Apollo Gold Corporation

Apollo Gold Corporation

March 02, 2005 07:00 ET

Apollo Gold Provides Additional Drill Results for the Base Metal Zone at Black Fox


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: APOLLO GOLD CORPORATION

AMEX SYMBOL: AGT
TSX SYMBOL: APG

MARCH 2, 2005 - 07:00 ET

Apollo Gold Provides Additional Drill Results for the
Base Metal Zone at Black Fox

DENVER--(CCNMatthews - Mar 2, 2005) -

Apollo Gold Corporation ("Apollo" or the "Company") (AMEX:AGT) (TSX:APG)
is pleased to provide additional core drilling results for the Base
Metal Zone at the Company's Black Fox project near Timmins, Ontario,
Canada. One hole 05BF-407 is especially interesting with 54.4 feet of
true width, with assay results of 1.9 oz per ton Silver, 3.83% Lead and
12.5% Zinc.

The Black Fox Project is located 75 kilometers east of Timmins, Ontario,
Canada, along the Destor-Porcupine Fault System, a well-known gold trend
that has historically yielded over 75 million ounces of gold production.
The area is known for large gold mines such as the Dome, Hoyle Pond and
Hollinger to the west and gold mines such as Holt McDermott and
Harker-Holloway to the east. Base metals have also been discovered and
mined in the footwall of the system in select areas. An example would be
the world famous Kidd Creek Mine, operated by Falconbridge.

The Black Fox Project has previously announced the discovery of a
high-grade base metal vein system within the property area of the
project. The vein system is in the footwall of the Destor-Porcupine
Fault System. This discovery opened up a completely new phase of
exploration for the project. It was found in 2004 and is located on
newly acquired land contiguous with the original Glimmer acquisition.
The discovery was the result of a combination of extending known
geophysical anomalies and new geological interpretations. Twelve holes
intersecting this zone have previously been announced. The base metals
project is currently being handled as a separate project from the
drilling on the gold bearing Destor-Porcupine Fault also contained on
the property.

"The drilling program continues to provide interesting results for the
base metal zone for the Black Fox project. Additional surface drilling
is planned to further delineate the zone and increase our level of
understanding for this area of the project," stated Richard F. Nanna,
Senior Vice President of Exploration and Development of Apollo Gold.



BLACK FOX PROJECT
Base Metal Prospect - March 1, 2005
(Assays completed by Swastika Labs Ltd)

Hole I.D. From To Width True Gold Silver Lead Zinc
Feet Feet Feet Width ounce/ton Ounce/ton % %
Feet
----------------------------------------------------------------------
05BF399 536.9 548.1 11.2 10.9 ---- 2.351 3.97 1.71
558.6 578.6 20.0 19.4 ---- 0.843 1.86 9.31
----------------------------------------------------------------------
05BF400 600.2 606.8 6.6 6.2 ---- 0.854 2.22 2.81
624.5 640.9 16.4 15.3 ---- 1.473 5.51 8.30
669.1 685.2 16.1 15.0 ---- 0.074 0.04 4.37
----------------------------------------------------------------------
05BF401 713.0 716.0 3.0 2.6 ---- 0.280 0.47 12.32
728.8 737.7 8.9 7.8 0.072 0.093 ---- 6.46
----------------------------------------------------------------------
05BF406 585.8 588.4 2.6 2.5 ---- 0.951 3.34 3.42
610.4 666.8 56.4 54.4 ---- 1.889 3.83 12.53
----------------------------------------------------------------------
05BF407 665.5 684.7 19.2 17.4 ---- 2.099 3.51 5.87
692.7 699.3 6.6 6.0 ---- 0.149 0.26 4.09
707.5 735.7 28.2 25.5 ---- 0.263 0.47 8.98
----------------------------------------------------------------------





Drill Hole Location

Hole I.D. T.D.(m) Northing Easting Elevation Azimuth Incl.
----------------------------------------------------------------------
05BF399 263.00 10483.00 10844.50 9999.00 90.00 -56.00
----------------------------------------------------------------------
05BF400 275.00 10482.87 10844.64 9999.02 90.00 -64.00
----------------------------------------------------------------------
05BF401 281.00 10482.87 10844.64 9999.02 90.00 -72.00
----------------------------------------------------------------------
05BF406 260.00 10523.12 10814.54 9999.05 90.00 -60.00
----------------------------------------------------------------------
05BF407 266.00 10523.12 10814.54 9999.05 90.00 -69.00
----------------------------------------------------------------------



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.

About Apollo Gold

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.

Gold production in 2004 from the Company's three currently operating
mines accounted for 106,000 ounces of gold production with by-products
of silver, lead and zinc. The production targets as previously announced
for 2005 will be approximately 140,000 ounces of gold production as well
as by-product metal as in 2004. The Black Fox project could be in
production as early as late 2006 or early 2007. Production of the Black
Fox project envisions an open pit as well as an underground mine and
milling facility. The completion of the feasibility study in 2005 will
further define the size, production levels and economics of the full
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, and future plans and objectives of Apollo
Gold, 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 Apollo Gold mines and projects, and other factors
disclosed under the heading "Risk Factors" and elsewhere in Apollo Gold
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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