Apollo Gold Announces Drill Assays at Its Black Fox Project

    DENVER, December 13 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") is pleased to provide an update on the status of the infill diamond
drilling program and timing for completion of a bankable feasibility study at
its 100% owned Black Fox Project ("Black Fox") located in Timmins, Ontario,

    To date, Apollo has completed 39 surface core holes and 22 underground
holes for a total of 8,676 meters drilled in connection with the infill core
drilling program at Black Fox. Assays for 5 core holes have been completed or
partially completed to date and are listed below. Results for all assays in
connection with the infill drilling program are available on Apollo's website,

    On August 13, 2007, Apollo filed a Canadian National Instrument 43-101
("NI 43-101") which indicated proven and probable reserves of 1,002,000 ounces
of gold at Black Fox. Apollo conducted this drilling with the aim of
potentially converting resources previously reported as "inferred" to
"indicated" resources and hence potential conversion into mineral reserves.
Such a conversion would increase the total reserve base included in any
bankable feasibility study.

    Dick Nanna, Apollo's Senior VP Exploration & Development, stated, "We
have been hitting some very high grade gold intercepts in this infill drilling
program which could potentially add additional high quality gold ounces to our
current reserve base. For example, hole 07BF469, which is located in the
proposed open pit area, assayed at 42.17 grams per tonne (1.356 ounces per

    Drill Assays for Underground and Open Pit

    Hole I.D.       From            To        Width     Assay      Assay
                   Meters         Meters     meters     ounce     grams
                                                        Au/ton    Au/tonne
     07BF460        481.0         482.0        1.0      0.276      8.60
     07BF460        482.0         483.0        1.0      0.121      3.77
     07BF460        483.0         484.0        1.0      0.070      2.18
     07BF460        484.0         485.0        1.0      0.120      3.74
     07BF463        146.6         147.0        0.4       1.23      38.23
     07BF463        147.0         148.0        1.0       1.33      41.28
     07BF464        183.4         183.7        0.3       0.31      9.68
     07BF469        70.3           71.0        .07      0.058      1.81
     07BF469        71.0           72.0         1       1.356      42.17
     07BF470        16.8           17.5        0.7       0.21      6.69
     07BF470        17.5           18.0        0.5      0.245      7.63

    Note: Bold italics indicates not all assays for hole received to date

    Hole Location and Inclination

      Hole I.D.      T.D.    Northing   Easting  Elevation Azimuth  Incl.
       07BF460        580     9683.4    10275.0   10,000     36      -68
       07BF463        160     9924.1    9825.0    9999.5     36      -50
       07BF464        208      9891     9775.09   9997.58    36     -55.5
       07BF469        80      9964.2    9850.0    9999.70    36     -48.9
       07BF470       77.0     10023.3    9850     9999.6     36     -51.8

    Note: Bold italics indicates not all assays for hole received to date

    Apollo has also drilled several deep exploration resource core holes,
which, as anticipated, hit the Destor Porcupine vein structure. The assays
were very encouraging, with one intercept, hole 07BF457, assaying at 34.01
grams per tonne (1.09 ounce per ton). These holes indicate there is good
potential for additional mineralization at depth. (Note: The deep drilling has
not been included in any of the previous Black Fox ore reserves or resources
estimates reported within the NI 43-101.) Results are shown in the tables

    Deep Drilling Assays

      Hole I.D.        From          To         Width     Assay    Assay
                      Meters       Meters      Meters    ounce    grams
                                                          Au/ton  Au/tonne
       07BF457        840.10       840.60        0.5      0.11     3.63
       07BF457        840.6        841.3        0.70      1.09     34.01
       07BF457        841.3        842.3         1.0      .009     0.31

    Hole Location and Inclination

     Hole I.D.    T.D.    Northing   Easting   Elevation Azimuth   Incl.
      07BF457      900     9399.05   10402.74   10,001    36.00     -75

    Through mid-January 2008, Apollo expects to continue to update the market
as additional assays become final for the remaining core holes that have been

    R. David Russell, Apollo's President & CEO, stated, "I am very pleased
with the completion of and results from the infill core drilling program at
the Black Fox Development Project. We are hopeful that, if assay results
allow, that we will be able to convert some of the previously defined
'inferred' resources into 'indicated' resources and hence potential inclusion
in a bankable feasibility study. The bankable feasibility study is progressing
and is on schedule for completion at the end of March 2008."

    This press release has been reviewed and approved for release by Richard
F. Nanna, Professional Geologist, Apollo's Senior Vice-President, Exploration
and Development and designated "Qualified Person" under 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.

    Since we report our mineral reserves to 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.


SOURCES: US investors are advised that while the terms "Measured, Indicated and Inferred Mineral Resources" are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "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. Under Canadian rules estimates of Inferred Mineral Resources could not form the basis of feasibility or other economic studies. US investors are cautioned not to assume that part or all of the Inferred Mineral Resource exists, or is economically or legally mineable. 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 the timing of completion of a bankable feasibility study at Black Fox, future drilling, assays results and future announcements regarding the same 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. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent Canadian 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) or Toll Free: 1-877-465-3484
info@apollogold.com www.apollogold.com

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890