'Pan African Resources was initially admitted to AIM in May 2000 under the name of White Knight Investments. At the end of 2003 it reversed into Mistral Resource Development Corporation, a company with two gold exploration projects, one in Ghana and one in Mozambique, and changed its name to the present one. Since then its experienced management has built up a highly prospective portfolio of licences on one of the greenstone belts in the Central African Republic in a joint venture with International Mining Investments. An open pit mine was operated there in the past and initial drilling has been very encouraging. The Manica project in Mozambique also looks promising as two distinct types of gold mineralisation have reportedly been identified within a total strike length of 22kms. The company also has a first right of refusal on any gold project discovered by Pangea Exploration (Pty) which has discovered a number of gold deposits in Tanzania in the past.'