DE BEERS REPORTS ON BULK SAMPLE OF HEARNE AND 5034 DIAMOND PIPES

Vancouver, BC, September 20, 2001 -- Camphor Ventures Inc. (CDNX-CFV) 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 the diamond recovery from the sample concentrates of the kimberlite recovered from the bulk samples of the Hearne and 5034 pipes has been completed in Johannesburg, South Africa. A total of 1,665 carats were recovered from both pipes with the largest diamond weighing 9.9 carats. The number of diamonds available for valuation has as a result now nearly doubled and should lead to more confidence in the value per carat modeling. The diamonds are currently being valued at the Diamond Trading Company (DTC) in London, England. The Hearne and 5034 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 on the joint-ventures AK claims in the Northwest Territories of Canada.

As was mentioned in the May 4, 2001 news release, De Beers completed the winter 2001 bulk sample program of the Hearne and 5034 kimberlite pipes in early May. The purpose of the bulk sample was to significantly increase the number of diamonds available for valuation purposes. The larger number of diamonds now available will increase the confidence in and the accuracy of the revenue per carat (value per carat) modeling and will hopefully positively impact the overall revenue per carat estimate. These new revenue per carat modeled values will be factored into an updated desktop study. The result of the initial desktop study, announced in August 2000, was that at the time of the study, only approximately a 15% increase in diamond revenues was needed to go to feasibility stage.

Three holes were drilled into the high grade northern part of the Hearne pipe and a total of 334 tonnes of kimberlite was recovered yielding 751 carats. De Beers has provided the number of diamonds per sieve size and not the individual weights. It is however, possible to estimate the number of diamonds weighing more than half a carat and more than one carat. In total there are approximately 27 diamonds greater than 1 carat and approximately 74 diamonds between 50 points (half a carat) and 1 carat. The largest two diamonds weigh 3.4 and 3.1 carats. The grades of the three holes are very similar and based on the sampling figures alone average 2.25 ct/tonne. This compares to a previously modeled grade of 2.05 ct/tonne in this phase of kimberlite.

Four holes were drilled into the eastern lobe of the 5034 pipe and a total of 635 tonnes of kimberlite was recovered yielding 914 carats. In total, there are approximately 34 diamonds greater than 1 carat and approximately 104 diamonds between 50 points (half a carat) and 1 carat. The two largest diamonds weigh 9.9 and 4.5 carats. Two of the holes had grades in line with the previously modeled grade of 1.70 carats per tonne, while the other two holes had slightly lower sample grades.

In the 1999 bulk sample 1,826 carats were recovered from the Hearne and 5034 pipes. The number of diamonds available for valuation purposes has thus nearly doubled and hence should increase the confidence and accuracy of the modeling.

Most of the diamonds are currently at the DTC in London, England where they will be valued per different phase of kimberlite. After that the revenue per carat and per tonne modeling will be performed in Johannesburg. The modeled results will in turn be factored into an updated desktop study. The results will be announced as soon as they are available.

The Company is very pleased with the results so far, especially with the larger diamonds that have been recovered and with the high grade holes in the northern part of the Hearne pipe.

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