Apollo Gold Reports on Black Fox Exploration Project.

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG) (AMEX:AGT) reports a delay in issuing an updated ore reserve for its Black Fox Project.

Apollo announces today that there will be up to a two month delay in the issuing of an ore reserve for its Black Fox property in Canada. This delay to the previously announced date of April 2006 is due to the complexity of the geology and resource models as well as the process of resolving the challenges of properly modeling a deposit with a coarse gold content and grade variability such as the Black Fox project. Apollo has recently completed the first phase of an extensive gold heterogeneity study by Francis Pitard, a specialist in gold sampling procedures, to aid in the modeling of the free gold fraction of the ore deposit. Following discussions between the Company and its third-party auditor it was evident that more time was required to finalize the geological resource model and mine planning.

R. David Russell, CEO and President of Apollo, said, "We believe it is worth the wait to update our Black Fox reserves until we can be certain that all of the additional data developed by our drill program can be included. The complex modeling criteria and extensive free gold fractions within this ore body are requiring extra time. Since we view the Black Fox Project as the future of the Company, I feel it is extremely important that we allow this extra time. We have expended a lot of time and money on drilling, geological interpretation, modeling and mine planning and it is imperative that all of this additional data translates into the new mineral resources. Additional drilling since the last updated reserve pursuant to Canadian National Instrument 43-101 has been 526 core holes (128,600 meters) for a total project to date of 819 core holes (211,233 meters)."

Apollo Gold Corporation

Apollo 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.

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.

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 expected date of completion of the latest ore reserve calculation and the nature of that calculation, 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.