Apollo Gold Announces Option to Purchase the Smuggler Mines in Gilpin County, Colorado



    DENVER, November 15 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") (TSX: APG) (AMEX:   AGT) is pleased to announce that the Company has
extended an existing option agreement to purchase the Smuggler Mine property
("Smuggler Mine") in Gilpin County, Colorado. The Smuggler Mine has not been
in production since the 1940's and is located six miles north of Central City,
Colorado. The option was originally entered into in May 2007. Until the option
is exercised or terminated, Apollo is required to make monthly payments of
$8,500. The option is exercisable at any time by the Company until May 7,
2008, with a closing deadline three months thereafter. The option has an
exercise price of $1.12 million payable upon exercise of the option, plus the
assumption of an approximate $0.73 million mortgage. The option price of $1.12
million can be paid in cash or shares of Apollo common stock, at the option of
the current owner, with a minimum cash component of $0.12 million in cash. To
the extent that the current owner elects to receive any part of the remaining
portion of the purchase price of $1.12 million in shares, a 20% premium will
be added to the share component to determine the number of shares to which the
current owner is entitled (with such shares valued at the time of the option
exercise.) The property will remain subject to a 1.5% net smelter return
royalty to the credit of the current owner, which Apollo can purchase for a
period of 20 years after the exercise of the option for $0.5 million, which
can be paid in cash or shares of Apollo common stock at the option of the
current owner. To the extent that the current owner elects to receive any part
of $0.5 million in shares, a 20% premium will be added to the share component
to determine the number of shares to which the current owner is entitled (with
such shares valued at the time of the purchase).

    The Smuggler Mine consists of 19 patented mining claims, covering
approximately 120 acres, and includes many formerly producing gold mines such
as the Bonanza Lode, Bonanza King, Carlin, Pocahontas Lode, Wolftone, Michael
Davitt, Governor Orman and several other mines, the last of which closed
during World War II. Past gold production from Gilpin County between 1858 and
1958, as reported by the US Department of the Interior (US Geological Survey
Professional Paper 610 dated 1968), was 4.2 million ounces of gold and 11.2
million ounces of silver. The gold mines in the area generally ceased
operating activity during World War II and since then the properties have
remained in the hands of private individuals and have been operated
intermittently.

    In addition to the patented mining claims on which Apollo has an option,
Apollo has staked 20 unpatented mining claims in the vicinity of the Smuggler
Mine covering an additional 300 acres.

    Apollo's Senior Vice President of Exploration and Development, Richard
(Dick) Nanna, stated, "We have started our due diligence with initial sampling
of old dumps and the opening up of the old Smuggler Mine portal for sampling.
A surface core drilling program has been designed to test the upper 500 feet
of the Smuggler Mine vein system and it contemplates drilling an initial 4 - 5
holes (2,000 to 2,500 feet in total). As at November 14, 2007 one hole has
been completed and it had intersected the system. We are awaiting assay
results from this drilling."

    The initial results of vein chip samples from the Smuggler Mine portal
are as shown below. All assays were done by the Chemex Laboratory of Denver,
Colorado.

    Samples

    SM-LCC-P1 0.437 opt Gold and 2.400 opt Silver

    SM-LCC-P2 0.027 opt Gold and 0.100 opt Silver

    SM-LCC-D1 0.034 opt Gold and 0.400 opt Silver

    SM-LCC-P4 0.056 opt Gold and 0.100 opt Silver

    SM-LCC-P5 1.435 opt Gold and 2.700 opt Silver

    SM-LCC-P6 0.402 opt Gold and 0.100 opt Silver

    This press release has been reviewed and approved by Richard Nanna,
Professional Geologist, Apollo's Senior Vice President, Exploration and
Development. Mr. Nanna is designated a "Qualified Person" under Canadian
National Instrument 43-101 ("NI 43-101").

    Apollo Gold Corporation

    Apollo is a gold mining and exploration company that operates the Montana
Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, 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 Apollo's planned
drilling and sampling programs at the Smuggler Mine, estimates of
mineralization or past production of Gilpin County, the geology and
exploration prospects of the Smuggler Mine 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. In
addition, there can be no assurance that past production results in Gilpin
County will be indicative of future results at the Smuggler Mine. Important
factors that could cause actual results to differ materially from these
forward-looking statements include: the results of independent NI 43-101
reports; the outcome of assays and additional exploration sampling and
drilling efforts; 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.




For further information:

For further information: Apollo Gold Corporation Marlene Matsuoka,
720-886-9656 Ext. 217 (Investor Relations) Toll Free: 1-877-465-3484 E-mail:
info@apollogold.com Website: www.apollogold.com

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