Apollo Gold Announces Private Placement Financing of CDN$4,070,000



    DENVER, October 12 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") (AMEX:   AGT)(TSX: APG) wishes to announce that it has entered into
an agreement for a private placement financing pursuant to which Apollo would
sell 4,600,000 flow-through shares for purposes of the Income Tax Act (Canada)
("Flow Through Shares") on a bought basis, and 2,800,000 Flow Through Shares
on a best effort basis at CDN$0.55 per Flow Through Share to raise gross
proceeds of up to CDN$4,070,000.

    The Flow Through Shares will be offered to residents of Canada pursuant
to Regulation S of the U.S. Securities Act of 1933, as amended (the
"Securities Act"). The Flow Through Shares have not been registered under the
Securities Act, and may not be offered or sold in the United States without
registration or pursuant to an applicable exemption from the registration
requirements of the Securities Act. The Flow Through Shares would be subject
to a four-month hold period in Canada.

    Apollo intends to use the gross proceeds of the private placement to
incur Canadian Exploration Expenses (as defined under the Income Tax (Canada))
at its Black Fox project.

    The private placement is scheduled to close on or before October 31, 2007
and is subject to certain conditions including, but not limited to, the
receipt of all necessary regulatory approvals including the approval of the
Toronto Stock Exchange and the American Stock Exchange.

    This press release does not constitute an offer to sell, nor is it a
solicitation of an offer to buy, securities.

    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 the meaning of
section 21E of the United States Securities Exchange Act of 1934, as amended,
with respect to our financial condition, results of operations, business
prospects, plans, objectives, goals, strategies, future events, capital
expenditure, and exploration and development efforts. 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. These statements include comments regarding the size and manner
of the private placement, the use of proceeds and the anticipated closing.
These forward looking statements are subject to numerous risks, uncertainties
and assumptions including unexpected changes in business and economic
conditions, the results of current and future exploration activities, and
other factors disclosed under the heading "Risk Factors" in Apollo's Annual
Report on Form 10-K for the year ended December 31, 2006 and elsewhere in
documents that Apollo files from time to time with the Toronto Stock Exchange,
the American Stock Exchange, the United States Securities and Exchange
Commission and other regulatory authorities. There can be no assurance that
future developments affecting the Company will be those anticipated by
management. The forecasts contained in this press release constitute
management's current estimates, as of the date of this press release, with
respect to the matters covered thereby. Apollo disclaims any obligation to
update forward-looking statements, whether as a result of new information,
future events or otherwise.




For further information:

For further information: Apollo Gold Corporation Marlene Matsuoka,
720-886-9656, ext. 217 Toll-Free: 1-877-465-3484 info@apollogold.com
www.apollogold.com

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APOLLO GOLD CORPORATION

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