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HORIZON REPORTS YEAR END RESULTS

 HORIZON REPORTS YEAR END RESULTS
 GOLDEN, Colo., July 17 /PRNewswire/ -- Horizon Gold Corp.


(NASDAQ/NMS: HRIZ), today announced a net loss of $7,758,375, or 28 cents per share for the fiscal year ended March 31, 1992. This compares with a net loss of $4,123,646, or 15 cents per share for the year ended March 31, 1991. The net loss for fiscal 1992 included writedowns of $5.7 million of the Tuscarora and Buffalo Valley properties, a reserve for additional shutdown costs at Tuscarora, other non-cash finance and interest costs and an unrealized foreign exchange gain. These net non-cash items totaled approximately $6.7 million.
 Horizon has entered a new line of mining activity with the Feb. 7, 1992, acquisition of Amax Potash Corp., which has been renamed Horizon Potash Corp. From the date of acquisition to March 31, 1992, Horizon Potash realized sales of $4,394,380 with a gross operating margin of $522,525.
 Operations at the Carlsbad, N.M., potash facility continue to meet management's expectations. After the acquisition and through June 30, 1992, approximately 181,890 tons of potash have been sold.
 Horizon Gold, a diversified mining company, is involved in the mining and production of potash and the exploration, development and production of precious metals, base metals and industrial minerals. The company's stock is listed on the NASDAQ National Market System under the symbol "HRIZ."
 HORIZON GOLD CORP.
 Consolidated Balance Sheet
 March 31, 1992
 ASSETS:
 Cash $766,339
 Accounts and notes receivable 1,086,473
 Inventories 6,818,825
 Other current assets 644,651
 Total current assets 9,316,288
 Mining equipment, net, held for sale 310,776
 Plant and equipment, net 3,255,490
 Mining properties, net 10,658,449
 Mining properties, net, held for sale 3,023,875
 Real estate held for sale 184,123
 Other assets 564,886
 Total assets $27,313,887
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current maturities of notes payable $4,279,225
 Accounts payable and accrued liabilities 2,769,782
 Other current liabilities 871,609
 Total current liabilities 7,920,616
 Long-term indebtedness 13,138,888
 Stockholders' equity 6,254,383
 Total liabilities and stockholders' equity $27,313,887
 Consolidated Statements of Operations
 Three Months Ended Years Ended
 March 31, March 31,
 1992 1991 1992 1991
 Potash operations:
 Revenues $4,394,380 --- $4,394,380 ---
 Operating costs
 and expenses:
 Costs of sales 3,668,349 --- 3,668,349 ---
 Royalties 131,661 --- 131,661 ---
 Selling 71,845 --- 71,845 ---
 Gross operating
 margin 522,525 --- 522,525 ---
 Precious metals
 operations:
 Revenues --- --- --- 3,582,587
 Operating costs and
 expenses:
 Cost of sales --- --- --- 3,049,779
 Reserve for shutdown
 costs 380,000 250,000 380,000 890,000
 Writedowns of
 inventory --- 818,293 --- 818,293
 Royalties --- --- --- 159,310
 Gross operating
 margin
 (deficit) 380,000 1,068,293 380,000 (1,334,795)
 Total gross
 operating
 margin
 (deficit) 142,525 (1,068,293) 142,525 (1,334,795)
 Other operating costs
 and expenses:
 General and
 administrative 295,842 271,552 1,158,661 1,246,965
 Exploration 4,835 223,980 121,474 933,937
 Royalties and rentals,
 nonproducing
 properties 33,257 52,421 127,438 213,549
 Writedowns of
 mining equipment
 held for sale 196,000 288,000 196,000 288,000
 Abandonment of
 properties 64,796 127,847 64,796 143,751
 Impairment of
 mining property
 held for sale 4,700,000 --- 4,700,000 ---
 Impairment of
 producing mining
 property with
 operations
 suspended 1,000,000 --- 1,000,000 ---
 Reserve for
 mining property
 held for sale --- 500,000 --- 500,000
 Loss from
 operations (6,152,205) (2,532,093) (7,225,844) (4,660,997)
 Interest expense,
 net (394,257) 112,707 (857,746) (235,338)
 Financing cost (629,347) --- (629,347) ---
 Foreign exchange
 gain (loss), net 898,270 818,316 262,189 171,103
 Miscellaneous
 income (expense),
 net (35,389) (48,633) (30,242) (33,739)
 Loss before income
 taxes and
 minority
 interest (6,312,928) (1,649,703) (8,480,990) (4,758,971)
 Provision for
 income taxes --- 10,000 --- 40,000
 Loss before
 minority
 interest (6,312,928) (1,659,703) (8,480,990) (4,798,971)
 Minority interest 721,437 309,628 722,615 431,186
 Loss before
 extraordinary
 credit (5,591,491) (1,350,075) (7,758,375) (4,367,785)
 Extraordinary
 credit:
 Gain on
 extinguishment
 of debt --- 3,655 --- 244,139
 Net loss $(5,591,491) $(1,346,420) $(7,758,375) $(4,123,646)
 Net loss per
 share:
 Before
 extraordinary
 credit $(0.20) $(0.05) $(0.28) $(0.16)
 Extraordinary
 credit --- --- --- 0.01
 Net loss $(0.20) $(0.05) $(0.28) $(0.15)
 Number of common
 shares for
 computing per
 share data 27,877,002 26,922,227 27,877,002 26,918,729
 -0- 7/17/92
 /CONTACT: Dick Ryan of Horizon Gold, 303-239-8701/
 (HRIZ) CO: Horizon Gold Corp. ST: Colorado IN: MNG SU: ERN


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