De Beers Starts Bulk Sample Program of Camphor Ventures Bearne and 5034 Diamond Pipes

CAMPHOR VENTURES INC.

FOR IMMEDIATE RELEASE
   Thursday, February 14, 2002
Contact:   Investor Relations       (No. 02-02-01)
   Phone (604) 684-2181
   info@camphor.com

DE BEERS STARTS BULK SAMPLE PROGRAM OF
CAMPHOR VENTURES HEARNE AND 5034 DIAMOND PIPES

Vancouver, BC, February 14, 2002 -- Camphor Ventures Inc., (the Company) is pleased to announce that it has been informed 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 the bulk sample program of the Hearne and 5034 diamond pipes has commenced. The purpose of the sampling program is to extend the sampling program initiated last winter, and so increase the confidence in, and accuracy of, revenue modeling via an enhanced understanding of diamond size and frequency distributions and diamond values. High value diamonds have a large impact on any revenue per tonne calculations, so their frequency of occurrence needs to be determined more accurately than is currently the case. The aim of the sampling program is to recover at least 2,000 carats and the program is estimated to cost C$10 million. The Hearne and 5034 kimberlite pipes are two of the largest and have the two highest values per tonne of the five diamondiferous bodies in the cluster at Kennady Lake, located within the joint-ventures AK claims in the Northwest Territories of Canada.

De Beers reported the modeled revenues per carat for the diamonds recovered from the 1999 and 2001 bulk samples of the Hearne and 5034 diamond pipes in the December 19, 2001, news release. More importantly, De Beers observed that a population of high quality, top color diamonds exists amongst the diamonds recovered. Specifically, the 9.9-carat diamond recovered from the 5034 pipe is such a diamond and was valued at US $60,000. The occurrence of these high quality, top color diamonds supports De Beers decision to extend the bulk sampling of these two pipes started last year, this winter. Last years program was partially curtailed because of unfavorable weather conditions resulting in fewer holes drilled than originally planned. Now a larger more representative diamond parcel will be recovered. The frequency of occurrence of these particular diamonds can then be determined with more accuracy . These high quality top color diamonds have a significant impact, especially the larger ones, on the revenue per tonne so the more accurately their size frequency distribution is known, the greater the confidence in and accuracy of the revenue per carat modeling. These high quality diamonds offer upside potential to the values per carat. The recovery of additional large valuable diamonds, like the 9.9 carat diamond, increases the probability that these stones could occur regularly during production.

Drilling has started on the first hole into the 5034 pipe. A total of 4 to 5 large diameter drill holes is planned into each pipe in order to recover at least 2,000 carats. The same drill (24 inch diameter) as was used last year is being used and was still on site as was some of the supporting equipment. Additional equipment was flown in using a Hercules aircraft. A second drill will be brought to the site via the ice road originating in Yellowknife. It is anticipated that this ice road will be completed by the end of February.

Exploration of several areas on the AK claims will start in March. The work is anticipated to consist of ground penetrating radar (GPR), ground geophysics and drilling. Most of the work is planned to take place in the MZ Lake area where several diamondiferous sills were discovered last year. A detailed news release will be issued once the exploration plans are finalized and the work has started.

The AK claims, located in the Northwest Territories of Canada are now held 4.9% by Camphor Ventures, 44.1% by Mountain Province Diamonds Inc. (TSE: 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.