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HORIZON ANNOUNCES RECEIVERSHIP OF POTASH SUBSIDIARY

 DENVER, July 6 /PRNewswire/ -- Horizon Resources Corp. (NASDAQ: HRIZ) announced today that on June 25, 1993, an order was entered by the Fifth Judicial District Court for the State of New Mexico appointing a receiver to take possession of the equipment of Horizon Potash Corp. ("HPC"), located at HPC's potash mining facility at Eddy, N.M. The potash mining operations of HPC have been suspended since April 21, 1993. HPC is a wholly owned subsidiary of Horizon Resources. The receiver's appointment was primarily for the purpose of protecting the equipment on behalf of the CIT Group/Equipment Financing Inc., which has a first lien on the equipment to secure a loan to HPC, which loan is guaranteed by Horizon Resources. The receiver is authorized to take all actions necessary to assemble and maintain the equipment so as to facilitate its sale. HPC's access to the site and the equipment have been limited to specified purposes, including to show the equipment to potential purchasers who may wish to purchase the equipment from CIT.
 Horizon Resources is engaged in the ownership of gold mining properties and, through its subsidiary HPC, was engaged in the potash mining operation.
 -0- 7/6/93
 /CONTACT: John Watson, president of Horizon Resources, 303-239-8701/
 (HRIZ)


CO: Horizon Resources Corp.; Horizon Potash Corp. ST: Colorado, New Mexico IN: MNG SU:

BP-JL -- LA036 -- 8832 07/06/93 18:06 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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