Apollo Gold Completes Cdn$750,000 Flow-Through Financing

DENVER--(BUSINESS WIRE)--Jan. 4, 2005--Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG)(AMEX: AGT) is pleased to announce the completion on December 31, 2004, of the offering of 714,283 flow-through common shares of the Company at Cdn$1.05 per share for aggregate proceeds to Apollo of Cdn$750,000. The gross proceeds from the sale of the flow-through shares will be used by Apollo for exploration of Apollo's mineral properties at the Black Fox project located near Timmins, Ontario, which expenses will qualify as "Canadian Exploration Expenses" as defined in the Income Tax Act (Canada) and which will be renounced in favor of the purchasers of the flow-through shares effective on or before December 31, 2004.

About Apollo Gold

Apollo Gold is a gold mining company with operating mines in Nevada and Montana, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa Project an early stage exploration project in the Sierra Madre Gold Belt in Chihuahua, Mexico.

CONTACT:

Apollo Gold, Denver

Dave Young, 720-886-9656 ext. 55

VP Business Development

Toll Free: 1-877-465-3484

Email: info@apollogold.com

Web site: www.apollogold.com