Apollo Gold Announces Repayment of Series 2004-B Secured Convertible Debentures

    DENVER, December 19 /CNW/ - Apollo Gold Corporation ("Apollo") (TSX:APG)
(AMEX:  AGT) today announced that it has repaid in full US$8.73 million
aggregate principal amount of 12% Series 2004-B Convertible Secured Debentures
("Debentures") due December 16, 2007. The repayment of the Debentures was made
in cash and was done in accordance with their terms.

    R. David Russell, Apollo's President & CEO, stated, "The retirement of
the Debentures shows that Apollo continues to be financially strong and able
to meet its obligations. With this behind us, we are continuing to focus on
our development plans at our Black Fox project and exploration plans at our
Huizopa project."

    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.


    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 development plans at
our Black Fox project and exploration plans at our Huizopa project 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: unexpected changes
in business and economic conditions 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 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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