Apollo Gold Updates Financing Activities.

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company")(TSX:APG)(AMEX:AGT) is pleased to announce that the second tranche of 2,325,000 units (the "Units") of its previously announced offering (the "Offering") of 10,625,000 Units at US$0.75 per Unit is expected to close on or about January 10, 2005. The first tranche of the Offering was completed as of December 31, 2004, with a total of 8,299,999 Units issued.

As previously announced, Apollo granted the agent an option to increase the total size of the Offering by an additional 1,875,000 Units for a total of up to 12,500,000 Units. The over-allotment option has been exercised in full by the underwriter to sell a total of 1,875,000 Units, with 708,333 over-allotment Units to be sold at the closing of the second tranche, and balance of the 1,166,667 over-allotment Units expected to be sold by January 18, 2005. The overallotment option is also on a best efforts basis.

The first tranche of the Offering raised aggregate gross proceeds of US$6,225,000. The gross proceeds from the Units to be sold at the second tranche, including the over-allotment Units to be sold at the second tranche, are expected to be US$2,275,000. The total gross proceeds from the first and second tranches are expected to be US$8,500,000.

A shelf registration statement of Apollo has been declared effective by the U.S. Securities and Exchange Commission ("SEC"), and a prospectus supplement with respect to the Offering was filed with the SEC on December 17, 2004. A subsequent prospectus supplement with respect to the Offering was filed with the SEC on January 3, 2005.

This press release is not an offer of securities for sale in the United States. The securities described herein may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and management as well as financial statements. This press release shall not constitute an offer to sell or solicitation of an offer to buy in any jurisdiction where such solicitation or sale would be unlawful.

About Apollo Gold

Apollo Gold is a gold mining company with operating mines in Nevada and 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.

Forward-Looking Statements

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements regarding the aggregate number of Units to be sold, gross proceeds and the anticipated closing dates are forward-looking statements that involve various risks and uncertainties. There can be no assurance that the offering will raise the amounts set forth herein or that the offering will close on the dates anticipated. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of a due diligence investigation by potential purchasers, a material adverse change in the Company's condition, 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.