Richard Nanna, Senior Vice president of Exploration, said, "We are very encouraged by the results of this first phase of drilling at Puma De Oro as the drilling indicates the potential of a significant gold system with a current strike length of over 1,000 meters and it is very promising to get results like this on the first exploration drilling program on a new target."

Apollo Gold Corporation

Apollo is a gold mining and exploration company which operates the Montana Tunnels Mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, 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 has been reviewed and approved for release by Richard Nanna, Professional Geologist and Apollo's Senior Vice-President, Exploration and Development and designated "Qualified Person" under Canadian NI 43-101.

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 the potential of a significant gold system and its strike length 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 Canadian NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts 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.

SOURCE: Apollo Gold Corporation

Apollo Gold Corporation
Investor Relations:
Marlene Matsuoka, 720-886-9656 ext. 217
Toll-Free: 1-877-465-3484
info@apollogold.com
www.apollogold.com

Apollo Gold Corporation

Apollo is a gold mining and exploration company which operates the Montana Tunnels Mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, 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 news release contains forward-looking information under applicable securities laws, including use of proceeds, the purchase of the Mill Complex and the development of the Black Fox mining property. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information and there can be no assurance that the purchase of the Mill Complex will be consummated. Reference should be made to the most recent Annual Information Forms and Annual Reports on Form 10-K of Apollo Gold for a discussion of the risks and uncertainties impacting on Apollo Gold, which are available at www.sedar.com and www.sec.gov.

SOURCE: Apollo Gold Corporation

Apollo Gold Corporation, Investor Relations - Marlene Matsuoka, Phone: (720) 886-9656
Ext. 217, E-mail: info@apollogold.com, Toll Free: 1-877-465-3484, Website:
www.apollogold.com

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.

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 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.

SOURCE: Apollo Gold Corporation

Apollo Gold Corporation 
Marlene Matsuoka, 720-886-9656 Ext. 217 
Toll-Free: 1-877-465-3484 
Investor Relations 
info@apollogold.com 
www.apollogold.com

  Contract Type    Base Metal    Volume                           Strike Price
  Put              Lead          567 Tonnes (1,250,020 pounds)    US$1.40
  Call             Lead          567 Tonnes (1,250,020 pounds)    US$1.898
  Put              Zinc          891 Tonnes (1,964,316 pounds)    US$1.20
  Call             Zinc          891 Tonnes (1,964,316 pounds)    US$1.539

On July 1, 2008 Apollo Gold entered into an Amendment to the Facility Agreement (the "Amendment") and borrowed an additional US$5.1 million (the "Extended Loan Facility") and entered into additional put and call contracts for gold, silver, lead and zinc as a requirement of the Amendment.

On August 22, 2008, Apollo Gold unwound the September 2008 Contracts early as a debt management decision since the current value of the contracts were near the September 2008 Obligation (US$1,654,000) and realized a gain of US$1,556,000. The net proceeds of US$1,556,000 plus additional cash of US$108,000 were used to repay early the September 2008 Obligation (plus interest thereon of US$10,000). As of August 22, 2008, Apollo Gold owes US$5.1 million on the Extended Loan Facility. This transaction did not affect any other terms of the Amendment.

Apollo Gold Corporation

Apollo is a gold mining and exploration company which operates the Montana Tunnels Mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, 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.

SOURCE: Apollo Gold Corporation

Apollo Gold Corporation 
Marlene Matsuoka, 720-886-9656, Ext. 217 
Toll-Free: 877-465-3484 
info@apollogold.com 
www.apollogold.com