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Message #41
From: TheMachine
Date: August 16, 2009 08:33:25 AM

AGT Stock News : Apollo Gold Second Quarter 2009 Gold Production from Its Black Fox Mine

Apollo Gold Corporation (“Apollo” or “we”) (TSX: APG) (NYSE Amex: AGT) is pleased to update the market on the second quarter 2009 gold production and progress at its Black Fox mine located near Timmins, Ontario.

On June 2, 2009, we announced that our Black Fox project had poured its first gold bars during the last week of May and was in commercial production. We are pleased to report that during the two months of May and June 2009 the Black Fox mill processed 78,000 tonnes of ore at an average grade of 5.1 grams of gold per tonne ore to produce 11,860 ounces of gold (recovery approximately 92.5%). The average mill throughput rate was therefore approximately 1,280 tonnes per day.

R. David Russell, President and CEO of Apollo, stated: “On June 2, 2009, we announced that our near-term objectives at Black Fox were (i) to operate the mill at a steady rate of 1,500 tonnes of ore per day for June 2009, (ii) to commission the new crushing circuit in early July 2009 and (iii) to increase throughput to our target of 1,800 tonnes per day by late September 2009. Due to a few minor mechanical challenges, we were unable to achieve the steady state throughput at the mill of 1,500 tonnes per day during the first half of June, but we were able to achieve it throughout the second half of June 2009. I am also pleased to announce that we did commission the new crushing circuit during the first week of July, on schedule, and that, for the first 26 days of July 2009 the mill throughput has averaged 1,800 tonnes per day.”

Apollo Gold Corporation

Apollo is a gold mining and exploration company which operates the Black Fox mine in Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico. Apollo also owns the Montana Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, which was placed on care and maintenance on April 30, 2009.

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,” “schedules,” “targets,” “predicts,” “intends,” “continue,” or the negative of such terms, or other comparable terminology. All statements regarding future throughput rates at the Black Fox mill 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: additional operational, geotechnical, processing problems at the Black Fox mine and mill, unexpected changes in business and economic conditions, political or economic instability, significant decreases in gold prices, difficulties or delays in permitting at Black Fox, changes in interest and currency rates, local and community impacts and issues, labor accidents, environmental risks and other factors disclosed under the heading “Risk Factors” in Apollo’s most recent annual report on Form 10-K filed with the United States Securities and Exchange Commission and elsewhere in Apollo’s documents filed from time to time with the Toronto Stock Exchange, The NYSE Amex 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.

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


Source: Business Wire (July 28, 2009 - 9:05 AM EDT)

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