Well, the intake valve stays open even after the piston is coming back up, so it's possible that some local pressure is pushing past the valve seals, but I think that Mako's idea is probably more likely. In any case, a leakdown test (essentially pressurizing the chamber, and then seeing how well it holds pressure - how much "leaks down" past the rings) will help to diagnose the cause.
A compression test would be a decent place to start. If one cylinder is dramatically lower than the others, you'd know where to look for a problem. Probably easier to just find a friend of mechanic with a leakdown tester, though, since I believe that you can do a compression test at the same time.
Joe