Denver, Colorado – December 30, 2009

- Apollo Gold Corporation (“Apollo” or “the Company” or

“we”) (TSX: APG) (NYSE Amex: AGT) is pleased to update the market on progress with negotiations

held with Macquarie Bank Limited and RMB Australia Holdings Limited (together, the “Banks”).

In August, we announced that, as a result of lower than expected gold production at the Black Fox mine, a

“review event” was triggered under the $70,000,000 project finance facility that we entered into in

February 2009 (the “Project Facility”) with the Banks. On September 29, 2009, we announced that the

Banks had agreed to defer the first scheduled repayment of $9,300,000 due on September 30, 2009 (the

“First Repayment”) under the Project Facility and the requirement to fund the associated Debt Service

Reserve Account (the “Funding Obligation”) also due on September 30, 2009, which, in accordance with

the terms of the Project Facility, requires a reserve amount equal to, at all times after initial funding, the

greater of $5,000,000 or the aggregate repayment amount due on the next repayment date (the “First

Deferral”). The First Deferral deferred satisfaction of these obligations until the earlier to occur of (i) the

completion of the Bank’s technical review process of the Black Fox mine or (ii) December 31, 2009.

We are now pleased to announced that the Banks have agreed to further defer the First Repayment and the

Funding Obligation, and to defer the second scheduled repayment of $6,000,000 due on December 31,

2009, in each case, until the earlier to occur of (i) the completion of the Bank’s technical review process

of the Black Fox mine or (ii) February 28, 2010.