Apollo Gold Announces Repayment of Series 2004-B Secured Convertible Debentures

Apollo Gold Corporation (“Apollo”) (TSX:APG) (AMEX:AGT) today announced that it has repaid in full US$8.73 million aggregate principal amount of 12% Series 2004-B Convertible Secured Debentures (“Debentures”) due December 16, 2007. The repayment of the Debentures was made in cash and was done in accordance with their terms.

R. David Russell, Apollo’s President & CEO, stated, “The retirement of the Debentures shows that Apollo continues to be financially strong and able to meet its obligations. With this behind us, we are continuing to focus on our development plans at our Black Fox project and exploration plans at our Huizopa project.”

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. All statements regarding development plans at our Black Fox project and exploration plans at our Huizopa project 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: unexpected changes in business and economic conditions 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.