Apollo Gold Announces the filing with SEDAR of the New 43-101 for the Black Fox Project.

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG) (AMEX:AGT) is pleased to announce the filing with the Canadian securities regulatory authorities on SEDAR of a Canadian National Instrument 43-101 ("43-101") resource study for its 100% owned Black Fox Project ("Black Fox") located near Timmins, Ontario, Canada. The resource study was prepared by Mine Development Associates ("MDA"), a mining engineering firm based in Reno, Nevada, USA. MDA has confirmed that the study complies in all respects with 43-101 guidelines. The MDA Executive Summary for the 43-101 was previously announced June 30, 2006.

Table 1 below summarizes the Black Fox total mineral resource:

(Note: The open pit reserves below are not contained within the additional open pit or underground indicated and/or inferred resource material. The indicated and inferred material is to be considered as additional material to the reserve figure. See 43-101 for additional ounces)

Table 1: Total Mineral Resource Summary

                                           Grade     Grade
                                           grams     ounces
                                 Tonnes   gold per  gold per    Gold
                                 000's     tonne      tonne    Ounces
                                -------- --------- ---------- --------
Open Pit - Material
  Reserve                         3,062      4.56      0.147  448,800
  Indicated Resource              2,356      3.27      0.105
  Inferred Resource               6,626      4.00      0.129
Underground - Material
  Indicated Resource              1,004      9.66      0.311
  Inferred Resource               1,228      9.71      0.312

Project Economics (Open Pit Reserve Only) - The project economics were evaluated using two different criteria: (i) owner milled and (ii) toll milled. The owner milled criteria indicated a US$77.4 million pre-tax cash flow (0% discount) with a 29.3% IRR and the toll mill criteria indicated a US$83.5 million pre-tax cash flow (0% discount) with a 123% IRR. Both cases used a US$600 per ounce gold price and operating costs of US$256 and $305 per ounce respectively.

The evaluation indicates a better return from the toll milled case; however, MDA suggests that an owner operated mill should be given serious consideration due to several factors, including:

--MDA believes that the present estimate of reserves from the property is likely to underestimate the tonnage of the ore-grade material, based on the estimate of historic production from the current model;

--MDA considers the potential for developing underground minable reserves to be good;

--Owner operation should improve control of the operation, operating cost, and gold recovery; and

--The operating cost of toll milling is projected to be $50 per ounce higher than owner milled.

As previously disclosed, MDA believes that two sampling issues noted at the property will result in drill holes samples under-representing the amount of gold contained on the property. More than twice the ounces predicted by the MDA model were mined by Exall Resources Limited (the former majority owner of the Glimmer mine which was located on the Black Fox property).

MDA Recommendations---MDA's primary recommendation is to confirm that the model underestimates the actual material in the ground. In particular, the following programs are recommended by MDA to be completed during the feasibility:

--Check sample at least 5-10% of the material inside the mineralized zones by metallic assay at a zero cut off;

--Complete approximately 150 mini-bulk sample gravity checks on drill hole composite samples;

--Design and complete a bulk sampling program for the green carbonate and "flow ore" mineralization types. The bulk sampling program should be designed to determine differences between grade model and actual mineralization; and

--Extend the 235 level to the east and continue to develop the "flow ore" mineralization.

R. David Russell, President & CEO of Apollo, said, "We are pleased with the positive outcome of the economics for the open pit reserves, which I consider a base case, and during the next twelve months Apollo intends to continue to advance the indicated and inferred gold resources, following the recommendations of MDA, and to aggressively explore the Black Fox property. A third party feasibility study is scheduled to be completed during 2007."

Apollo Gold Corporation

Apollo is a gold mining and exploration company with a mine in Montana (which is currently on care and maintenance), 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.

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

Non-Reserve Mineral Resources

Cautionary Note to US Investors concerning estimates of Indicated Mineral Resources. This press releases uses the term "indicated mineral resources". We advise US investors that while the term is recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. US investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves.

Cautionary Note to US Investors concerning estimates of Inferred Mineral Resources. This press release uses the term "inferred mineral resources". We advise US investors that while the term is recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. "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. In accordance with Canadian rules, estimates of inferred mineral resources cannot 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 minable.

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 estimated resources and reserves, the potential for developing underground minable reserves, future operating costs, estimated rates of return, the results of any further sampling, future exploration at the Black Fox Project and the timing of future feasibility studies, 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, the availability of external financing on acceptable terms and other factors disclosed under the heading "Risk Factors" in Apollo's most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Apollo's 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.