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HORIZON RESOURCES REPORTS RESULTS

 GOLDEN, Colo., Sept. 30 /PRNewswire/ -- Horizon Resources Corp. (NASDAQ: HRIZ) today announced a net loss of $590,391, or 15 cents per share, for the quarter ended June 30, 1993. The net loss was caused primarily by interest expense related to Horizon's indebtedness incurred in the acquisition and operation of Horizon Potash Corp., whose operations have been discontinued. Horizon is seeking purchasers for the business and/or assets of the Potash operation and is negotiating a restructuring of the company's debt.
 Horizon's board of directors and management have decided to return the focus of the company to gold and base metals exploration and production. The company continues to believe that its Dixie Comstock and Mt. Chase properties possess sufficient potential to become commercially viable mineral properties. However the further development of these two properties is dependent upon significant third party funding, the availability of which is uncertain. Based on Horizon's current unfavorable financial circumstances, there can be no assurance that Horizon can continue in business or be able to fully realize the values from Dixie Comstock or Mt. Chase.
 HORIZON RESOURCES CORP.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended
 June 30,
 1993 1992
 Potash operations:
 Revenues --- $11,305,192
 Operating costs and expenses:
 Cost of sales --- 7,966,849
 Royalties --- 524,229
 Selling --- 339,700
 Gross operating margin --- 2,474,414
 Precious metals operations:
 Operating costs and expenses:
 Cost of sales 105,069 ---
 Royalties 1,333 ---
 Gross operating margin 106,402 ---
 Total gross operating margin (106,402) 2,474,414
 Other operating costs and expenses:
 General and administrative 262,067 284,348
 Exploration --- 5,946
 Royalties and rentals,
 nonproducing properties --- 34,118
 Profit (loss) from operations (368,469) 2,150,002
 Interest expense, net (386,334) (423,228)
 Financing cost --- (943,054)
 Foreign exchange gain (loss), net 127,168 (743,931)
 Miscellaneous income (expense), net 37,244 (15,651)
 Net income (loss) $(590,391) $24,138
 Net income (loss) per share $(0.15) $0.01
 Number of common shares for
 computing per share data 3,948,643 3,935,731
 HORIZON RESOURCES CORP.
 CONSOLIDATED BALANCE SHEETS
 June 30, March 31,
 1993 1993
 Assets
 Current assets:
 Cash and equivalents $460,228 $14,124
 Receivables 68,146 77,240
 Inventories 7,023 7,023
 Assets of discontinued
 potash operation 8,071,450 10,186,507
 Other current assets 80,434 82,375
 Total current assets 8,687,281 10,367,269
 Plant and equipment, net 52,310 52,310
 Producing mining property, net --- ---
 Non producing properties 4,085,186 4,085,186
 Producing mining property, plant and
 equipment with operations suspended --- ---
 Mining properties, plant
 and equipment, held for sale 266,018 283,892
 Other assets 434,285 434,285
 $13,525,080 $15,222,942
 Liabilities and stockholders'
 equity (deficit)
 Current liabilities:
 Notes payable and current maturities
 of long-term obligations $8,944,305 $9,100,674
 Current maturities of subordinated
 convertible debentures 7,921,315 8,057,477
 Accounts payable and
 accrued liabilities 5,060,796 4,780,596
 Reserve for costs of potash operation 1,304,852 2,400,000
 Total current liabilities 23,231,268 24,338,747
 Long-term notes payable 1,599,152 1,599,152
 Reserve for reclamation 5,950,000 5,950,000
 Subordinated convertible debentures --- ---
 Stockholders' equity (deficit):
 Preferred stock 2,328 2,328
 Common stock 315,891 315,891
 Additional paid-in capital 24,071,081 24,071,081
 Accumulated deficit (41,403,036) (40,812,653)
 (17,013,736) (16,423,353)
 Less treasury stock (241,604) (241,604)
 Total stockholders' equity
 (deficit) (17,255,340) (16,664,957)
 $13,525,080 $15,222,942
 -0- 9/30/93
 /CONTACT: John E. Watson of Horizon Resources, 303-239-8701/
 (HRIZ)


CO: Horizon Resources Corp. ST: Colorado IN: MNG SU: ERN

MC -- DV003 -- 7311 09/30/93 13:11 EDT
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Date:Sep 30, 1993
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