Knight Resources Ltd.
TSX VENTURE : KNP
FRANKFURT : KRL

Knight Resources Ltd.

January 16, 2006 17:33 ET

Knight Resources Ltd.: Private Placement Closes

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2006) - Mr. David Patterson, Chief Executive Officer of Knight Resources Ltd. (TSX VENTURE:KNP) (FWB:KRL), announces the closing of its private placement totalling $290,900. These funds were raised by the Company issuing a total of 1,711,177 flow-through common shares at a price of $0.17 per share. The shares are subject to a hold period expiring May 10, 2006.

The funds raised by way of this private placement will be used for the Company's 2006 exploration program on the West Raglan Project. A preliminary 2006 budget of $3,000,000 in phase I and, subject to the results of phase I, tentatively $2,000,000 in phase II has been agreed to by the Company and Anglo American Exploration (Canada) Limited ('AAEC').

Additionally, the Company has granted 3,000,000 incentive stock options to certain of its directors, officers, employees and consultants exercisable at a price of $0.17 per share for a period of two years.

ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.

David Patterson, Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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