was
unsolicited and that it was in talks with other parties.

On Monday, Endeavour offered about C$10.6 million ($10.3
million) in cash for Vancouver-based Cream, sending the junior
miner’s stock soaring to 12.5 Canadian cents, 66.51 percent
above its Friday closing price of 7.5 Canadian cents.

At stake is Cream’s wholly owned Nuevo Milenio project in
Western Mexico, which has an estimated 52.2 million ounces of
silver and 375 thousand ounces of gold.

“The Nuevo Milenio exploration project looks promising for
(Endeavour) shareholders at $0.26 per silver equivalent ounce,”
said Haywood Securities analyst Chris Thompson in a note to
clients, but cautioned that the bid was hostile.

Cream said it had formed a special committee to review the
Endeavour offer.

Silver rose to a 30-year high of $21.65 on Tuesday, while
gold hit a record of $1,307.70 an ounce, as investors sought
the safe haven appeal of precious metals.

Shares in Cream were up 12 percent percent at 14 Canadian
cents at midday on Tuesday on the TSX Venture Exchange, while
Endeavour stock was up 1.23 percent at C$4.12 on the Toronto
Stock Exchange.

($1=$1.03 Canadian)
(Reporting by Julie Gordon; editing by Rob Wilson)

UPDATE 2-Cream Minerals cool to Endeavour bid, shares up