Apollo Gold Receives Receipt for Prospectus and Completes Conversion of Special Notes and Special Warrants

DENVER--(BUSINESS WIRE)--Dec. 16, 2004--Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG) (AMEX: AGT) is pleased to announce that it has received a receipt from the Ontario Securities Commission for the prospectus dated December 8, 2004, which qualifies the securities issuable on the conversion of the aggregate principal amount US$8,756,000 special notes, 2,326,666 special warrants and compensation option which were previously issued as described in the press release dated November 4, 2004. The conversion of the special notes, the special warrants and the compensation option was completed today.

Apollo has filed a Form S-3 registration statement (the "Registration Statement") with the United States Securities and Exchange Commission for the resale of the common shares underlying the special notes, the special warrants and the compensation option. The Registration Statement has not yet been declared effective and if it is not declared effective by April 5, 2005, the penalty provisions described in the November 4, 2004, press release will be applicable.

This press release is not an offer of securities for sale in the United States. The securities described herein may not be offered or sold in the United States absent registration or an exemption from registration. This release shall not constitute an offer to sell or solicitation if an offer, solicitation or sale would be unlawful.

About Apollo Gold

Apollo Gold is a gold mining company with operating mines in Nevada and Montana and an advanced stage development project, Black Fox, along the productive Destor-Porcupine Fault east of the Timmins Gold Camp in Ontario, Canada. Apollo has also recently started a new exploration project in the Sierra Madre Mountains of Mexico on a project referred to as Huizopa.

Forward-Looking Statements

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. Important factors that could cause actual results to differ materially from these forward-looking statements include: a material adverse change in the Company's condition 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.

David K. Young,

720-886-9656 ext. 55

Vice President Business Development

Toll-Free: 877-465-3484

E-mail: info@apollogold.com

Web site: www.apollogold.com