Result of EGM

8 September 2004 White Knight Investments Plc ("White Knight" or the "Company") Result of EGM At the Extraordinary General Meeting of the Company held today all resolutions were passed, including a resolution to waive the obligation of the Concert Party (as defined in the AIM admission document dated 13 August 2004) to make a mandatory general offer which would otherwise be required under Rule 9 of the City code on Takeovers and Mergers. Following Admission, the Concert Party will be interested in 159,900,000 Ordinary Shares representing 45.4 per cent. of the Company's enlarged issued share capital on Admission and options which, if converted, would result in the Concert Party controlling up to 47.7 per cent. of the Company. Consequently White Knight is pleased to confirm that it has raised £1.5 million before expenses by way of a placing of 60,000,000 New Ordinary Shares ("Placing Shares"). Shareholders approved the issue of 99,000,000 Ordinary Shares to complete the acquisition of Mistral Resource Development Corporation ("Acquisition Shares"). The acquisition of Mistral presents significant future opportunities through its interest in the Manica Gold Project in Mozambique and the Wa Gold Project in Ghana. The Manica Gold Project is managed by Pangea Exploration Pty Ltd and under the terms of its agreement with Pangea, White Knight has a right of first refusal for any African gold project that they find and develop. The change of name to Pan African Resources Plc has also been approved at the EGM, reflecting the future activities of the Company being the exploration of two exciting prospects in Ghana and Mozambique and the creation of a portfolio of first class African gold projects. Application has been made for the enlarged issued share capital of the Company, including the Placing Shares and the Acquisition Shares, to be admitted to trading on AIM under the Company's new name, with admission expected to take place on 14 September 2004. Following today's meeting, Colin Bird, Trygve Kroepelien and Rob Still, all experienced professionals with extensive African experience, have been appointed to the Board with immediate effect. Colin Bird has been appointed as Chairman of the Company, replacing Nathan Steinberg who remains as Finance Director. All resolutions were passed at the Annual General Meeting also held today. Managing Director, Roger Craddock, commented, "I am delighted that shareholders have voted in favour of our proposed future activities. The team of people we now have in place will stand us in very good stead to capitalise significantly on the gold exploration and the development of gold projects in Africa. Ghana is a world class gold producer, Africa's second largest after South Africa and Mozambique has a history of producing gold. Our current prospects are on greenstone belts which have hosted significant gold deposits. It is our intention to create a portfolio of significant, favourably located gold projects to the benefit of our shareholders and I look forward to reporting progress on our future activities." -Ends- For further information please contact: Roger Craddock, Managing Director White Knight Investments Plc Tel. 07785 364 291 Adam Reynolds / Ben Simons Hansard Communications Tel. 020 7245 1100