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. [phone]

Adam Reynolds / Ben Simons

Hansard Communications

Tel. [phone]