CAMPHOR VENTURES INC. REPORTS ON THE UPDATED DESKTOP STUDY RECEIVED FROM DE BEERS

CAMPHOR VENTURES INC.

FOR IMMEDIATE RELEASE
Tuesday, April 15, 2003
(No.03-04-05)

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

CAMPHOR VENTURES INC. REPORTS ON THE UPDATED
DESKTOP STUDY RECEIVED FROM DE BEERS

Camphor Ventures Inc., (the Company) announces that it has received from its joint venture partner, De Beers Canada Mining Inc. (De Beers Canada), a wholly-owned subsidiary of De Beers Consolidated Mines Limited (De Beers) the results of the recently completed updated desktop study for the Gahcho Kue diamond project. Even though the study shows that estimated capital costs have increased only slightly and that the estimated operating costs have dropped significantly, the effect of lower diamond values (especially for the Hearne pipe) and a lower US dollar against the Canadian dollar since the 2000 desktop study, has resulted in an internal rate of return (IRR) slightly less than that obtained previously. Considering the indicated IRR, which is well below the agreed hurdle rate, combined with the current geo-political environment and uncertainties, De Beers has decided to postpone a pre-feasibility decision until next year when the desktop study will be updated again. In the meantime De Beers will continue with exploration in the Kelvin-Faraday area with an objective of adding to the existing resource. The project is located in the Northwest Territories of Canada on the joint-venture's AK leased claims. The deposits are located in Kennady Lake but the project has been re-named the Gahcho Kue project, using the Aboriginal designation for the area.

The original desktop study for the Gahcho Kue diamond project was completed in August 2000. In June 2002 De Beers initiated an update of this 2000 Desktop study. A De Beers project team based in Toronto, Canada in conjunction with AMEC E & C Services and other Canadian outside consultants was formed. The primary objective of the study update was to incorporate the latest resource size estimates and diamond values obtained from the 2001 and 2002 sampling programs (released April 3, 2003) and to firm up the estimated capital and working costs with knowledge gained from the De Beers Canada Snap Lake optimization study (2002) and the Victor pre-feasibility study (2002). The detailed study was formally presented to the Company's board of directors on April 15, 2003.

The study team analyzed the costs arising from the conventional open pit mining of the 5034 and Hearne pipes and the high grade zone within the top 140 meters of the Tuzo pipe. A computer model of open pits was created and options considered aimed at minimizing capital and operating costs with optimizing mining rates and plant throughput (tonnes per day). The study made use of designs, methods and estimates developed for the Snap Lake and Victor projects, benchmarked against other operations by AMEC. The desktop study is still only a preliminary study with relatively large uncertainties (± 30%). The estimated capital costs of approximately C$600 million is slightly higher than that in the 2000 desktop study while the estimated operating costs decreased to approximately C$56/tonne from C$81/tonne. The cost savings were accomplished, in part, by increasing the projected annual mining rate to 2 million tonnes per year and by other cost savings based on the experience gained from other projects. The internal rate of return (IRR) was still slightly lower than that obtained in 2000 because of the lower diamond values (especially for the Hearne pipe) and a lower US dollar against the Canadian dollar. As a result and because of geo-political uncertainties, De Beers has decided to postpone a pre-feasibility decision until next year when the desktop study will be updated again.

Mr. Richard Molyneux, President and C.E.O. of De Beers Canada Mining Inc. stated "Although our first preference would have been to see the agreed rate of return of 15% being achieved, which would have allowed moving ahead to the next phase now, the fact that costs have been reduced in the study is encouraging. Looking ahead, the possibility of increased diamond prices, the U.S. dollar rising against the Canadian dollar and increased resources coming from further exploration, all represent upside, which we find encouraging. We have already made a significant investment in this project and remain committed to finding opportunities for improving the projected economics which will allow us to take it forward."

The Company is very impressed by the scope and detail of the updated desktop study. The improved design and generally lower costs should make it easier to advance to the next phase once diamond prices increases, which is expected by diamond industry sources. The continued exploration in the Kelvin-Faraday area could add to the resource and positively impact the IRR.

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.