CAMPHOR VENTURES INC. REPORTS MODELED REVENUES PER TONNE FOR THE HEARNE AND 5034 DIAMOND PIPES

CAMPHOR VENTURES INC.

FOR IMMEDIATE RELEASE
Thursday, April 3, 2003
(No.03-04-04)

Contact:   
Investor Relations   
Phone (604) 684-2181
info@camphor.com

CAMPHOR VENTURES INC. REPORTS MODELED REVENUES PER TONNE FOR THE HEARNE AND 5034 DIAMOND PIPES

Camphor Ventures Inc., (the Company) is pleased to announce that it has received from its joint-venture partner De Beers Canada Exploration Inc. (De Beers Canada), a wholly-owned subsidiary of De Beers Consolidated Mines Limited (De Beers), modeled revenue per tonne and grade estimates for the 5034 and Hearne diamond pipes. The average value per carat for the 5034 pipe is in line with, if not slightly less than, the decrease in diamond prices since September 11, 2001 while that for the Hearne pipe experienced a larger drop. It has now definitely been confirmed that a sub-population of high quality, top color diamonds exists in both the 5034 and Hearne pipes. De Beers will now update the desk-top study, an estimate of the project's internal rate of return, and present the results to the Company later in April. The 5034 and Hearne kimberlite pipes are two of the largest and have the two highest values of the five diamondiferous bodies in the cluster at Kennady Lake, located within the joint-venture's AK leased claims in the Northwest Territories of Canada.

As was mentioned in the April 25, 2002 news release, De Beers completed the winter 2002 bulk sample program of the 5034 and Hearne pipes on April 20, 2002. The purpose of the bulk sampling program was 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 in this work to combine diamond grade estimates along with diamond revenue estimates. The large number of diamonds obtained in the 2002 program would increase the confidence in, and accuracy of, revenue modeling via an enhanced understanding of grade, diamond size and frequency distributions, and diamond values.

The 1,215 carats recovered from the 5034 pipe and the 1,174 carats recovered from the Hearne pipe as well as the diamonds recovered from the 1999 and 2001 bulk samples (all to a 1.5 mm lower cut-off) were all valued, based on the January 2003 diamond prices, at the Diamond Trading Company (DTC) in London. The De Beers Mineral Resource Department in Johannesburg has used these values for all three (1999, 2001, 2002) bulk samples to update the modeled revenue per carat for each pipe. It is important to note that production recovery factors, determined by De Beers, have been applied and that the commonly used commercial bottom cut-off recovery size screen with a 1.50 mm square mesh has been used. These diamond values were then combined with the updated grade information to give modeled revenue per tonne values.

The table shows the weighted average modeled grades, values per carat and revenues per tonne for the four lobes in the 5034 pipe and the various geologic zones in the Hearne pipe. The 5034 pipe has an indicated resource of 8.6 million tonnes and an inferred resource of 4.5 million tonnes, while Hearne has an indicated resource size of 5.5 million tonnes and an inferred resource of 1.6 million tonnes, all to a depth of 290 m below lake surface.

         Modeled Grade    Modeled Values   Revenue per tonne
   Pipe      (Carats per tonne)   (US$ Carat)      (US$)

   5034         1.67           62.70              104.70
   Hearne      1.67           50.00               83.50

The previous valuation of the diamonds from the 1999 and 2001 bulk samples was in August 2001. After September 11, 2001, diamond prices decreased in value by an average of around 20% with more severe decreases in certain categories of diamonds according to industry sources. Since then De Beers has increased diamond prices twice and on average diamond prices are now nearly back to pre September 11, 2001 levels. Specifically, the January 2003 valuations of the 1999 and 2001 bulk sample diamonds were on average 5-6% less than the August 2001 valuations for the same diamonds.

The average modeled value per carat of US $62.70 for the 5034 pipe compares to the average value of US $65.50 based on the August 2001 price book, reported in December 2001. The drop is slightly less than the average drop in diamond values since then. The weighted average modeled grade for the 5034 pipe increased to 1.67 carats per tonne from 1.64 carats per tonne as reported in December 1999. The upper and lower limits for the value per carat modeling are ± 18% - 20%.

The average modeled value per carat of US $50.00 for the Hearne pipe compares to a value of US $63.30 based on the August 2001 values. The weighted average modeled grade for the Hearne pipe decreased to 1.67 carats per tonne from 1.71 carats per tonne as reported in December 1999. The upper and lower limits for the value per carat modeling are 18% and 16% respectively.

It has now definitely been confirmed by both De Beers and Mountain Province Diamonds Inc.'s consultant, Overseas Diamonds N.V., that a sub-population of high quality, top color diamonds exists in both the 5034 and Hearne pipes. The 3.4 carat diamond recovered from the Hearne pipe is such a diamond and has been valued at US $7,140. These diamonds represent a significant part of the total value of the diamonds even though they only represent a small fraction of the total number of diamonds.

De Beers this year used a De Beers group composite of a year's production from kimberlite mines with wide ranges of production but similar dollar per carat values, in the value per carat modeling in the over two carat size range. The reason for this is that relatively speaking only a small number of over two carat diamonds were recovered from the Hearne and 5034 pipes and these diamonds have a wide range of values. This modeling technique models the shape of the revenue curves for the Hearne and 5034 pipes to be similar to the shape of the curves for a composite of producers above the two carat size range. This technique is slightly more conservative than the technique used previously but is more representative of an actual production scenario.

The revenue per tonne values will now be used in updating the desk-top study, which was originally reported in August 2000. The desk-top study is an estimate of the project's internal rate of return (IRR) using estimated capital and mining costs and the modeled revenue per tonne values. De Beers is expected to present the results of the updated study to the Company later in April.

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. (TSX: MPV), and 51% by De Beers Canada Exploration Inc. As reported in its news release on March 7th, 1997, Camphor Ventures 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"

Hari B. Varshney
Director

This release may contain forward-looking statements regarding the Company's 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.