Apollo Gold Signs Core Drilling Contract With Falcon Drilling Ltd. for Its Huizopa Project in Mexico.

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") is pleased to announce that the Company has entered into a contract with Falcon Drilling Ltd., of British Columbia, Canada to complete approximately 4,000 meters of core drilling at Apollo's Huizopa project in Mexico.

The Huizopa project is located in the Sierra Madres in the State of Chihuahua, between Alamos Gold's Mulatos Mine and Minefinder's Dolores project. The Company's property package consists of 170 sq. km and to date it has completed aerial surveys, mapping, geochemical sampling and geophysical surveys which have identified three primary geological drill targets.

Senior Vice-President Exploration and Development, Richard (Dick) Nanna, stated that "Our initial plan was to complete a road into the Huizopa project to allow both a core rig and a reverse circular rig to access our identified drill targets. Delays in the layout and construction of this road have meant that its construction is now scheduled for early 2008. In the meantime, we plan to commence our exploration program with a helicopter supported drill program. The initial drilling program will consist of 20 to 40 core holes which we expect to begin in December 2007. Falcon Drilling specializes in helicopter supported drilling programs at remote exploration sites and has seasoned drilling personnel with experience in Canada, Mexico, Central and South America, Papua New Guinea, Mongolia as well as parts of Africa."

This press release has been reviewed and approved by Richard Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development. Mr. Nanna is designated a "Qualified Person" under Canadian National Instrument 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.

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. These statements include comments regarding the anticipated timing of construction of a road at the Huizopa project and the timing and manner of the initial drilling program at the Huizopa project. 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 assays and additional exploration sampling and drilling efforts at the Huizopa Project; delays in completing or less favorable than anticipated results of these drilling programs at Huizopa; delays or problems in construction, permitting of the Huizopa road construction project and delays in the commencement of the drill program as envisaged or 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.