07/23/2002- 3.35 Carat Plus Two Others

[Franko10 ™]

Kensington Resources Ltd. Announcement - 3.35 Carat Diamond Plus Two Others Recovered at Fort a la Corne

VICTORIA, British Columbia--(BUSINESS WIRE)--July 23, 2002

Kensington Resources Ltd. (the "Company") (TSX Venture: KRT) is pleased to announce the recovery of three previously unreported macrodiamonds from the 141 kimberlite body in the Fort a la Corne Diamond Project, Saskatchewan. A macrodiamond weighing 3.35 carats was recovered from the upper part of drillhole 141-20 during final diamond recovery from previously unexamined clay-rich samples. The 3.35 carat stone is the largest diamond recovered to date for this project and on first inspection appears of similar quality to diamonds recovered previously from pipe #141. During a routine tails audit of +4 mm material from selected samples acquired during the 2001 drilling program, De Beers Canada Exploration Inc. reported the recovery of two additional stones weighing 0.28 carats (drillhole 141-28) and 0.125 carats (drillhole 141-23). These macrodiamonds were forwarded to De Beers facilities in London for valuation. Final results for three clay-altered samples, which had proved troublesome to treat and examine, are expected from De Beers shortly. Once these values and results are received, they will be incorporated into a final, updated version of the July 2002 report mentioned below.

The joint venture partners received a final report entitled Updated Evaluation Report on Kimberlite #141 as at July 2002 (Incorporating Kimberlite #140) from De Beers Canada Exploration Inc. on Friday, July 19, 2002. This report is under consideration by the Technical Committee and Board of Directors of the Company and will be reported to the public once all datasets are completed and approved by the joint venture partners. Also, the 2002 Fort a la Corne Joint Venture Management Meeting was held on Friday July 19, 2002. Plans for the 2002 exploration and evaluation program are under consideration by the joint venture partners and will be finalized during the first week of August, 2002.

The Fort a la Corne Diamond Project is a joint venture among De Beers Canada Exploration Inc., a wholly owned subsidiary of De Beers (42.25%), Cameco Corporation (CCO-TM;CCJ-DNQX;CMECF-L) (5.5%), UEM Inc. (carried 10%), and Kensington Resources Ltd. (KRT-CDNX;KNSRF-L) (42.25%). The 71+ kimberlite bodies of the Fort a la Corne Field form one of the largest diamondiferous clusters in the world.

ON BEHALF OF THE BOARD OF DIRECTORS OF
KENSINGTON RESOURCES LTD.

(signed) "David H. Stone"

David H. Stone
President

For further information, please contact:

William Callahan, Investor Relations
Kensington Resources Ltd.
Tel: [phone] or (250) 361-1KRT
E-mail: [e-mail]

Robert A. Young, Investor Relations
Robert A. Young & Associates
Tel: [phone] or [phone]
E-mail: [e-mail]
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others, the risk factors contained in the Company's documents filed from time to time with the B.C. Securities Commission and the U.S. Securities and Exchange Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Head Office

Suite 304, 1208 Wharf Street
Victoria, British Columbia, CANADA V8W 3B9
Tel: [phone]KRT (361-1578) Fax: [phone]
Website: www.kensington-resources.com
E-Mail: [e-mail]

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