Knight Resources Ltd.: $700,000 Private Placement

NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES


Mr. David Patterson, Chairman of Knight Resources Ltd. (TSX
VENTURE:KNP)(FRANKFURT:KRL) reports that the Company is undertaking a
non-brokered private placement in an amount of $700,000. The private placement
will consist of a combination of Quebec flow-through units ("QFT Unit") at a
price of $0.115 per QFT Unit and flow-through units ("FT Unit") at a price of
$0.11 per FT Unit. Each QFT Unit and each FT Unit will consist of one common
share and one-half of one common share purchase warrant. Each whole warrant
entitles the holder to acquire one common share at a price of $0.15 for the
first 12 months following the closing, and at a price of $0.20 for the remaining
12 months thereafter.


The funds raised by way of the financing will be used for exploration of the
West Raglan Project, located in northern Quebec.


Fees and commissions will be payable in connection with the private placement.
The private placement is subject to the approval of the TSX Venture Exchange.


ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.

David Patterson, Chairman

Knight Metals Ltd. (TSXV:KNP)
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