Petro Horizon Closes $350,000 Non-Brokered Private Placement with MineralFields Group and others

(PRZCF.OTCBB) (PH0.FRANKFURT) (TSXV.PHE)

VANCOUVER, Aug. 10 /PRNewswire-FirstCall/ - PETRO HORIZON ENERGY CORP. (TSXV.PHE), announces that the TSX Venture Exchange has accepted for filing, documentation with respect to a non-brokered private placement consisting of 1,750,000 flow-through units at a price of $0.20 per unit for gross proceeds of $350,000. $300,000 of this financing was placed with the MineralFields Group. Each unit consists of one common flow-through share and one 1/2 share purchase warrant. Each full share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.35 per share for a period of up to eighteen months from the closing date of the private placement. The shares are subject to a four month hold period. Finder's fees of $21,000 were paid to Limited Market Dealer Inc. on the MineralFields portion of the financing.

The proceeds of this financing will be used to finance the 2010 work program on the Brazil Lake Lithium Rare Metals Project.

About MineralFields:

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date.

About Petro Horizon Energy Corp:

Petro Horizon Energy Corp. is a Canadian exploration company focused on the discovery and development of Lithium and rare metal deposits. The Company is currently focused on the 3,160 acre Brazil Lake property is located approximately 30 kilometres north of Yarmouth, Nova Scotia, and 12 kilometres west of the Avalon Rare Metals (AVL) East Kemptville Project. Drilling to date has successfully revealed two Lithium bearing pegmatite dikes. In addition to Lithium, the dikes host several other rare metals such as tantalum, niobium, beryllium, tungsten tin and rubidium. Metallurgical bench testing to date has also revealed other potential economic targets, including cosmetic grade mica, silica chloride, aluminum chloride and rubidium enriched potassium feldspar.

As per a news release dated July 21, 2010, field crews have initiated the 2010 work program consisting of a detailed prospecting and mapping grid over the property. The focus will be on locating other pegmatite dikes in addition to the established North and South dikes. A baseline (North-South) would be established to cover the ground between Bloomfield and Deerfield and cross lines (East-West) put in at 100 meter intervals extending between the Brazil Lake road on the west and the Meguma/White Rock contact on the East. This would result in a 8 km long baseline and 2 km long cross lines. Detail work would be done on 25 or 50 meter lines where targets develop. All significant points will be surveyed in using GPS and mapping of all outcrops will be undertaken. Any areas that show signs of a potential pegmatite discovery would then be trenched or recommended for follow up exploration using secondary methods such as geochem and/or geophysics. Results may serve to define other drill targets for the drill program scheduled to proceed immediately thereafter.

On Behalf of the board of directors

"Ron Bourgeois"

Ron Bourgeois, President

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements relating to future events or future performance and reflecting Petro Horizon's management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward looking statements.

SOURCE Petro Horizon Energy Corp.

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