Apollo Gold Reports Completion of Warrant Exercise.

Business Editors

DENVER--(BUSINESS WIRE)--March 31, 2004

Apollo Gold Corporation (AMEX:AGT) (TSX:APG) is pleased to report that most of the 7.9 million warrants issued on the conversion of outstanding debentures effective on the founding of Apollo Gold in June 2002 have been exercised.

The warrants were immediately exercisable for common shares at an exercise price of $1.60 per share and expired on March 21, 2004.

"Our records show that warrants had been exercised for approximately 7.8 million common shares as of March 25, 2004," according to R. David Russell, President and Chief Executive Office of Apollo. "This represents a 98.5% conversion rate on the warrants. We are pleased to see our warrant holders increasing their investments," says Russell.

The warrants have been exercised over the last two years. In March 2004, the Company realized $7.5 million on the exercise of 4.7 million warrants.

The company's capital structure will remain at 87.5 million shares on a fully diluted basis. However, following the March warrant exercises, the Company has approximately 79.4 million shares outstanding.

Apollo Gold is a gold mining company with operating mines in Nevada and Montana and an advanced stage development project, Black Fox, along the productive Destor-Porcupine Fault east of the Timmins Gold Camp in Ontario, Canada.