PAN AFRICAN RESOURCES
The Company was established as an investment vehicle and was initially admitted to AIM in May 2000 under the name of White Knight Investments PLC. On 3 December 2003, after making the strategic decision to focus on the natural resources sector, White Knight Investments PLC completed the acquisition of Mistral Resource Development Corporation Limited, a company with two gold exploration projects, one in Ghana and one in Mozambique. The acquisition, in effect, constituted a reverse take-over of the Company under the AIM rules, and on the 14th of September 2004 the Company was readmitted to AIM as Pan African Resources PLC -- an exploration and development company with assets in Africa. Pan African is currently the midst of a reverse takeover which will bring it gold production in South Africa. The transaction is expected to complete in June 2007.