Apollo Golds Grey Fox Project Drill Results

Show One of Best Gold Intercepts to Date of 18 Meters at 14 gpt
 
Denver, Colorado  February 17, 2010  Apollo Gold Corporation
(Apollo) (NYSE Amex: AGT; TSX: APG) announces additional assay
results from nine drill holes at its Grey Fox Project, including one
of the best drill intersections to date of 17.9 meters (m) at an
average gold grade of 14.3 grams per tonne (gpt) located on the
boundary of Grey Fox and the Pike River properties with indication
that the mineralization is open towards Pike River to the north.
 
Results are pending from the remaining 14 holes completed as part of
a 53-hole, 9,936-meter drilling program in 2009, including the first
six holes drilled on Pike River, at the prospective Contact Zone at
the Grey Fox and Pike River properties, which are adjacent to
Apollos Black Fox gold mine in the Township of Black River-Matheson,
Ontario, Canada.
 
Results from the nine holes are shown in Table One (GF09-47 through
GF09-55; see PDF attached) with the mineralized zone intercepts
highlighted, including true width intercepts of:
� 17.9 m at an average gold grade of 14.3 gpt (or 59 feet at 0.4
ounce per ton (opt)) within 100 m from surface in hole GF09-55; and

� 5.1 m of 5.2 gpt (or 17 feet at 0.15 opt) in hole GF09-52.

Figure One (see PDF attached) shows the location of the nine holes as
well as the rest of the 53-core hole program completed in 2009. Assay
results were released on holes GF09-17 through GF09-46 in previous
Apollo news releases. It is expected that the results from the 2009
drill program will be compiled in an initial Canadian National
Instrument 43-101 compliant Measured and Indicated Resource estimate
by the second quarter 2010.
 
Richard F. Nanna, Senior Vice President of Exploration for Apollo,
said, The impressive results from hole GF09-55 on the boundary of
the Pike River property are one of the best ever for the Grey Fox
Project and we are pleased that the results indicate the Contact Zone
mineralization is open to the north on to Pike River and the
west-southwest trending Destor-Porcupine Fault Zone.
 
Assay results from the first six holes from the 2009 drill program
completed at Pike River, located along strike of GF09-55, are
pending. The Contact Zoneis a mineralized fault contact between
metasediments and mafic volcanic rocks. It has been identified
through drilling along 700 meters of its length and remains open
along strike to the north, south and at depth. Most of the holes
announced in this news release (GF09-47 to GF09-53) are located
within the central part of the known Contact Zone.
 
The Destor-Porcupine Fault Zone and its numerous splays are
associated with many past and currently producing gold mines,
including the Black Fox Mine, in the Timmins Mining District. The
Grey Fox Project is located about 3.5 kilometers southeast of
Apollos Black Fox Mine, which commenced gold production in May 2009.
The recently acquired Pike River property lies between the Black Fox
and Grey Fox properties. Apollo controls all three adjoining
properties totaling a 17 square kilometer land package.
 
Previously released drilling by Apollo successfully intersected gold
mineralization similar to the host rocks of the Black Fox gold
deposit. The 2009 drilling program at Grey Fox followed up the
16-hole drilling program completed in 2008, which included a high
grade intercept of 3.5 m grading 455 gpt (13.27 opt) as well as
several separate one meter gold intervals grading from 12 to 277 gpt
(0.35 to 8.08 opt).
 
All assay work was completed by Polymet Labs of Cobalt, Ontario,
which is ISO 9001:2000 certified in North America. This news release
was reviewed by Richard F. Nanna, Professional Geologist, Apollos
Senior Vice President, Exploration and Development and designated
Qualified Person under Canadian National Instrument 43-101. All
drill assay results are available on the Apollo website at
www.apollogold.com.
 
Apollo Gold Corporation
 
Apollo is a growing gold producer that operates the wholly owned
Black Fox Mine in Ontario, Canada. Apollo also is exploring the
adjoining Grey Fox and Pike River properties, all in the 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
kilometers (10 miles) southwest of Minefinders Dolores gold-silver
mine, in the Sierra Madres in Chihuahua, Mexico.
 
Contact Information:
Wendy Yang
Phone: 720-886-9656 Ext. 217 Toll Free: 1-877-465-3484
E-mail: ir@apollogold.com <mailto:ir@apollogold.com>
 Website: www.apollogold.com
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FORWARD-LOOKING STATEMENTS
This news 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 and any addition
to estimated mineral resources, timing of assay results from Grey Fox
and Pike River, the ability of the Company to successfully obtain
Measured and Indicated Resource status and to expand the Contact Zone
towards and along the Destor-Porcupine Fault Zone 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 assays and additional exploration,
sampling and drilling efforts, delays caused by equipment failures and
weather, unexpected changes in business and economic conditions,
political or economic instability, significant decreases in gold
prices, changes in interest and currency rates, local and community
impacts and issues, labor accidents, environmental risks 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 NYSE Amex, The United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking
statements included in this news release are based on information
available to Apollo on the date hereof. Apollo assumes no obligation
to update any forward-looking statements.
 

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