Apollo Gold Corporation ("Apollo" or the "Company") (AMEX: AGT)(TSX: APG) announced that it has completed today its

private placement in Canada (the "Offering") of flow-through shares for the purposes of the Income Tax Act (Canada) (the "Flow-Through Shares") by selling 3,000,000 Flow-Through Shares at Cdn$0.30 per share for gross proceeds of Cdn$900,000.

The Flow-Through Shares were offered to residents of Canada pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"). The Flow-Through Shares have not been registered under the U.S. Securities Act, and may not be offered or sold in the United States without registration or pursuant to an applicable exemption from the registration requirements of the U.S. Securities Act.

The Company has undertaken to file a registration statement under the U.S. Securities Act to register the resale in the United States of the Flow-Through Shares. The securities are subject to a four-month hold period in Canada. Apollo intends to use the gross proceeds of the Offering to incur Canadian Exploration Expenses (as defined in the Income Tax Act (Canada)) at Apollo's Black Fox project.

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