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HORIZON GOLD ANNOUNCES SECOND QUARTER RESULTS

 HORIZON GOLD ANNOUNCES SECOND QUARTER RESULTS
 GOLDEN, Colo., Nov. 15 /PRNewswire/ -- Horizon Gold Corp.


(NASDAQ: HRIZ), today announced a net loss of $1,025,862, or $0.04 per share for the three months ended Sept. 30, 1991. Included in this net loss was an unrealized foreign exchange loss of $479,316 relating to Horizon's subordinated convertible debentures payable in Swiss francs. These quarterly results compare with a net loss of $722,058, or $0.03 per share for the comparable quarter last year. For the six months ended Sept. 30, 1991, the net loss was $1,040,117, or $0.04 per share compared with a net loss of $1,428,824, or $0.05 per share last year.
 Horizon is continuing its efforts to obtain the necessary financing to complete the proposed acquisition of Amax Potash Corp. While these efforts have proven difficult to date, management believes the acquisition can be accomplished.
 The Dixie Comstock precious metals property is currently in the final stages of permitting. This project, located in Nevada, has the potential of being put into production during the next fiscal year. Additionally, initial feasibility work continues at Mt. Chase, Horizon's base and precious metals deposit in Maine.
 During September Horizon purchased Chevron's interests in the Hope Butte, Buffalo Valley and Tuscarora properties. As a result, Horizon owns 100 percent working interests in Hope Butte and Buffalo Valley, and owns an 82 percent working interest in the Tuscarora property.
 HORIZON GOLD CORP.
 Consolidated Balance Sheet
 Sept. 30, 1991
 ASSETS:
 Cash $601,098
 Accounts and note receivable 386,782
 Inventories 30,892
 Other current assets 125,200
 Total current assets 1,143,972
 Mining equipment, net, held for sale 667,761
 Plant and equipment, net 85,419
 Mining properties, net 9,082,336
 Mining properties, net, held for sale 8,082,087
 Real estate held for sale 184,123
 Other assets 1,206,731
 Total assets $20,452,429
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current maturities of subordinated
 convertible debentures $7,055,172
 Accounts payable and accrued liabilities 295,178
 Other current liabilities 808,324
 Total current liabilities 8,158,674
 Long-term indebtedness 196,918
 Minority interest 775,788
 Stockholders' equity 11,321,049
 Total liabilities and stockholders' equity $20,452,429
 Consolidated Statements of Operations
 Three Months Ended Six Months Ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 Sales of precious
 metals --- $1,943,601 --- $3,582,587
 Operating costs and
 expenses:
 Costs of mining
 and processing --- 1,484,807 --- 3,049,779
 Royalties --- 107,417 --- 159,310
 General and
 administrative 342,006 415,741 605,408 692,287
 Exploration 55,115 252,296 100,434 324,181
 Royalties and
 rentals on non-
 producing
 properties 12,885 61,852 63,337 81,818
 Loss from
 operations (410,006) (378,512) (769,179) (724,788)
 Other expense, net (137,023) (106,870) (247,069) (270,839)
 Foreign exchange
 (loss) (479,316) (467,160) (24,534) (653,681)
 Loss before income
 taxes and minority
 interest (1,026,345) (952,542) (1,040,782) (1,649,308)
 Provision for
 income taxes --- 10,000 --- 20,000
 Loss before
 minority
 interest (1,026,345) (962,542) (1,040,782) (1,669,308)
 Minority interest 483 --- 665 ---
 Loss before
 extraordinary
 credit (1,025,862) (962,542) (1,040,117) (1,669,308)
 Extraordinary
 credit:
 Gain on extinguish-
 ment of debt --- 240,484 --- 240,484
 Net loss $(1,025,862) $(722,058) $(1,040,117) $(1,428,824)
 Loss per share:
 Before extra-
 ordinary credit $(0.04) $(0.04) $(0.04) $(0.06)
 Extraordinary
 credit 0.00 0.01 0.00 0.01
 Net loss $(0.04) $(0.03) $(0.04) $(0.05)
 Number of common
 shares for
 computing per
 share data 27,339,340 26,996,767 27,337,538 26,715,662
 -0- 11/15/91 R
 /CONTACT: Dick Ryan of Horizon Gold, 303-239-8701/
 (HRIZ) CO: Horizon Gold Corp. ST: Colorado IN: MNG SU: ERN BB -- DV004 -- 1659 11/15/91 15:27 EST
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Date:Nov 15, 1991
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