Denver, Colorado – October 12, 2007 – Apollo Gold Corporation (“Apollo” or the “Company”) (AMEX: AGT; TSX: APG) wishes to announce that it has entered into an agreement for a private placement financing pursuant to which Apollo would sell 4,600,000 flow-through shares for purposes of the Income Tax Act (Canada) (“Flow Through Shares”) on a bought basis and 2,800,000 Flow Through Shares on a best effort basis at CDN$0.55 per Flow Through Share to raise gross proceeds of up to CDN$4,070,000 .

The Flow Through Shares will be offered to residents of Canada pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (the “Securities Act”).  The Flow Through Shares have not been registered under the Securities Act, and may not be offered or sold in the United States without registration or pursuant to an applicable exemption from the registration requirements of the Securities Act.  The Flow Through Shares would be subject to a four-month hold period in Canada.  

Apollo intends to use the gross proceeds of the private placement to incur Canadian Exploration Expenses (as defined under the Income Tax (Canada)) at its Black Fox project.