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HORIZON OBTAINS OPTION TO ACQUIRE ADDITIONAL POTASH LEASES

 GOLDEN, Colo., Feb. 10 /PRNewswire/ -- Horizon Resources Corp. (NASDAQ: HRIZ) has obtained a five-year exclusive option to acquire Noranda Exploration's 10,840-acre undeveloped federal and state potassium leases near Carlsbad, N.M.
 The lease block contains a potash resource which may substantially increase the project life of Horizon's nearby potash operations beyond the eight- to nine-year life currently estimated. Preliminary studies indicate that the new resource could add 12 to 15 years to the project life. Studies also indicate approximately 50 million tons of mineable potash grading approximately 14 percent K20 can be extracted from the property.
 Drilling on the optioned lands has shown potash deposits which are thicker (6.5 feet compared to 4.0 feet) and of higher average grade (14 percent compared to 11.6 percent) than the material currently mined by Horizon 13 miles away. If developed, the mined ore will be transported to horizon's current facilities near Carlsbad for processing and shipment.
 "The option to acquire these leases represents a continuation of our strategy to grow through the acquisition and development of viable natural resource project," said John E. Watson, chairman of Horizon. "Our potash operations are expected to generate a significant level of profitability during the next decade and will provide a solid foundation for future growth."
 Horizon has annual potash production capacity of 600,000 tons from its current operations, which were acquired from AMAX Inc. a year ago. The mine and mill complex employees about 400 people and is the third largest potash production facility in the United States. Potassium, in the form of potash or potassium salt, is a major soil nutrient.
 Horizon markets its potash through an arrangement with Potash Corporation of Saskatchewan Sales Ltd. to customers in the south central United States and Latin America.
 Headquartered in Golden, Horizon Resources Corp. is a diversified mineral resource company engaged in the exploration and production of industrial minerals, precious metals and base metals.
 -0- 2/10/93
 /CONTACT: John E. Watson, chairman of Horizon Resources Corp., 303-239-8701; or Carl Thompson of Carl Thompson Associates, 303-494-5472, for Horizon Resources/
 (HRIZ)


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

JB-KJ -- DV009 -- 4952 02/10/93 07:00 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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