Apollo Gold

January 27, 2006 07:00 ET

Apollo Gold Announces Corporate Officer Changes

DENVER--(CCNMatthews - Jan 27, 2006) -

Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG)(AMEX:AGT) announced today a series of corporate officer changes that will help streamline the Company's operations and reduce operational expenses. As a result of these changes, which will be in effect on February 18, 2006, the number of corporate officers will be reduced from seven to three.

On January 23, 2006, Apollo entered into amended employment agreements with the four departing officers, Donald O. Miller, VP - Human Resources and Administration; James T. O'Neil, VP - Finance; Donald W. Vagstad, VP - Legal, General Counsel, and Secretary; and David K. Young, VP - Business Development and Project Development, pursuant to which the departing officers will receive severance packages consisting of a combination of cash and Company common stock provided the officers sign a customary severance agreement and release upon termination of their employment.

Apollo's three remaining executive officers are R. David Russell, President and Chief Executive Officer; Melvyn Williams, Senior Vice President - Finance and Corporate Development and Chief Financial Officer; and Richard F. Nanna, Senior Vice President - Exploration. Apollo entered into amended employment agreements for the three remaining officers, pursuant to which the officers have agreed to reduce their annual base salaries by an aggregate of US$170,000 in exchange for Company common stock.

Mr. R. David Russell, Apollo's President and CEO, stated: "As a result of Apollo's recent sale of its Nevada assets in November 2005, Apollo's general corporate needs have been reduced. As part of a general corporate plan to streamline our operations and reduce operating expenses, Apollo's executive management determined that it was in Apollo's best interest to reduce the number of corporate officers and focus the Company's time and finances on the Black Fox project, Huizopa exploration program, and Montana Tunnels."

I would like to express my appreciation and gratitude to Donald Miller, James O'Neil, Donald Vagstad, and David Young for their hard work and dedication over the past several years. We wish them well in their future endeavors."

Apollo Gold Corporation

Apollo Gold is a gold mining and exploration company with a mine in 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.

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