U.S. REPORT NEWS IN BRIEF Horizon Gold reports loss

A net loss of US$4.1 million or 14 cents per share was reported by Horizon Gold (NASDAQ) for its fiscal year ended March 31, compared with a loss of US$3.9 million for the previous year. This year’s loss includes writedowns totalling US$2.2 million at several Nevada gold mines, as well as exploration expenses of US$933,937. President Charles Stott said this year’s lower revenues and loss resulted from the company being in a period between ceasing operations as planned at the Tuscarora gold mines and Buffalo Valley mine in Nevada, and developing several new projects. Horizon Gold is currently negotiating financing for the acquisition of a producing potash mine and refinery in New Mexico. The company also expects to complete permitting of the Dixie Comstock property by year-end, after which construction would begin. This property is estimated to contain 2.4 million tons of minable reserves grading 0.049 oz. gold per ton. Horizon is also performing initial feasibility work at its base and precious metals deposit at Mt. Chase in Maine.