Apollo Gold Announces Corporate Officer Changes.DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :APG APG Assists Per Game (basketball) APG Assists Per Game (hockey statistic) APG Aberdeen Proving Ground APG Automated Password Generator APG Asia Pacific Group on Money Laundering )(AMEX AMEX See: American Stock Exchange :AGT AGT antiglobulin test. ) announced today a series of corporate officer changes that will help streamline the Company's operations and reduce operational expenses. As a result of these changes, which will be in effect on February 18, 2006, the number of corporate officers will be reduced from seven to three. On January 23, 2006, Apollo entered into amended employment agreements with the four departing officers, Donald O. Miller, VP - Human Resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and Administration; James T. O'Neil, VP - Finance; Donald W. Vagstad, VP - Legal, General Counsel, and Secretary; and David K. Young, VP - Business Development and Project Development, pursuant to which the departing officers will receive severance packages consisting of a combination of cash and Company common stock provided the officers sign a customary severance agreement Noun 1. severance agreement - an agreement on the terms on which an employee will leave agreement, understanding - the statement (oral or written) of an exchange of promises; "they had an agreement that they would not interfere in each other's business"; "there was and release upon termination of their employment. Apollo's three remaining executive officers are R. David Russell, President and Chief Executive Officer; Melvyn Williams, Senior Vice President - Finance and Corporate Development and Chief Financial Officer; and Richard F. Nanna, Senior Vice President - Exploration. Apollo entered into amended employment agreements for the three remaining officers, pursuant to which the officers have agreed to reduce their annual base salaries by an aggregate of US$170,000 in exchange for Company common stock. Mr. R. David Russell, Apollo's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "As a result of Apollo's recent sale of its Nevada assets in November 2005, Apollo's general corporate needs have been reduced. As part of a general corporate plan to streamline our operations and reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , Apollo's executive management determined that it was in Apollo's best interest to reduce the number of corporate officers and focus the Company's time and finances on the Black Fox project, Huizopa exploration program, and Montana Tunnels." I would like to express my appreciation and gratitude to Donald Miller, James O'Neil, Donald Vagstad, and David Young for their hard work and dedication over the past several years. We wish them well in their future endeavors." Apollo Gold Corporation Apollo Gold is a gold mining and exploration company with a mine in Montana, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa Project, an early-stage exploration project in the Sierra Madre Gold Belt in Chihuahua, Mexico. |
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