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White Knight Inv PLC (PAF)

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Wednesday 03 December, 2003

White Knight Inv PLC

Acquisition update,new broker

White Knight Investments PLC
03 December 2003


Acquisition of Mistral Development Corporation Limited

The directors are pleased to announce that White Knight Investments plc ('White
Knight') has today completed the acquisition of 100% of Mistral Development
Corporation Limited ('Mistral').  Mistral was formed with the intention of
establishing a significant African focused exploration and mining development

As a result, White Knight will now issue the initial consideration of 53,000,000
ordinary shares of 1p each to the Mistral shareholders and apply for them to be
admitted to trading on AIM.   These shares will be subject to a 1 year lock-in.

The board has received an undertaking that £300,000 will be subscribed for new
ordinary shares in White Knight at 4p per share by 15 December 2003.

In respect of the Mistral properties, the drilling programme in Mozambique is
now well advanced and the next stage exploration programme is currently being
prepared for Ghana.

Dr Bobby Danchin, a recently retired director of the Anglo American Corporation
and Mr Rob Still, a prominent South African mining entrepreneur, will join the
White Knight Board once the normal regulatory matters have been completed. An
announcement of the information required by the AIM Rules relating to new
directors will be made prior to that date.  White Knight has also appointed
Christows as its brokers with effect from 1 December 2003 to assist the ongoing
development of the company.


N A Steinberg

Finance Director

Tel:  020 7845 7500

                      This information is provided by RNS
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