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HORIZON RESOURCES ANNOUNCES POTASH MINE SHUTDOWN

 GOLDEN, Colo., April 23 /PRNewswire/ -- Horizon Resources Corp. (NASDAQ: HRIZ) has announced that it is suspending its mining and refining operations of its wholly owned subsidiary Horizon Potash Corp. in Carlsbad, N.M., effective immediately. Approximately 280 employees will be affected by this action.
 Horizon has taken this step because of extremely depressed market prices for its product. This market disruption is being caused by rapidly increasing volumes of very low priced potash exports from the former Soviet Union to the United States and to its traditional markets in Latin America, including Brazil.
 Horizon, together with three other Carlsbad producers, has petitioned the President of the United States to take immediate action to address this problem.
 Horizon has also been experiencing a sluggish domestic demand for its product due to unusual high amounts of rainfall in the states of Arkansas, Louisiana, Missouri and East Texas.
 In the meantime, Horizon expects to stay shut down until market conditions give some indication of improvement.
 -0- 4/23/93
 /CONTACT: John E. Watson or Charles E. Stott, Jr. of Horizon Resources, 303-239-8701/
 (HRIZ)


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

BB -- DV005 -- 0335 04/23/93 19:31 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
Words:203
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