Acquisition agreement

White Knight Investments PLC
03 November 2003


For immediate release

3 November 2003



                         WHITE KNIGHT INVESTMENTS PLC

                               ACQUISITION OF
               MISTRAL RESOURCE DEVELOPMENT CORPORATION LIMITED


Since the publication of the Annual Report for the year ended 31 March 2003 the
Board of White Knight Investments plc ('White Knight') has been evaluating a
number of potentially rewarding transactions in the natural resource sector of
the market which has been exceptionally buoyant over recent months, particularly
in the precious metal sector.

The directors are now pleased to announce that White Knight has today entered
into a conditional agreement to purchase 100% of the share capital of Mistral
Resource Development Corporation Limited ('Mistral'). Mistral was formed with
the intention of establishing a significant African focused exploration and
development company. The principals of Mistral have a successful record of
developing major projects and mines in Africa. The conditions, which relate
primarily to title verification, are expected to be satisfied within 30 days.

Mistral's objective is to identify and accomplish gold projects in politically
stable countries which have geological settings with the potential to be 'world
class'.

Currently Mistral has acquired options over two significant properties which are
located in Mozambique and Ghana. Both are highly prospective and have the
potential to host a multi-million oz resource. These projects have been
carefully screened and technically appraised by leading geological consulting
firms. Drilling has already commenced on the Mozambique property in a district
which has a history of gold production. The Ghana project will be joint ventured
with Kenor ASA, a Norwegian group that has successfully operated in West Africa
for many years.

Background data on the projects are as follows:

   • The geological setting of the Wa Project (Ghana) and the range
     of mineralisation styles identified to date are comparable to other 
     Birimian hosted gold occurrences in the south of Ghana.

   • The geological environment of the Manica Project (Mozambique) area
     appears highly encouraging for potential prospectivity of the two main
     target sections, Andrada and Mutambarico, given their strong similarities
     with the style and setting of other significant Archaean greenstone hosted
     gold deposits.

   • The Manica Project shows good potential for significant oxide gold
     resources in zones of tectonised and silicified banded iron formation on 
     the Mutambarico shear and parallel structures.

   • Resource potential has been demonstrated at two prospects in the Wa
     Project. Kenor ASA, the current tenement holders, estimated an Inferred
     Mineral Resource of 3,362,600 tonnes @ 2.89 g/t gold containing 311,500
     ounces of gold to a depth of 40 metres on the Julie Prospect and an 
     Inferred Mineral Resource of 1.046,000 tonnes @ 1.82 g/t gold containing 
     61,400 ounces of gold on the Josephine North Prospect.

   • Best intersections from an 118 hole drilling programme on the Colette
     Prospect (Wa Project) showed 12 metres @ 4.15 g/t gold and 2 metres @ 6.38
     gold.

   • A grab sample from a winze on artisanal workings on the Julie North
     Prospect (Wa Project) showed 20 g/t gold.

   • Best intersections from a 37 hole scouting drill programme on the
     Andrada Prospect (Manica Project) showed 24 metres @ 5.6 g/t gold and 30
     metres @ 3.9 g/t gold close to the old Fair Bride workings.

The board has received a competent person's report on the properties prepared by
Ward International Consultants Pty. Ltd.

Consideration for the acquisition of Mistral will be in several tranches based
on earn in performance criteria. The tranches are designed in a manner to
release shares consistent with property value progression.

The initial consideration is to be satisfied by the issue to the vendors of
Mistral of 53 million new ordinary shares of 1p in White Knight issued at par.
This will represent 29% of the enlarged issued share capital of White Knight.

The board consider, after due and careful enquiry, that the working capital
available to the enlarged group will be sufficient for at least 12 months
following completion. The board has received an undertaking that at least
£300,000 will be subscribed at 4p per share subsequent to completion.

Holders of shares representing in excess of 51% of the current issued shares in
White Knight have agreed to this transaction. Mistral brings together as a
catalyst an experienced management team and highly prospective resource
properties.

If the number of shares issued to the vendors as the deferred consideration
under the agreement exceed the company's current capitalisation of 130,000,000
shares then a document giving the information required under the rules of AIM
for a new admission will be issued to shareholders.

The directors are pleased to have positioned White Knight Investments in the
sector which is currently attracting international investor demand in projects
with long term fundamentals.

Mr Bobby Danchin, a recently retired director of the Anglo American Corporation,
together with Mr Rob Still, a prominent South African based mining entrepreneur,
have agreed to join the White Knight Board following completion.

Mr Bruce Rowan retires from the board, having assisted in the redirection of the
company's activities and the board wish to express their thanks for his past
contribution.

The agreement detailing the terms of the transaction together with the competent
person's report will be available for inspection at the company's Registered
Offices at 2nd Floor, Manfield House, 1 Southampton Street, London WCR2 0LR for
30 days.




For further information, contact:

Nathan Steinberg
Finance Director

Tel: [phone]



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