DIAMONDS RECOVERED FROM THE 2002 BULK SAMPLE OF THE HEARNE DIAMOND PIPE

CAMPHOR VENTURES INC.

FOR IMMEDIATE RELEASE
   Thursday, November 7, 2002
Contact:   Investor Relations   (No.02-11-07)
   Phone (604) 684-2181
   info@camphor.com

DIAMONDS RECOVERED FROM THE 2002 BULK SAMPLE
OF THE HEARNE DIAMOND PIPE

Large Diamonds Recovered

Vancouver, BC, (November 7, 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 diamond recovery from the sample concentrates of the kimberlite recovered from the 2002 bulk sample of the Hearne diamond pipe has been completed in Johannesburg, South Africa. A total of 1,174 carats were recovered with the three largest diamonds weighing 8.7, 6.4 and 4.9 carats. In the 1999 and 2001 bulk samples the largest diamond in each case weighed 3.4 carats. The number of diamonds greater than half a carat recovered this year is proportionately (to the total number of carats recovered) greater than those size diamonds recovered in the 1999 and 2001 bulk samples (specifically 31 percent more than recovered in 2001 and 15 percent more than in 1999). The number of diamonds available (especially larger diamonds) for valuation has as a result increased and will lead to more confidence in the value per carat modeling. The diamonds will be sent to the Diamonds Trading Company (DTC) in London, England for valuation. The Hearne kimberlite pipe is one of the largest and has one of the highest values of the five diamondiferous bodies in the cluster at Kennady Lake, located on the joint-ventures AK claims in the Northwest Territories of Canada.

As mentioned in the April 24, 2002 news release, De Beers completed the winter 2002 bulk sample program of the Hearne and 5034 pipes on April 20, 2002. The purpose of the bulk sampling program is to increase the available revenue information for these two pipes. Since revenue is determined by grade and diamond value, and since the two kimberlite pipes contain internal zones that vary in grade, it is important to combine diamond grade estimates along with diamond revenue estimates. The large number of diamonds obtained in the 2002 program will thus increase the confidence in, and accuracy of, revenue modeling via an enhanced understanding of grade, diamond size and frequency distributions, and diamond values.

The Hearne kimberlite consists of two bodies. The main body (north lobe) is an elongated pipe over 250m in length in the north-south direction and the second body (south lobe) just south of the main body, is an elongated pipe up 100 meters in length in the east-west direction. The two lobes have been subdivided on the basis of internal geology into several phases (see the January 31, 2000 news release). Out of a resource of approximately 7.2 million tonnes approximately 5.6 million tonnes has a modeled grade of 2.05 carats per tonne and 1.6 million tonnes has a modeled grade of 0.60 carats per tonne giving a weighted average grade of 1.71 carats per tonne. The lower grade zone is approximately 50-80 meters thick. The top of this zone is located near surface at the southern end of the north lobe and dips steeply to the north with the top of this zone being below 300 meters at the northern end of the north lobe. The grade of a drill hole into the north lobe will thus depend on the position and depth of the hole and, hence, on how much of this lower grade zone is intercepted.
The sample grade per hole in the 1999 bulk sample varied from 1.05 to 3.01 carats per tonne, with the lower grade hole being located near the southern end and the higher grade hole near the northern end of the north lobe. The average sample grade for the three holes drilled into the northern part of the north lobe in the 2001 bulk sample program was 2.25 ct/tonne.

A total of five large diameter holes were drilled into the north lobe of the Hearne pipe in 2002. A cluster of three closely spaced holes (2002-99, 2002-103 and 2002-105 approximately 7-8 meters apart) was drilled just north of the center of the lobe, one hole (2002-101) was drilled approximately 40 meters to the north of this cluster of holes, and one hole (2002-91) was drilled approximately 40 meters north of the southern boundary of the lobe. The same drill (24 inch diameter) and the same drill method (a diamond friendly" flood reverse system) that was used last year were used again this year. In the 1999 bulk sample, a reverse circulation drill with a diameter of 12.25 inches was used. In the 2002 program De Beers recovered a total of 1,174 carats from 665.5 tonnes of kimberlite. The results for each of the 2002 drill holes are shown in the table.

Drill Hole   (In Situ) Tonnes   Carats   Grade ct/tonne
2002-101   122.2   283.4   2.32
2002-99   149.6   267.2   1.79
2002-103   100.7   228.8   2.27
2002-105   104.7   222.1   2.12
2002-91   188.3   172.5   0.92

The grades of the five holes are very consistent with the results of the 1999 and 2001 bulk samples and with the known locations of the higher and lower grade kimberlite phases.

Bulk Sample Year   Carats   Number of diamonds greater than 2 carats   Number of diamonds greater than 1 carat *   Number of diamonds between 0.5 and 1 carat   Five largest diamonds (carats)
2002   1174   13   50   157   8.7, 6.4, 4.9, 3.4, 3.2
2001   751   6   27   74   3.4, 3.2, 2.5, 2.2, 2.2
1999   846   9   40   90   3.4, 3.1, 2.9, 2.7, 2.6

The number of diamonds available, especially the greater number of larger diamonds, for valuation has now increased and will lead to more confidence in the value per carat modeling. The diamonds will be sent to the Diamond Trading Company (DTC) in London, England for valuation. Those values will be used to model the values per carat in Johannesburg. After that, revenue per tonne modeling, taking into account both the updated grade information and the diamond values, will be performed. The modeled values per carat and modeled revenues per tonne values for the 5034 and Hearne pipes are expected in early 2003.

The Company is very pleased with the results. The increase in the number of larger diamonds recovered as compared to 1999 and 2001 will hopefully positively impact the size-frequency curves and thus the modeled values.

The AK claims, located in the Northwest Territories of Canada are now held 4.9% by Camphor Ventures (TSX-V: CFV), 44.1% by Mountain Province Diamonds Inc. (TSE: MPV, OTCBB: MPV), and 51% by De Beers Canada Exploration Inc. As reported in its news release on March 7th, 1997, Mountain Province Diamonds Inc. and its partner entered into a joint agreement with De Beers Canada Exploration Inc. formerly known as Monopros Ltd. (a wholly owned subsidiary of De Beers Consolidated Mines Limited) under which De Beers Canada Exploration Inc. has the right to earn up to a 60% interest in the AK property by taking the project to commercial production.

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.