EXPLORATION DRILLING TO START

Vancouver, BC, May 1, 2001 -- Camphor Ventures Inc. (CDNX-CFV) (the Company") is pleased to announce that it has been notified by its joint-venture partner De Beers Canada Exploration Inc. (De Beers Canada), a wholly-owned subsidiary of De Beers Consolidated Mines Limited (De Beers), that exploration drilling on the AK claims has commenced. De Beers has completed a ground penetrating radar (GPR) survey over and north of MZ Lake and ground based geophysical surveys over several targets. The most promising targets will be drilled starting today. These targets are located in the southern half of the joint ventures AK claims located in the Northwest Territories of Canada.

During the summer exploration program 670 closely spaced till samples were collected at the heads of several indicator mineral trains mainly in the central part of the southern half of the AK claims. The purpose of the sampling is to provide clear cut-offs to these trains so that geophysical anomalies and then drill targets can be accurately located at the heads of the trains. The results from the till sampling were received in March and near the heads of several of the indicator mineral trains geophysical anomalies were identified from previously acquired airborne geophysical surveys. Ground based geophysical surveys were conducted over these anomalies and based on the analysis a few will be picked for follow-up drilling.

During the 1999 winter program kimberlite dykes were discovered in MZ Lake located in the central part of the AK claims, approximately 20 km northwest of Kennady Lake. A large number of indicator minerals, mainly garnets, have been recovered on the western edge of the lake and as far west as the border of the AK claims (approximately 20 km to the west). A land based target on the north shore of MZ Lake, located approximately 300 meters to the northwest of the previously located kimberlite dyke intersections, was drilled in April 2000 with a vertical hole to a depth of 35 meters. Five kimberlite stringers were intersected with two having thicknesses of 0.40 and 0.70 meters, as well as a 1.70 meter thick intersection at a depth of 16 meters of what may be a sill (shallow dipping kimberlite sheet-like body). De Beers decided to investigate this area in more detail and during the past three weeks conducted a GPR survey over and north of MZ Lake. The survey covered the entire length of the northern shore of the lake (approximately 4 km) and a low-lying shallow dipping structure was detected on land along most of the area surveyed. This structure will now be drilled to determine if it is kimberlite.

The Company is pleased with the aggressive and thorough approach De Beers has taken with regard to the exploration program.

Mr. Joe Joyce, President and CEO of De Beers Canada Exploration Inc. stated, De Beers believes there are more kimberlite sources on the southern half of the AK claims, based on the kimberlite indicator minerals recovered. The MZ Lake area is in the center of this area and work will be concentrated there."

The drill crew arrived in camp at the end of the April, and drilling will commence today.

The bulk sample program of the Hearne and 5034 pipes is nearly complete and a news release will be issued upon completion.

The AK and CJ claims, located in the Northwest Territories of Canada, are held 4.9% by Camphor Ventures Inc., 44.1% by Mountain Province Diamonds Inc. (Nasdaq: MPVIF; TSE & CDNX: MPV) and 51% by De Beers Canada Exploration Inc.

On behalf of the Board of Directors
CAMPHOR VENTURES INC.
Hari B. Varshney
Director

This release may contain forward-looking statements regarding the Companys business or financial condition. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: additional drilling, sampling and diamond valuations, engineering and construction timetables, financial arrangements, developments in world diamond markets, political developments in Canada, the timing of regulatory and environmental approval and other factors. With respect to additional exploration, actual events may differ from current expectations of the Company or its joint-venture partners and other factors.