DENVER, July 24 /EMWNews/ - Apollo Gold Corporation

("Apollo" or the "Company") (TSX:APG, AMEX:AGT) today announced that it has

closed the previously announced offering of units ("Units"). A total of

40,806,500 Units were subscribed for at a price of Cdn$0.50 per Unit

(US$0.495 per Unit for purchasers residing in the United States), for total

gross proceeds of $20,215,750 and US$185,625. Each Unit is comprised of one

common share and one-half of one common share purchase warrant (a

"Warrant"), with each whole Warrant exercisable into one common share at a

price of $0.65 per share for 36 months. The Unit offering was completed

through a syndicate of agents led by Haywood Securities Inc., and including

Blackmont Capital Inc.



    The net proceeds of the offering will be used to fund the Company's

proposed acquisition of the St Andrew Goldfields mill complex in Timmins,

Ontario, the development of the Company's Black Fox project and for working

capital and general corporate purposes.



    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 http://www.sedar.com and http://www.sec.gov.