Apollo Gold Announces Drill Assays at Its Black Fox Project

Apollo Gold Corporation ("Apollo” or the "Company”) is pleased to provide an update on the status of the infill diamond drilling program and timing for completion of a bankable feasibility study at its 100% owned Black Fox Project ("Black Fox”) located in Timmins, Ontario, Canada. To date, Apollo has completed 39 surface core holes and 22 underground holes for a total of 8,676 meters drilled in connection with the infill core drilling program at Black Fox. Assays for 5 core holes have been completed or partially completed to date and are listed below. Results for all assays in connection with the infill drilling program are available on Apollo’s website, www.apollogold.com. On August 13, 2007, Apollo filed a Canadian National Instrument 43-101 ("NI 43-101”) which indicated proven and probable reserves of 1,002,000 ounces of gold at Black Fox. Apollo conducted this drilling with the aim of potentially converting resources previously reported as "inferred” to "indicated” resources and hence potential conversion into mineral reserves. Such a conversion would increase the total reserve base included in any bankable feasibility study. Dick Nanna, Apollo’s Senior VP Exploration & Development, stated, "We have been hitting some very high grade gold intercepts in this infill drilling program which could potentially add additional high quality gold ounces to our current reserve base. For example, hole 07BF469, which is located in the proposed open pit area, assayed at 42.17 grams per tonne (1.356 ounces per ton).” Drill Assays for Underground and Open Pit   Hole I.D.   From Meters   To Meters   Widthmeters   Assay ounce Au/ton   Assay grams Au/tonne 07BF460   481.0   482.0   1.0   0.276   8.60 07BF460   482.0   483.0   1.0   0.121   3.77 07BF460   483.0   484.0   1.0   0.070   2.18 07BF460   484.0   485.0   1.0   0.120   3.74 07BF463   146.6   147.0   0.4   1.23   38.23 07BF463   147.0   148.0   1.0   1.33   41.28 07BF464   183.4   183.7   0.3   0.31   9.68 07BF469   70.3   71.0   .07   0.058   1.81 07BF469   71.0   72.0   1   1.356   42.17 07BF470   16.8   17.5   0.7   0.21   6.69 07BF470   17.5   18.0   0.5   0.245   7.63           Note: Bold italics indicates not all assays for hole received to date Hole Location and Inclination   Hole I.D.   T.D.   Northing   Easting   Elevation   Azimuth   Incl. Degrees 07BF460   580   9683.4   10275.0   10,000   36   -68 07BF463   160   9924.1   9825.0   9999.5   36   -50 07BF464   208   9891   9775.09   9997.58   36   -55.5 07BF469   80   9964.2   9850.0   9999.70   36   -48.9 07BF470   77.0   10023.3   9850   9999.6   36   -51.8             Note: Bold italics indicates not all assays for hole received to date Apollo has also drilled several deep exploration resource core holes, which, as anticipated, hit the Destor Porcupine vein structure. The assays were very encouraging, with one intercept, hole 07BF457, assaying at 34.01 grams per tonne (1.09 ounce per ton). These holes indicate there is good potential for additional mineralization at depth. (Note: The deep drilling has not been included in any of the previous Black Fox ore reserves or resources estimates reported within the NI 43-101.) Results are shown in the tables below. Deep Drilling Assays   Hole I.D.   From Meters   To Meters   WidthMeters   Assay ounce Au/ton   Assay grams Au/tonne 07BF457   840.10   840.60   0.5   0.11   3.63 07BF457   840.6   841.3   0.70   1.09   34.01 07BF457   841.3   842.3   1.0   .009   0.31 Hole Location and Inclination   Hole I.D.   T.D.   Northing   Easting   Elevation   Azimuth   Incl. Degrees 07BF457   900   9399.05   10402.74   10,001   36.00   -75 Through mid-January 2008, Apollo expects to continue to update the market as additional assays become final for the remaining core holes that have been completed. R. David Russell, Apollo’s President & CEO, stated, "I am very pleased with the completion of and results from the infill core drilling program at the Black Fox Development Project. We are hopeful that, if assay results allow, that we will be able to convert some of the previously defined 'inferred' resources into 'indicated' resources and hence potential inclusion in a bankable feasibility study. The bankable feasibility study is progressing and is on schedule for completion at the end of March 2008.” This press release has been reviewed and approved for release by Richard F. Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development and designated "Qualified Person” under NI 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. Since we report our mineral reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible for our reserve figures to vary between the two. Where such a variance occurs it will arise from the differing requirements for reporting mineral reserves. For example, the NI 43-101 has a minimum requirement that reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a full feasibility study done to bankable standards. The Black Fox project thus reports reserves under NI 43-101, but reports no reserves under SEC Industry Guide 7 as a final bankable feasibility study has not been completed. CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES: US investors are advised that while the terms "Measured, Indicated and Inferred Mineral Resources" are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules estimates of Inferred Mineral Resources could not form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the Inferred Mineral Resource exists, or is economically or legally mineable. 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 timing of completion of a bankable feasibility study at Black Fox, future drilling, assays results and future announcements regarding the same 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, 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.