Drilling Report

White Knight Investments PLC
18 December 2003



         WHITE KNIGHT INVESTMENTS PLC ('WHITE KNIGHT' or 'THE COMPANY')



Market Update



White Knight is pleased to announce an update on the resource projects recently
acquired:-



Mozambique



The initial results from a drilling programme underway currently in the Manica
Gold Project, Mozambique indicates that the mineralisation at the Fair Bride
target on the Andrada Prospect is significant.



The target horizon on the Andrada Prospect is gold mineralisation occurring in a
shear zone on the contact between a talc chlorite schist and phyllite north of
an ironstone ridge. An IP survey over this horizon has identified a chargeable
horizon at three localities with a combined strike length of 7,5 kilometres.



One IP anomaly with a 3-kilometre strike length at Fair Bride was drill tested
by five reverse circulation drill holes spaced approximately 120 meters apart.
Results showed strong mineralisation over at least 700 metres and that IP
definition is reliable and associated with gold mineralisation.  The IP survey
anomaly is open at both ends and will be extended.



The following intercepts were obtained from the holes, which were drilled at 60
degree inclination with interception depths between 30 and  50 metres below
surface:



6m @ 1.66 g/t Au

3m @ 2.38 g/t Au

9m @ 2.23 g/t Au (including 6m @ 3.09 g/t Au)

21m @ 2.45 g/t Au (including 12m @ 3.77 g/t Au)

15m @ 1.34 g/t Au



Drilling continues on several other targets on both the Andrada and Mutambarico
Prospects.



Ghana



In Ghana, the Company is planning to commence work early in the New Year on the
Wa Project, held in a Joint Venture with Kenor. This work will include
additional infill and exploratory drilling as well as trenching to further
increase the size of the existing resource, currently estimated at approximately
400,000 ounces.



Enquiries



Nathan Steinberg

Finance Director

0207 845 7500




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