Apollo Gold Corporation
AMEX : AGT
TSX : APG

Apollo Gold Corporation

September 22, 2005 09:51 ET

Additional High-Grade Gold Intercepts Reported At Apollo Gold's Black Fox Project

DENVER--(CCNMatthews - Sep 22, 2005) -

Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG) (AMEX:AGT) is pleased to announce additional encouraging results from core drilling of the Gold Zone at its Black Fox Project near Timmins, Ontario, Canada. The most recent drilling continues to demonstrate high-grade gold mineralization and excellent system continuity. Highlights include (all true widths): 4.6 feet of 2.45 ounces gold per ton (oz Au/ton) in Hole 05BF-440, 6.8 feet of 1.38 oz Au/ton in Hole 235-210, 2.3 feet of 1.12 oz Au/ton in Hole 235-239, and 7.4 feet of 3.29 oz Au/ton in Hole 235-277.

Apollo CEO and President, R. David Russell commented, "The Black Fox project continues to exceed our expectations with high grade gold intercepts as well as continued demonstration of continuity. The project remains the cornerstone of the Company and we believe that Black Fox will become a world-class mining operation".

Highlights from the most recent Black Fox gold zone drilling results are shown in the table below. The complete list of assay results for the Black Fox project is available on the Apollo website: www.apollogold.com.



BLACK FOX
Surface and Underground Drilling Update
September 21, 2005
(Assays performed by Swaztica Laboratories)


Hole I.D. From To Width True Assay T. Width Assay
/ Section (Feet) (Feet) (Feet) Width (opt (Meters) (gpt
(Feet) Au) Au)
-------------- ------- ------- ------- ------ ------- -------- -------
05BF432 246.5 252.9 6.4 6.4 0.353 2.0 12.09
10187E
-------------- ------- ------- ------- ------ ------- -------- -------
05BF436 343.7 349.0 5.3 5.3 0.168 1.6 5.76
10162E
-------------- ------- ------- ------- ------ ------- -------- -------
05BF438 283.7 290.6 6.9 6.9 0.353 2.1 12.10
10262E 316.5 318.2 1.7 1.7 0.687 0.5 23.58
-------------- ------- ------- ------- ------ ------- -------- -------
05BF439 249.6 259.1 9.5 9.5 0.779 2.9 26.69
10287E 393.6 401.1 7.5 7.5 0.300 2.3 10.30
-------------- ------- ------- ------- ------ ------- -------- -------
05BF440 243.0 247.6 4.6 4.6 2.448 1.4 83.91
10312E
-------------- ------- ------- ------- ------ ------- -------- -------
05BF441 237.5 250.6 13.1 13.1 0.237 4.0 8.11
10337E 341.4 345.4 4.0 4.0 0.183 1.2 6.29
-------------- ------- ------- ------- ------ ------- -------- -------
05BF442 363.1 370.3 7.2 7.2 0.700 2.2 24.01
10362E
-------------- ------- ------- ------- ------ ------- -------- -------
05BF444 614.7 635.0 20.3 20.3 0.160 6.2 5.50
10337E 675.0 693.7 18.7 18.7 0.228 5.7 7.82
-------------- ------- ------- ------- ------ ------- -------- -------
235-210 337.8 345.4 7.6 6.8 1.381 2.1 47.36
10025E
-------------- ------- ------- ------- ------ ------- -------- -------
235-228 760.6 764.9 4.3 4.1 0.213 1.2 7.31
10524E 910.5 912.8 2.3 2.2 0.366 0.7 12.55
-------------- ------- ------- ------- ------ ------- -------- -------
Hole I.D. From To Width True Assay T. Width Assay
/ Section (Feet) (Feet) (Feet) Width (opt (Meters) (gpt
(Feet) Au) Au)
-------------- ------- ------- ------- ------ ------- -------- -------
235-239 473.9 477.2 3.3 2.3 1.124 0.7 38.54
10300E 559.2 563.5 4.3 3.0 0.253 0.9 8.68
-------------- ------- ------- ------- ------ ------- -------- -------
235-243 619.9 629.1 9.2 7.4 0.153 2.2 5.26
10400E
-------------- ------- ------- ------- ------ ------- -------- -------
235-259 695.0 705.2 10.2 9.5 0.313 2.9 10.73
10462E 711.8 721.3 9.5 8.8 0.311 2.7 10.66
791.1 806.9 15.8 14.7 0.300 4.5 10.28
815.7 822.0 6.3 5.9 0.211 1.8 7.23
-------------- ------- ------- ------- ------ ------- -------- -------
235-261 828.8 834.4 5.6 4.8 0.358 1.4 12.28
10462E 853.8 857.7 3.9 3.3 0.342 1.0 11.74
-------------- ------- ------- ------- ------ ------- -------- -------
235-262 886.6 891.2 4.6 3.7 0.451 1.1 15.46
10462E 907.6 912.2 4.6 3.7 0.349 1.1 11.95
-------------- ------- ------- ------- ------ ------- -------- -------
235-263 1039.1 1048.0 8.9 6.2 0.551 1.9 18.88
10462E
-------------- ------- ------- ------- ------ ------- -------- -------
235-264 493.3 500.2 6.9 4.1 0.571 1.3 19.56
10350E
-------------- ------- ------- ------- ------ ------- -------- -------
235-265 429.3 435.2 5.9 4.1 0.414 1.3 14.18
10350E 450.3 461.8 11.5 8.1 0.277 2.5 9.51
-------------- ------- ------- ------- ------ ------- -------- -------
235-266 385.7 392.3 6.6 6.2 0.336 1.9 11.51
10350E 414.3 415.6 1.3 1.2 0.596 0.4 20.43
-------------- ------- ------- ------- ------ ------- -------- -------
235-267 382.4 399.8 17.4 15.1 0.536 4.6 18.36
10350E 418.9 422.8 3.9 3.4 0.123 1.0 4.22
520.9 524.2 3.3 2.9 0.466 0.9 15.99
542.2 548.8 6.6 5.7 0.286 1.7 9.82
-------------- ------- ------- ------- ------ ------- -------- -------
235-268 432.3 452.6 20.3 16.2 0.149 5.0 5.12
10350E 569.1 575.6 6.5 5.2 0.603 1.6 20.69
608.8 614.3 5.5 4.4 0.160 1.4 5.50
-------------- ------- ------- ------- ------ ------- -------- -------
235-269 661.9 666.5 4.6 3.0 0.911 0.9 31.22
10350E
-------------- ------- ------- ------- ------ ------- -------- -------
235-277 584.5 593.0 8.5 7.4 3.295 2.3 112.97
10413E
-------------- ------- ------- ------- ------ ------- -------- -------
235-279 394.6 401.8 7.2 7.2 0.166 2.2 5.70
10413E 429.7 442.2 12.5 12.5 0.304 3.8 10.41
-------------- ------- ------- ------- ------ ------- -------- -------
235-285 794.1 798.0 3.9 3.8 0.556 1.2 19.07
831.5 834.4 2.9 2.8 0.462 0.9 15.84
875.1 878.0 2.9 2.8 0.266 0.9 9.12
-------------- ------- ------- ------- ------ ------- -------- -------
235-286 809.2 814.1 4.9 4.9 0.182 1.5 6.23
10537E
-------------- ------- ------- ------- ------ ------- -------- -------
235-287 1065.3 1067.3 2.0 1.6 0.500 0.5 17.14
10537E
-------------- ------- ------- ------- ------ ------- -------- -------



Hole I.D. T.D.(m) Northing Easting Elevation Azimuth Incl.
---------------- ------- --------- --------- --------- ------- -------
05BF432 111.50 10135.97 10187.36 10001.68 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF436 152.00 10045.98 10162.56 10001.19 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF438 129.30 10150.01 10262.54 9999.53 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF439 143.00 10134.28 10287.47 9999.45 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF440 134.00 10149.96 10312.71 9999.55 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF441 155.40 10150.00 10337.45 9999.98 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF442 155.00 10149.96 10362.67 9999.75 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
05BF444 245.00 9984.98 10337.52 10001.70 36.00 -50.00
---------------- ------- --------- --------- --------- ------- -------
235-210 182.80 9797.70 10025.13 9766.51 36.00 -21.00
---------------- ------- --------- --------- --------- ------- -------
235-228 296.50 9821.05 10524.44 9778.85 32.40 -32.00
---------------- ------- --------- --------- --------- ------- -------
235-239 201.00 9876.17 10300.65 9771.43 42.50 -84.00
---------------- ------- --------- --------- --------- ------- -------
235-243 250.00 9875.32 10399.63 9774.33 39.00 -79.30
---------------- ------- --------- --------- --------- ------- -------
235-259 300.00 9824.92 10465.45 9776.91 35.10 -66.50
---------------- ------- --------- --------- --------- ------- -------
235-261 315.00 9824.77 10465.45 9776.78 35.40 -76.30
---------------- ------- --------- --------- --------- ------- -------
235-262 361.50 9824.63 10465.49 9776.78 36.00 -81.00
---------------- ------- --------- --------- --------- ------- -------
235-263 380.00 9824.56 10465.44 9776.97 23.00 -84.50
---------------- ------- --------- --------- --------- ------- -------
235-264 211.00 9876.11 10349.52 9773.88 35.20 +00.00
---------------- ------- --------- --------- --------- ------- -------
235-265 214.50 9876.18 10349.53 9773.72 35.30 -05.50
---------------- ------- --------- --------- --------- ------- -------
235-266 191.00 9876.13 10349.52 9773.22 35.10 -25.20
---------------- ------- --------- --------- --------- ------- -------
235-267 191.00 9875.98 10349.56 9772.57 32.00 -71.90
---------------- ------- --------- --------- --------- ------- -------
235-268 210.00 9875.84 10349.56 9772.54 32.50 -80.80
---------------- ------- --------- --------- --------- ------- -------
235-269 260.70 9875.72 10349.51 9772.29 36.00 -88.00
---------------- ------- --------- --------- --------- ------- -------
235-277 244.50 9876.20 10413.17 9775.71 35.00 -16.80
---------------- ------- --------- --------- --------- ------- -------
235-279 241.00 9875.98 10413.20 9775.25 37.00 -45.10
---------------- ------- --------- --------- --------- ------- -------
235-285 285.40 9821.63 10537.00 9784.46 35.50 -31.00
---------------- ------- --------- --------- --------- ------- -------
235-286 289.50 9821.76 10537.00 9784.22 34.50 -42.40
---------------- ------- --------- --------- --------- ------- -------
235-287 327.70 9821.64 10536.97 9783.19 34.00 -81.00
---------------- ------- --------- --------- --------- ------- -------



The 2005 exploration program at Black Fox is expected to include additional underground and surface drilling in support of a full feasibility study that will update reserve calculations for both the open pit and underground deposits. Apollo's drilling program requires core hole spacing on 12.5 meter centers to support the determination of ore reserve values. Pre-feasibility studies compiled in early 2004 credit the property with open pit gold reserves of over 3.2 million tons (2.95 million tonnes) with an average grade of 0.14 oz Au/ton (4.8 g Au/mt) for a total of 457,100 ounces of gold. Reserve tonnage figures are expected to increase significantly with the inclusion of subsequent drill results. In 2004 alone, Apollo completed a total of 315 core drill holes totaling 43,280 meters from surface and 41,065 meters from underground along a newly developed underground 920 meter long drill drift on the 235m level. The total drilling program through the second quarter of 2005 has been 754 core holes for a total of 200,561 meters.

The Black Fox feasibility study and permitting are expected to be completed in 2006 with construction and initial production underway as early as 2007.

The Black Fox Project is located along the Destor-Porcupine Fault System within the Abitibi Greenstone Belt, a world-class mining district that has yielded over 75 million ounces of cumulative gold production from renowned mines such as the Dome, Hoyle Pond, Hollinger, Holt McDermott and Harker Holloway. Black Fox was acquired by Apollo in late 2002 during a period of depressed metal prices as part of a strategic plan for the Company to explore and develop high-grade gold assets to replace its older and lower-grade producing properties.

Current exploration plans also include continued surface drilling of the Base Metal Zone at Black Fox, where high-grade silver, lead, and zinc mineralization co-exist with high-grade gold.

This press release has been reviewed and approved for release by Richard Nanna, Professional Geologist, and the Company's Senior Vice-President, Exploration and Development and designated "Qualified Person" under NI 43-101.

Apollo Gold Corporation

Apollo Gold is a gold mining company with operating mines in Nevada and Montana, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa Project an early stage exploration project in the Sierra Madre Gold Belt in Chihuahua, Mexico.

The Black Fox project is expected to be in production as early as 2007. Gold production from the Black Fox project is expected to be from an open pit as well as an underground mine configuration with an on-site milling facility. The completion of the feasibility study expected in 2006 will further define the size, production levels and economics of the full scale Black Fox project.

FORWARD-LOOKING STATEMENTS

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements regarding potential mineralization, reserves, exploration results, timing of completion and the results of the Black fox feasibility study, anticipated development and timing of development, permitting, and production at Black Fox, anticipated 2005 gold production anticipated 2005 drilling at Black Fox, and future plans and objectives of Apollo, 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, delay in permits or approvals, technical, delay in permits or approvals, technical or permitting problems variations in ore grade, mining, or processing problems or issues, the availability of funding on acceptable terms for the future exploration and development of Black Fox and other Apollo mines and projects, 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.

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