Apollo Gold Announces Completion of CDN$4,100,000 Private Placement

    DENVER, November 1 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") (AMEX:   AGT)(TSX: APG) announced that it has completed its
previously announced private placement in Canada (the "Offering") of
flow-through shares for purposes of the Income Tax Act (Canada) (the
"Flow-Through Shares") by selling 7,454,545 Flow-Through Shares for gross
proceeds of CDN $4,100,000. The size of the Offering was increased from the
previously announced amount due to increased demand.

    The Flow-Through Shares were 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 Company has undertaken to file a registration
statement under the Securities Act to register the resale in the United States
of the Flow-Through Shares. The securities are subject to a four month hold
period in Canada.

    Apollo intends to use the gross proceeds of the private placement for
exploration expenses at its Black Fox project.

    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 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.


    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 use of proceeds
and the intention of the Company to file a registration statement under the
U.S. Securities Act of 1933. 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 Investor Relations:
Marlene Matsuoka, 720-886-9656, ext. 217 Toll-Free: 1-877-465-3484
info@apollogold.com www.apollogold.com

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