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Apollo Gold Corporation (“Apollo”) (NYSE Amex: AGT) (TSX: APG) has completed the sale of Montana Tunnels Mining, Inc. (“MTMI”) to Elkhorn Goldfields LLC (“Elkhorn”). Prior to the completion of this sale, MTMI was a wholly owned subsidiary of Apollo and owned Apollo’s 50% joint venture interest in the Montana Tunnels mine and mill (located near Helena, Montana), the Diamond Hill mine and related mill and ancillary assets.

The sale was completed on substantially the same terms as set forth in the letter of intent with Elkhorn as described in Apollo’s December 10, 2009 news release. In consideration for the sale of MTMI, Apollo received all of certain promissory notes held by Elkhorn and certain investors in Elkhorn or its affiliates from Calais Resources, Inc., Calais Resources Colorado, Inc. (together with Calais Resources, Inc., “Calais”) and Aardvark Agencies, Inc. (“Aardvark”) with an aggregate outstanding balance of approximately $9.5 million.

R. David Russell, President and Chief Executive Officer of Apollo, said, “We congratulate Patrick Imeson and Elkhorn for its acquisition of the Montana Tunnels assets. For Apollo, this completion of the sale allows us to focus on gold production at our flagship Black Fox Mine in Canada and exploration at the adjoining Grey Fox and Pike River projects and at the Huizopa gold-silver joint venture project in Mexico.”

Patrick W.M. Imeson, Chairman of Elkhorn, said, “We are very pleased to conclude this transaction. Apollo has been an excellent partner in our recent joint venture. We see this transaction as an integral step in Elkhorn’s development strategy of regional producing assets, including expansion of the M Pit at Montana Tunnels and the development of the Elkhorn Mine near Boulder, Montana.”

Apollo Gold Corporation

Apollo is a growing gold producer that operates the wholly owned Black Fox Mine and mill. Both the mine and mill are located in the Township of Black River-Matheson, near Timmins in Ontario. Apollo also is exploring the adjoining Grey Fox and Pike River properties, located in the greater Timmins gold district in Ontario, Canada, as well as the Huizopa Joint Venture (80 percent Apollo and 20 percent Minas de Coronado, S. de R.L. de C.V.), an early stage, gold-silver exploration project, approximately 16 km (10 miles) southwest of Minefinders’ Dolores gold-silver mine, in the Sierra Madres in Chihuahua, Mexico.

Calais Resources, Inc.

Calais Resources is a publicly held gold and silver mining and exploration company that owns and operates the Cross-Caribou mine near Nederland, Colorado and the Nevada Manhattan exploration property near Manhattan, Nye County, Nevada.

Elkhorn Goldfields LLC

Elkhorn is a privately held gold mining and exploration company located in Denver, Colorado.

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