Apollo Gold Announces Results of the Black Fox Project Drill Assays.

DENVER -- Apollo Gold Corporation ("Apollo") (TSX:APG) (AMEX:AGT) is pleased to provide an update on the status of the infill diamond drilling program at its Black Fox Project ("Black Fox") located near Timmins, Ontario, Canada.

On August 13, 2007, Apollo announced an indicated probable reserve of 1,002,000 ounces of gold at its Black Fox Project as per a Canadian National Instrument 43-101 ("NI 43-101"). Within the NI 43-101 there was a recommendation that Apollo conduct an infill drilling program with the aim of potentially converting resources previously reported as "inferred" to "indicated" resources and hence potential conversion into additional mineral reserves. This infill drilling program was completed in the fourth quarter of 2007 and Apollo has now received all assays from the program for inclusion within the new resource/reserve statement scheduled for release during the first week of March 2008. The full feasibility study continues to be worked on by our third party consultant, SRK Consultants of Denver, and is expected to be issued at the end of March 2008.

In December 2007 and January 2008 Apollo announced assays for some core holes and below is a table of additional holes recently received. All assays, except from two holes, have now been received, and a full list of holes and assays may be viewed on our website www.apollogold.com. Apollo will update this list upon receipt of the assays from the two outstanding holes.

Dick Nanna, Apollo's Senior VP Exploration & Development, stated, "I believe that the drill program has achieved its objective and we expect to convert some of the resource into additional reserves and are now completing the new resource statement. The infill drilling program consisted of 66 holes, 41 drilled from the surface and 25 from our underground drift on the 235 meter level, with 60% of the holes encountering mineralization in excess of 2 grams per tonne.

Selected Drill Assays (Not Previously Announced). Completed by Swastika Ontario Laboratory

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Footnote: Hole 07BF469 is restated from previous press release with additional new data.

This press release has been reviewed and approved for release by Richard F. Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development and designated "Qualified Person" under NI 43-101.

Apollo Gold Corporation

Apollo is a gold mining and exploration company that operates the Montana Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico.

Since we report our mineral reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible for our reserve figures to vary between the two. Where such a variance occurs it will arise from the differing requirements for reporting mineral reserves. For example, the NI 43-101 has a minimum requirement that reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a full feasibility study done to bankable standards. The Black Fox project thus reports reserves under NI 43-101, but reports no reserves under SEC Industry Guide 7 as a final full feasibility study has not been completed.

CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES: US investors are advised that while the terms "Measured, Indicated and Inferred Mineral Resources" are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules estimates of Inferred Mineral Resources could not form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the Inferred Mineral Resource exists, or is economically or legally mineable.

FORWARD-LOOKING STATEMENTS

This press release includes "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue," or the negative of such terms, or other comparable terminology. All statements regarding the potential conversion of resources into reserves, the timing of the release of the new resource/reserve estimate and the completion of a bankable feasibility study at Black Fox are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent Canadian NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts, variations in ore grade, mining, or processing problems or issues, and other factors disclosed under the heading "Risk Factors" and elsewhere in Apollo documents filed from time to time with the Toronto Stock Exchange, The American Stock Exchange, The United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.