Apollo Gold Announces Filing of NI 43-101 Pre-Feasibility Study

Business Wire, August 14, 2007

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG) (AMEX:AGT) announced today that it has filed a Canadian National Instrument 43-101 ("NI 43-101") pre-feasibility study on SEDAR (www.sedar.com) regarding the mineral resources and reserves at the Black Fox Project ("Black Fox") located near Timmins, Ontario, Canada. This news release should be read in conjunction with the release issued on July 2, 2007. This mineral resource and reserve estimate was prepared by SRK Consulting Inc., Denver, Colorado. SRK has confirmed that the resource and reserve study complies in all respects with NI 43-101 guidelines. Table 1 below summarizes the Black Fox Indicated Resources: (All US$)

The minable reserve was calculated based on a gold price of US$525/oz of gold which is the trailing three year average gold price. The average total cash cost per ounce of gold was calculated at $236 per ounce.

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In addition to the reserves above, the 43-101 contains the following indicated resources shown in Table 2 below:

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Also, In addition to the reserves above, the 43-101 contains the following inferred resources shown in Table 3 below:

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The resource and subsequent reserve estimates are based on information from 1,826 drill holes totaling 324,625 meters. All assays over 170 grams of gold per tonne (5.5 oz of gold per ton) were capped at this level, representing 0.25% of the assays.

Combined Open Pit and Underground Economics

The pre-feasibility study economics, using reserves only, assuming a gold price of US$525 per ounce and assuming a milling capacity of 1,500 tonnes per day has a Net Present Value ("NPV") of US$104 million at a 4% discount rate and an Internal Rate of Return ("IRR") of 33%. The total cash cost per ounce of gold produced is calculated at $236 per ounce. Various gold prices with associated NPVs at a 4 % discount rates, and IRRs are as follows:

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Capital Costs (LOM and sustaining capital)  >







                                            >







Processing Plant and Infrastructure         >
$ 71.0 million






Pre-Stripping Open Pit                      >
$ 8.0 million






Open Pit Equipment                          >
$ 8.0 million






Underground Equipment                       >
$ 15.0 million






Underground Mine Development                >
$ 19.0 million






                                            >







Total Capital (LOM and Sustaining Capital)  >
$121.0 million

The pre-feasibility study assumes that mining would commence in 2009 with ore being toll treated initially and then treated by an on-site mill from 2012 onwards. Apollo Gold is completing a bankable feasibility study that will optimize the mining sequence and total capital requirements as well as timing of capital requirements.

Recommendations

Contained within the 43-101 there are two main recommendations made by SRK. "Black Fox should continue to be developed to the feasibility level. The following recommendations for the project should be considered by Apollo":

* Continue with the advanced feasibility level studies for the project including commissioning the bankable feasibility project as soon as possible;

* Continue to core drill specific areas of the ore body to further upgrade and extend the geological modeling for the project;

The report further states "At the time of this report, SRK has provided Apollo a listing of approximately 62 drillholes totaling 10,000m of additional required drilling. The main focus of this campaign is to target infill areas of known mineralization in order to convert inferred resource into indicated category and subsequently incorporate into a reserve."

Following a review of the 43-101 Apollo Gold has implemented the recommended drilling program at Black Fox starting August 2007.

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 press release has been reviewed and approved for release by Dr. Bart Stryhas, Professional Geologist, of SRK Consulting; David Young, Professional Mining Engineer, Associate Consultant for SRK Consulting; and Richard Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration and Development. Each of Dr. Stryhas, Mr. Young and Mr. Nanna is designated a "Qualified Person" under NI 43-101.

Since we report our mineral reserves to both NI 43-101 and SEC Industry Guide 7 standards, it is possible for our reserve figure to vary between the two. Where such a variance occurs it will arise from the differing requirements for reporting mineral reserves. For example, the NI 43-101 has a minimum requirement that reserves be supported by a pre-feasibility study, whereas SEC Industry Guide 7 requires support from a full feasibility study done to bankable standards. The Black Fox project thus reports reserves under NI 43-101, but reports no reserves under SEC Industry Guide 7 as a final bankable feasibility study has not been completed.

(1) Cautionary Note to US Investors concerning estimates of Indicated Mineral Resources. This press release uses the term "indicated mineral resources". We advise US investors that while the term is recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize it. US investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves.