Interim Results

White Knight Investments PLC
28 June 2004







                          WHITE KNIGHT INVESTMENTS plc

                       Interim Statement and Operational Review



Highlights



•    Appointment of Managing Director


•    Proposed change of name of the company


•    Highly prospective mineralised cross cutting structures identified on the 
     Julie Prospect, Wa Gold Project, Ghana


•    Significant intersections of mineralisation identified to depths of 120 
     metres on the Andrada Zone, Manica Gold Project, Mozambique


•    Interim Results





Introduction



The board wishes to present an operational review of recent activities and the
Second Interim Results for the twelve-month period ended 31 March 2004.



During the period the company acquired 100% of Mistral Resource Development
Corporation Limited 'Mistral'.  Mistral is a significant African focused
exploration and development company, which has acquired options over two
significant properties located in Mozambique and Ghana.





Managing Director Appointment



In line with White Knight Investments plc's ('White Knight') objective to become
a major participant in the African exploration and mining sector, the Board is
pleased to announce the appointment of Roger Martin Craddock as Managing
Director with effect from 1 July 2004.



Mr. Craddock, aged 57, is an experienced mining engineer. He has served as Chief
Operating Officer of Oxus Mining plc, has held senior positions within the
Australian registered company Normandy Mining Limited and has been a director of
Norox Mining Company Limited during the previous five years. He is currently a
director of Plymouth Albion Rugby Football Club Limited.



There is no other information that is required to be disclosed under Schedule 2
paragraph (f) of the AIM Rules.





Change of Company Name



The Board proposes to change the name of White Knight to Pan African Resources
plc to reflect the group's expanded activities in the sector.  A Resolution to
this effect will be proposed at White Knight's next General Meeting.





Exploration Activities Update



In late 2003, the White Knight acquired 100% of the share capital of Mistral
Resource Development Corporation Limited 'Mistral'.



Mistral is a significant African focused exploration and development company,
which has acquired options over two significant properties:



•         The Wa Gold Project, located in Ghana and

•         The Manica Gold Project, located in Mozambique.



Both projects have significant delineated areas of mineralisation and several
identified drill targets, with considerable upside potential.



White Knight is encouraged in the assessment of the two gold projects by the
results of its recent exploration activities.



Wa Gold Project



The Wa Project is located in the Upper West Region of Ghana, approximately 50km
east of the regional capital Wa, and comprises three exploration licences,
Julie, Collette and Josephine, totalling 304 square kilometres. Ghana is a major
gold producing country.



The project situated in an area of Birimian greenstones and granites in an
arcuate belt, which represents the junction between the north-south trending
Lawra Belt and the northeast trending Bole-Navrongo Belt.



The geological setting of the project and the range of mineralisation styles
identified to date are comparable to major Birimian hosted gold deposits in the
south of Ghana and elsewhere in West Africa.



Exploration activities on the Wa Gold Project continued with the commencement of
a review and update of the project data, extension of the geological mapping and
regolith mapping.



Mineralised north-south trending quartz veins have been identified cutting
across the 3.5km drill tested section of the shear zone in granodiorite on the
Julie Prospect, in which resource potential has been demonstrated previously.
These intersections are considered to be highly prospective.



The shear zone has been traced over more than 6kms of strike length while the
mineralisation identified to date is open at depth and along strike.



Initial regolith mapping at the Collette Prospect has enabled the commencement
of an improved understanding of the geology of the area.



The review and reinterpretation of the remote sensing, geophysical,
topographical and geochemical data, which have been collected over a period of 7
years, with the enhanced techniques now available, will continue through the
impending rainy season.



A major drilling programme will be based on the results of the review and
reinterpretation and is scheduled to be initiated at the end of the rainy season
(estimated to be late October 2004), when drill equipment can access the site.



Manica Gold Project



The Manica Project is situated at Manica, Mozambique, on the eastern portion of
the Odzi-Mutare-Manica Greenstone Belt. The belt is part of the Archean Zimbabwe
Shield and has produced more than 80 tonnes of gold to date.



Manica is situated on the Beira-Harare Corridor between Mozambique and Zimbabwe,
with excellent infrastructure, roads, rail, power and communications.



The project area comprises a large exploration licence, which covers the 10
kilometre Mutambarico Zone shear zone and the 7 kilometre Andrada Zone of banded
iron formations. Both zones contain several old mines and workings.



The recently completed exploration drilling campaign on the Andrada Zone,
consisting of 63 drill holes for 4,699 metres, tested the persistence of
mineralisation to depth and along strike. The table below contains some of the
more significant intersections. The drilling demonstrated that the
mineralisation is hosted by a package of chloritic schists up to 50 metres wide.
Significant intersections were encountered over a 660 metre strike length to
depths of 120 metres below surface.  It is intended to conduct Infill and
extensional drilling in the forthcoming exploration programme to delineate a
JORC standard resource estimate.


Drill Hole Number                       Intersection(m)       Width          Grade
                                      From              To      (m)         (Au g/t)

And008                                  57              60       3            10.11
And009                                   0               6       6             2.81
And015                                   9              27      18             6.7
                                        30              33       3             3.93
And036                                  87              96       9             1.61
And 037                                 57              60       3             3.94
                                        63              69       6             4.83
                                        72              87      15             4.98
And038                                  34              47      13             1.49
And039                                  45              48       3            12.14
And041                                  49              57       8             2.52
And042                                  27              32       5             3.24
Andd001                              58.44              68     9.56            1.24
                                        77           81.27     4.27            3.73
Andd002                             127.44          137.44      10             5.93
                                    174.44          184.44      10             1.64
And005                                  32            38.8      6.8            2.64
And007                                  93             103      10             1.71
                                       113          124.26     11.26           8.35
And008                                  57              60       3             5.78
                                        79              87       8             2.71



White Knight intends to undertake further drilling programmes on both the Manica
Project and the Wa Project. Further results will be announced as they become
available.





Interim Results



The Group returned a loss of £88,842 for the twelve months ended 31 March 2004,
as compared with a loss of £62,067 in the year to 31 March 2003.



The interim results for the twelve-month period ended 31 March 2004 are
appended.





By order of the Board







N. A. Steinberg
Finance Director

Date:  25 June 2004

Enquiries  020 7845 7500




WHITE KNIGHT INVESTMENTS PLC



UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT



Twelve Months Ended 31 March 2004






                                       Twelve Months Ended 31.3.2004                Year Ended
                                                     £                               31.3.2003

                                                                                         £
Administrative expenses                          (96,015)                            (80,492)

Gain on disposal of fixed asset                      -                                 3,246
investments
                                                ----------                           --------
                                                 (96,015)                            (77,246)
Interest receivable                               11,173                              15,179
                                                 ---------                           ---------
(Loss) on ordinary activities                    (84,842)                            (62,067)
before taxation
Tax on (loss) on ordinary                            -                                   -
activities
                                                 ---------                           ---------
(Loss) for the financial period                  (84,842)                            (62,067)
                                                   =====                               =====

(Loss) per ordinary share - basic                 (0.06p)                             (0.05p)








WHITE KNIGHT INVESTMENTS PLC



UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2004


                                                            31 March 2004                   31 March 2003
                                                 £                £                £              £
FIXED ASSETS
Intangible assets                                             1,087,700                           -
Investments                                                     24,201                           29,201
                                                            ------------                        --------
                                                              1,111,901                          29,201
CURRENT ASSETS
Debtors                                        32,788                             1,000
Cash at bank and in hand                      425,484                           570,644
                                            ----------                        ----------
                                              458,272                           571,644
CREDITORS: Amounts falling due within one    (153,144)                         (28,974)
           year
                                             ---------                        -----------
NET CURRENT ASSETS                                            305,128                          542,670
                                                            ------------                     ------------
TOTAL ASSETS LESS CURRENT LIABILITIES                        1,417,029                         571,871
                                                              =======                          =======
CAPITAL AND RESERVES
Called up share capital                                      1,930,000                        1,300,000
Share premium account                                        1,826,155                        1,526,155
Profit and loss account                                     (2,339,126)                      (2,254,284)
                                                            ------------                     ------------
EQUITY SHAREHOLDERS' FUNDS                                   1,417,029                         571,871
                                                               =======                          =======








WHITE KNIGHT INVESTMENTS PLC



UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

Twelve Months Ended 31 March 2004


                                                            Twelve Months                       Year  Ended
                                                          Ended 31.03.2004                      31.03.2003
                                                £                 £                 £                £
Net cash (outflow) from operating                             (110,134)                          (99,336)
activities
Returns on investments and servicing of
finance
Interest receivable                          11,173                              15,179
                                            --------                            ---------
Net cash inflow from returns on                                11,173                             15,179
investment and servicing of finance
Capital expenditure and financial
investment
Payments to acquire intangible fixed       (981,199)                               -
assets
Proceeds of disposal of                       5,000                               3,250
fixed asset investment
                                           ----------                            -------
                                                              (976,199)                            3,250
Financing
Issue of ordinary share capital             930,000                                -
                                           ----------                          -----------
                                                               930,000                               -
                                                             ----------                          --------
(Decrease) in cash resources                                  (145,160)                          (80,907)
                                                               ======                              =====







WHITE KNIGHT INVESTMENTS PLC



NOTES TO THE UNAUDITED INTERIM ACCOUNTS

Twelve Months Ended 31 March  2004







1   The calculation of earnings per share is based on the
losses of £84,842 and on the number of shares in issue being the adjusted
weighted average number of shares in issue totalling 149,540,983.



    The fully diluted earnings per share are based on 149,540,983
ordinary shares allowing for the full exercise of outstanding share purchase
options and the earnings as stated above.  There is no dilutive effect in the
period and in the previous period in accordance with FRS 14 paragraph 56.



2   The current period for the company is an eighteen-month
period ending 30 September 2004.



3   The comparative figures were for the year to 31 March 2003.



4   The interim statement for the twelve months ended 31 March 2004 is
unaudited and was approved by the Directors on 25 June 2004.  The financial
information set out above does not constitute statutory accounts within the
meaning of s.240 of the Companies Act 1985.



5   Copies of the Interim Report are available to the public free of
charge from the company at Manfield House, 2nd Floor, 1 Southampton Street,
London WC2R 0LR during normal office hours, Saturdays, Sundays and bank holidays
excepted until 31 July 2004.


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