Apollo Gold Commences 2008 Drilling Program and Expands Its Land Position at the Black Fox Project
Apollo Gold Corporation (“Apollo” or the “Company”) (TSX:APG) (AMEX:AGT) is pleased to announce that a surface core drilling program commenced on September 3, 2008 on its Grey Fox property, which is part of the Company’s Black Fox Project located near Matheson, Ontario, Canada.
Richard Nanna, Senior Vice-President of Exploration and Development for Apollo, stated, “A previous owner of the property, Battle Mountain Gold Company, conducted a drilling program which indicated the existence of a gold zone close to the Grey Fox property’s surface. As this work was conducted prior to the implementation of Canadian National Instrument 43-101, however, it is not in compliance with current guidelines and therefore cannot be relied upon. The first phase of Apollo’s drilling program is designed to confirm the presence of a gold zone close to the surface and is expected to consist of approximately 3,000 meters of core drilling.”
In addition to the Grey Fox drilling program, the Company has acquired the surface and mineral rights of parcel 10706, consisting of approximately 160 acres, which is contiguous with the south-east boundary of the Black Fox Project. Apollo believes that this property has exploration potential to be located on the Destor Porcupine Fault structure and will provide greater flexibility in the Company’s permitting and surface facility planning.
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.
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 Apollo’s planned drilling program at the Grey Fox property and estimates of mineralization, reserves and resources of the Black Fox project, the Grey Fox property or Parcel 10706, the geology and exploration prospects of the Grey Fox property or Parcel 10706 and Apollo’s ability to demonstrate the potential for the fault system to continue to the south-east of Black Fox, 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 Canada National Instrument 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.