The U.S. $ 1.9 million Repayment of Apollo Gold Corporation

DENVER — Apollo Gold Corporation announces that it has prepaid U.S. $ 1952000 of U.S. $ 4789000 remaining balance of the under facilities agreement with RMB Australia Holdings Limited ( “RMB”) of the proceeds of unwinding of its hedge position more fully described below.

On 12 October 2007, Apollo entered into U.S. $ 8000000 facility agreement (the “Facility Agreement”) by and between Apollo and its wholly owned subsidiaries, Montana Tunnels Mining, Inc. and Apollo Gold, Inc., that borrowers and guarantors, and RMB as a lender. The facility agreement has been fully reimbursed by Apollo in 2008 with the last installment payments are made in August 2008.

On 1 July 2008, Apollo has entered into an amendment to the facility agreement (the “Amendment”) and borrowed an additional U.S. $ 5,150,000 (the “credit facility extended”) and entered into put and contracts ( “contracts”) for gold, silver, lead and zinc as a requirement of the amendment. As of September 30, 2008, the balance of the facility was extended loan of U.S. $ 4789000 .

On 23 October 2008, Apollo held part of the contracts in early debt management since the decision of the present value of some contracts exceeded the December 2008 repayment obligation (U.S. $ 1717000) in the context of the Credit extended and products in U.S. $ 2010000 were applied as follows:

1. Repayment of principal $ 1,952,000
2. Interest at December 31, 2008 $ 49,300
3. Costs $ 8600

As of October 23, 2008, and after giving effect to prepay U.S. $ 1952000 described above, must Apollo U.S. $ 2837000 million expansion under the loan facility. This operation has no effect on other terms of the amendment.

As of October 23, 2008, Apollo has the following and pending contracts.

Put call
Price Price
$ $
GOLD Jan-09 OZS 977 800 1,075
Feb-09 OZS 977 800 1,075
Mar-09 OZS 977 800 1075
Total 2931

SILVER Jan-09 OZS 8,262 16.25 18.8
Feb-09 OZS 8,262 16.25 18.8
OZS-09 March 8262 16.25 18.8
Total 24,786

Lead Jan-09 Lbs 372,476 0.775 0.835
Feb-09 Lbs 372,476 0.775 0.835
Mar-09 Lbs 372,476 0.775 0.835
Total 1,117,428

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, in Montana, the Black Fox advanced stage development projects Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres of Chihuahua, Mexico.