The Lease requires that Apollo incur a minimum of CDN$250,000 in exploration expenditures in the first year of the Lease and a minimum of CDN$1,000,000 of exploration expenditures in the first two years of the Lease. The initial term of the Lease is for 20 years and Apollo, at its option, may extend for further periods of 20 years each. There is a 3% royalty on net smelter returns (“NSR”) on the leased property.

The Schumacher Property was leased to and partially explored in the past, first by Hemlo Gold Mines Inc. and then by Battle Mountain Gold Company after it merged with Hemlo Gold Mines Inc. in 1996. Since the 2001 merger between Battle Mountain Gold Company and Newmont Mining Corporation, the lease on the Schumacher Property has been held by Newmont Mining. From past exploration reports submitted to the Schumacher Estate, drilling along the contact zone in the Destor Porcupine Trend was encouraging and initial gold mineralization calculations were reported at 1,163,897 tonnes grading 6.4 grams per tonne. (This historical gold mineralization calculation at the Schumacher Property was determined by Battle Mountain Gold Company prior to the implementation of Canadian National Instrument 43-101 and are not in compliance with guidelines thereunder or the United States Securities and Exchange Commission guidelines and therefore should not be relied upon). This gold zone appears to be close to the surface and could be susceptible to open pit mining methods. Deeper core holes indicated that the gold mineralization continued at depth.

As part of the minimum of CDN$1,000,000 in exploration expenditures that Apollo is required to incur within the first two years of the Lease, Apollo will attempt to confirm the previous third party drilling results. Starting in December 2007, Apollo intends to implement an initial surface drilling program, of approximately 3,000 metres which will consist of (a) confirmation core holes of the previously drilled exploration holes and (b) new core holes to expand the exploration data base.

In addition to the Lease with the Schumacher Estate, Apollo has completed the acquisition of a property (the "Jensen Property") from the Jensen Estate, which is also located in Hislop Township, Ontario, Canada. The Jensen Property is comprised of 153 acres and it is contiguous with the north-west boundary of Apollo’s Black Fox project. The Jensen Property has not been previously explored. However, Apollo's drilling results along the Destor Porcupine Fault structure in the northwestern portion of our property at Black Fox indicate that there is potential for the fault system to continue to trend to the northwest and potentially project onto this newly acquired property. The Jensen Estate retains a 3% NSR royalty on production from the property. Apollo has the first right of refusal on transfers by the Jensen Estate of the 3% royalty and also has the option to purchase 1.5% of the NSR royalty at any time in the future for CDN$1,000,000.

Apollo’s Senior Vice President Exploration and Development, Richard (Dick) Nanna, stated that, “With the leasing of the Schumacher Property and the purchase of the Jensen Property, we have significantly expanded the exploration potential at our Black Fox project. These two properties will increase our strike length of the Destor Porcupine Fault Zone from 2.3 kms to 4.9 kms in length. The previous drilling completed on the Schumacher Property will give us a good head start in further understanding the geological potential of our project and guide our exploration work and drilling program.”

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 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.

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 Schumacher Property and estimates of mineralization, reserves and resources of the Black Fox project, the Schumacher Property or the Jensen Property, the geology and exploration prospects of the Schumacher or the Jensen Property and Apollo's ability to demonstrate the potential for the fault system to continue to trend to the north-west of the Jensen Property, 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 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.

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