Apollo Gold Announces Third Quarter 2007 Results and Profitability for the Second Consecutive Quarter



    DENVER, November 14 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") (TSX: APG) (AMEX:   AGT) is pleased to announce its operating results
for the third quarter of 2007. Apollo recorded net income of $2.1 million, or
$0.01 per share, for the three months ended September 30, 2007, as compared to
a net loss of $5.4 million, or $0.04 per share, for the three months ended
September 30, 2006. The net loss for the nine months ended September 30, 2007
was $0.1 million, or $0.00 per share, compared to a net loss of $12.1 million,
or $0.10 per share, for the same period in 2006. Unless otherwise indicated,
all dollar amounts are reported in US currency.

    R. David Russell, President and CEO of Apollo, said, "I am pleased that
we recorded a net income for the second straight quarter and that our cost of
production remained low. During the first part of October we commissioned the
primary crusher at the Montana Tunnels mine, and I anticipate that we will
achieve our goal of 14,500 tons per day throughput for the remainder of 2007.
Drilling at Black Fox is progressing well with 46 drill holes completed, but
there is a delay in receipt of assays which will delay the release of the
information to the market until December 2007."

    Third Quarter 2007 Highlights

    --  Apollo Gold's 50% share of production for the quarter from the
Montana Tunnels mine (which is a joint venture with Elkhorn Tunnels, LLC) was:

    
                                  Gold                    4,755 ozs
                                  Silver                 79,048 ozs
                                  Lead                1,685,385 lbs
                                  Zinc                3,305,620 lbs
    

    --  Total cash costs(1) per ounce of gold at the Montana Tunnels mine for
the quarter on a by-product basis were minus $215 per ounce. Total cash costs
on a co-product basis were as follows:

    
                                        Total Cash Costs
                                       (Co-Product Basis)  Realized Prices
                                      -------------------- ---------------
     Gold (per oz)                            $459              $748
     Silver (per oz)                         $8.15             $13.27
     Lead (per lb)                           $1.12              $1.82
     Zinc (per lb)                           $0.78              $1.27
    

    --  On August 13, 2007, we filed a Canadian National Instrument 43-101
("NI 43-101") which shows an ore reserve at Black Fox showing proven and
probable reserves of 1,002,000 ounces of gold. Open pit reserves are 625,000
ounces of gold at an average grade of 5.8 grams per tonne. Underground
reserves are 377,000 ounces of gold at an average grade of 10.6 grams per
tonne.

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

    --  At Black Fox, the infill drill program, commenced in June 2007, made
good progress and as at November 7, 2007, 39 surface core holes and 7
underground core holes had been drilled. Assay results are expected to be
released in December 2007.

    Montana Tunnels Mine

    During the third quarter 2007, approximately 3,700,000 tons were mined,
of which 1,087,000 tons were ore. The mill processed 1,154,000 tons of ore at
an average throughput of 12,500 tons per day for the quarter and payable
production was 9,500 ounces of gold, 158,000 ounces of silver, 3,371,000 lbs
of lead and 6,611,000 lbs of zinc. Apollo's share of this production is 50%.

    We have implemented a plan to increase mill throughput by over 1,000 tons
per day by re-commissioning a larger primary crusher (last utilized in 2005).
The crusher was scheduled to come on line at the end of August 2007, but was
only completed in the first half of October 2007.

    
             Ore mined                      1,087,000 tons
             Waste mined                    2,616,000 tons
             Total mined                    3,703,000 tons

             Ore milled                     1,154,000 tons
    

    
     Grade:                                        Recoveries:
          Au ounces per ton                0.0116         Au         77.6%
          Ag ounces per ton                0.2374         Ag         75.1%
          Pb %                             0.2066         Pb         77.3%
          Zn %                             0.4453         Zn         77.2%
    

    Total cash costs for the third quarter 2007 on a by-product basis were
minus $215 per ounce of gold and on a co-product basis they were $459 per
ounce of gold, $8.15 per ounce of silver, $1.12 per lb of lead and $0.78 per
lb of zinc.

    During the third quarter 2007, the joint venture spent $1.5 million on
capital projects, which included $1.0 million for the expansion of the
tailings dam and $0.3 million for the upgrade of the primary crushing circuit.
Apollo's share of these capital expenditures is 50%.

    4th Quarter Forecast - With the completion of the primary crusher project
in October 2007, we anticipate that improvement in ore throughput will be
achieved and there will be a respective increase in metal production. As a
result, we believe that in the fourth quarter 2007, the Montana Tunnels mine
should achieve its best operational results of 2007.

    Black Fox

    On August 13, 2007, we filed a new NI 43-101 which demonstrates the
continued expansion of Black Fox since the last published NI 43-101 dated
August 14, 2006. The new mineral reserve and resource estimate was prepared by
SRK.

    During the preparation of the NI 43-101, SRK and Apollo identified a
potential infill drilling program of approximately 60 holes. If the drilling
results are positive, it could increase the amount of inferred resources that
may be converted to indicated resources as part of the bankable feasibility
study scheduled for completion in the first quarter of 2008. As at November 7,
2007, we had completed 39 surface holes and 7 underground holes. The table
below summarizes the Black Fox Total Mineral Reserve as published in the NI
43-101:

    
    Black Fox - Probable Reserves

                                      Cutoff Grade Tonnes Grade  Contained
    Mining Method                        Au g/t    (000)  Au g/t Au Ounces
    --------------------------------- ------------ ------ ------ ---------
    Open Pit                                   1.0  3,362    5.8   625,000
    Underground                                3.0  1,108   10.6   377,000

    Total Reserves                                  4,470    7.0 1,002,000
    

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

    In addition to the reserves above, the NI 43-101 contains the indicated
and inferred resources shown in the tables below:

    
    Black Fox - Indicated Resources (1)

                                                Cutoff Grade Tonnes Grade
    Mining Method                                  Au g/t    (000)  Au g/t
    ------------------------------------------- ------------ ------ ------
    Open Pit                                             1.0    997    4.5
    Underground                                          3.0    667   10.1
    

    
    Black Fox - Inferred Resources (2)

                                                Cutoff Grade Tonnes Grade
    Mining Method                                  Au g/t    (000)  Au g/t
    ------------------------------------------- ------------ ------ ------
    Open Pit                                             1.0  3,256    4.7
    Underground                                          3.0    929   12.3
    

    (1) Cautionary Note to U.S. Investors concerning estimates of Indicated
Mineral Resources. We advise U.S. investors that while the term "indicated
mineral resources" is recognized and required by Canadian regulations, the
U.S. Securities and Exchange Commission ("SEC") 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. We advise U.S. investors that while the term "inferred
mineral resources" is recognized and required by Canadian regulations, the SEC
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. U.S. investors are
cautioned not to assume that part or all of the inferred mineral resource
exists, or is economically or legally minable.

    Our third-party consultant, SRK Consulting, Inc., has commenced work on a
bankable feasibility study which we expect to be completed in the first
quarter of 2008.

    Since we report our mineral reserves in accordance with both NI 43-101
and SEC Industry Guide 7 standards, it is possible for our reserve figures 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.

    
    Consolidated Financial Results Summary
    (All Dollars in US, 000's unless otherwise stated)

                                      Three months ended Nine months ended
                                        September 30,      September 30,
                                      ------------------ -----------------
                                        2007      2006    2007     2006
                                      --------- -------- ------- ---------
    Income (loss) from continuing
     operations for the period           $2,117 $(5,370)   $(94) $(11,890)
    Loss from discontinued operations
     for the period                           -        -       -     (250)
                                      --------- -------- ------- ---------
    Net income (loss) for the period     $2,117 $(5,370)   $(94) $(12,140)
                                      --------- -------- ------- ---------

    Basic and diluted net income
     (loss) per share from (US$):
      Continuing operations               $0.01  $(0.04)   $0.00   $(0.10)
      Discontinued operations                 -        -       -         -
                                      --------- -------- ------- ---------
                                          $0.01  $(0.04)   $0.00   $(0.10)
                                      --------- -------- ------- ---------

    Basic weighted-average shares
     outstanding (in millions)            143.9    122.0   143.4     120.1
    Diluted weighted-average shares
     outstanding (in millions)            145.2    122.0   143.4     120.1
    

    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,
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.

    3rd Quarter Financial and Operating Results Release Conference Call
Details:

    Wednesday, November 14, 2007 11:00 AM EST

    Call-in Number - North America (877) 407-8031

    Call-in Number - International (201) 689-8031

    The conference call will be available for replay until November 21, 2007
by calling (877) 660-6853 for North American callers and (201) 612-7415 for
International callers. You will need both account 286 and conference id#
260392 for playback. A link to the live webcast of the conference call will be
available also on the Company website until February 15, 2008.

    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, 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 timing of the
release of assay results at Black Fox; future operational results, production
and throughput rates at the Montana Tunnels mine ("Mine"); cash flow from the
Mine; and the timing of completion of and results of drill programs and
feasibility studies at Black Fox. 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.

    NON-GAAP FINANCIAL MEASURES

    The term "total cash cost" is a non-GAAP financial measure and is used on
a per ounce of gold basis. Total cash cost is equivalent to direct operating
cost as found on the Consolidated Statements of Operations and includes
by-product credits for payable silver, lead, and zinc production. We have
included total cash cost information to provide investors with information
about the cost structure of our mining operation. This information differs
from measures of performance determined in accordance with GAAP in Canada and
in the United States and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP. This
measure is not necessarily indicative of operating profit or cash flow from
operations as determined under GAAP and may not be comparable to similarly
titled measures of other companies.

    (1) "Total cash costs" is a non-GAAP financial measure. Please see the
note regarding non-GAAP financial measures at the end of this press release.




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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