DENVER, November 7 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") is pleased to announce that the Company has entered into a contract
with Falcon Drilling Ltd., of British Columbia, Canada to complete
approximately 4,000 meters of core drilling at Apollo's Huizopa project in
The Huizopa project is located in the Sierra Madres in the State of
Chihuahua, between Alamos Gold's Mulatos Mine and Minefinder's Dolores
project. The Company's property package consists of 170 sq. km and to date it
has completed aerial surveys, mapping, geochemical sampling and geophysical
surveys which have identified three primary geological drill targets.
Senior Vice-President Exploration and Development, Richard (Dick) Nanna,
stated that "Our initial plan was to complete a road into the Huizopa project
to allow both a core rig and a reverse circular rig to access our identified
drill targets. Delays in the layout and construction of this road have meant
that its construction is now scheduled for early 2008. In the meantime, we
plan to commence our exploration program with a helicopter supported drill
program. The initial drilling program will consist of 20 to 40 core holes
which we expect to begin in December 2007. Falcon Drilling specializes in
helicopter supported drilling programs at remote exploration sites and has
seasoned drilling personnel with experience in Canada, Mexico, Central and
South America, Papua New Guinea, Mongolia as well as parts of Africa."
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.
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
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. These statements include comments regarding
the anticipated timing of construction of a road at the Huizopa project and
the timing and manner of the initial drilling program at the Huizopa project.
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 assays and additional exploration sampling and drilling efforts
at the Huizopa Project; delays in completing or less favorable than
anticipated results of these drilling programs at Huizopa; delays or problems
in construction, permitting of the Huizopa road construction project and
delays in the commencement of the drill program as envisaged or 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