Apollo Gold, Inc. Announces Appointment of Board Members and President and CEO; Reorganization Plan Has Been Consummated.

SPOKANE, Wash.--(BUSINESS WIRE)--Feb. 5, 1999--Apollo Gold, Inc. is pleased to announce the appointment of its new Directors and President following the February 5, 1999 consummation of the Second Amended Joint Plan of Reorganization for the three operating companies: Diamond Hill Mining, Inc.; Florida Canyon Mining, Inc.; and Montana Tunnels Mining, Inc.

Ronald D. Parker has been named President and Chief Executive Officer of Apollo. The Apollo Board consists of: Mr. Parker, formerly President and Chief Executive Officer Prime Resources Group Inc. and Vice President of Homestake Mining Company; Leland O. Erdahl, formerly Vice President and Chief Financial Officer of Amax Gold Inc.; Allen Dan Rovig, formerly President, Chief Executive Officer and director of Glamis Gold Ltd.; and Roger C. Steininger, a consulting geologist.

Mr. Parker has had 23 years experience in mining and mineral processing and has been working as a consultant for the mining industry in North America since March 1998. Parker has a strong mine operations background and has been involved in the management and operation of mines in Canada and the United States including: Eskay Creek and Snip, British Columbia; Williams and David Bell, Ontario; and McLaughlin, California.

Mr. Erdahl completed a 14-month contractual assignment on June 1, 1998 with Amax Gold, Inc. Previously he was the President and CEO of three companies: Ranchers Exploration & Development Corporation, Albuquerque Uranium Corporation, and Stolar, Inc. He also serves on the Board of Directors of several U.S. mining companies and as a trustee for a mutual fund.

Mr. Rovig is currently a director of three companies: Glamis Gold, Orvana Resources Corporation and Mundoro Mining, Inc. He also currently works as a mining and metallurgical consultant in the mining industry. Rovig has held several management and technical positions in the mining industry, having served as Vice President in the gold division of BP Minerals America, President of Amselco Minerals, Inc. and Senior Vice President of Minerals Operations for the Anaconda Company.

Mr. Steininger has been a consultant serving the mining industry in north America for the past eleven years, with clients Royal Gold, Inc., Glamis Gold, Inc., Echo Bay Mines, Phelps Dodge Mining Co. and Amax Gold, Inc. Steininger previously served as exploration manager for Amselco Minerals Co.

Apollo Gold, Inc. is a privately held, domestic gold producer and is headquartered in Spokane, Washington. Apollo currently anticipates production of 230,000 ounces of gold from its operations in Nevada and Montana.