Apollo Gold Updates Investment Community in an All-New Interview with WallStreet Reporter

Business Wire, Sept 21, 2007

DENVER -- On September 17, David Russell, CEO of Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG) (AMEX: AGT) updated the investment community in an all-new interview with WallStreet Reporter. Interview highlights include detailed discussions on the following topics:

* Apollo Gold was cash flow positive in the 2nd quarter 2007 with $2.4 million in net income. "We had revenue just short of $13 million," says CEO David Russell. "We're looking forward to more good quarters."

* The Montana Tunnels Mine came back into production as of March 1, 2007. "The mine performed well in the 2nd quarter and was cash flow positive," Russell said. "The 3rd quarter mine operations are progressing as expected. We expect the mine to continue on this trend as the Company's primary revenue and cash generator."

* Russell updates on the advanced-stage exploration Black Fox Project ("Black Fox") located near Timmins, Ontario, Canada, the new Canadian National Instrument (NI) 43-101, pre-feasibility study with 1,002,000 ounces of gold in reserve and the current infill drilling project.

* In addition to the Black Fox gold reserves, there was additional gold resource material reported within the indicated (1) and inferred (2) categories. The gold resources reported in the indicated category, in the open pit, were 997,000 tonnes @ 4.5 g/t and in the underground were 667,000 @ 10.1 g/t. There was also an inferred resource of 3,256,000 tonnes @ 4.7 g/t in the open pit and 929,000 tonnes @ 12.3 g/t in the underground.

* At Black Fox, a third-party consultant, SRK Consulting, Inc. ("SRK"), of Denver, Colorado, has commenced work on a bankable feasibility study which is expected to be completed in the first quarter of 2008.

* The exploration project, Huizopa, located in a well known silver-gold district in Chihuahua, Mexico, is poised for road building and exploration drilling.

To hear the interview in its entirety visit http://wallstreetreporter.com/page.php?page=featured&tab=2&id=26681.

Or visit: http://wallstreetreporter.com and click on the Metals Minerals section.

This press release has been reviewed and approved for release by Mr. Richard Nanna, Professional Geologist, Apollo Gold's Senior Vice-President, Exploration and Development. 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 U.S. Investors concerning estimates of Indicated Mineral Resources. This press release uses the term "indicated mineral resources." We advise U.S. investors that while the term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. 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.

(2) Cautionary Note to U.S. Investors concerning estimates of Inferred Mineral Resources. This press release uses the term "inferred mineral resources." We advise U.S. investors that while the term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally minable.

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.

FORWARD-LOOKING STATEMENTS

This press release includes "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "continue," or the negative of such terms, or other comparable terminology. All statements regarding future production at and cash flows from the Montana Tunnels mine, estimated reserves and resources; assumptions regarding development of a mine at Black Fox and the timing of mining and processing operations at Black Fox; completion and timing of a bankable feasibility study regarding Black Fox and future development at Huizopa, including road building and exploration drilling. 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 Canada NI 43-101 reports, the outcome of assays and additional exploration sampling and drilling efforts; delays in completing or less favorable than anticipated results of a bankable feasibility study on Black Fox; increases in anticipated cash costs, operating costs, mining costs, capital expenditures and other costs; decreases in anticipated plant gold recoveries and gold prices; delays or problems in construction, permitting and start-up; variations in ore grade, mining, or processing problems or issues, 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. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.