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Apollo Gold Closes Previously Announced US$3.5 Million Private Placement with Jipangu Inc.
1/27/2006
Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG) (AMEX: AGT) is pleased to announce the closing of the US$3.5 million private placement with Jipangu Inc. on January 26, 2006, which the Company previously announced in its press release issued November 21, 2005. After giving effect to the closing, Jipangu owns 21,650,000 Apollo common shares, representing 18.2% of Apollo`s issued and outstanding common shares, based on 119,106,451 common shares outstanding as of the close of business on January 26, 2006. In addition, Jipangu may be deemed to beneficially own an additional 2,000,000 common shares of Apollo, which are issuable upon exercise of the warrants Jipangu purchased in the private placement.

Mr. R. David Russell, Apollo`s President and CEO, stated: "We are pleased to complete the closing of the private placement with Jipangu. Following completion of this closing, we will continue to focus our efforts on the Black Fox exploration and development program, which continues to exceed our expectations with high-grade gold intercepts and continued demonstration of continuity. The Company expects to release an updated Black Fox project NI 43-101 report in the first quarter of 2006, which we expect will outline both open pit and underground gold reserves. In addition, we expect to complete the Black Fox project feasibility study in the third quarter of 2006."

Black Fox Project

The Black Fox project is located along the Destor-Porcupine fault system within the Abitibi Greenstone Belt, a world-class mining district that has yielded over 75 million ounces of cumulative gold production from renowned mines such as the Dome, Hoyle Pond, Hollinger, Holt McDermott and Harker Holloway. Black Fox was acquired by Apollo in late 2002 during a period of depressed metal prices as part of a strategic plan for the Company to explore and develop high-grade gold assets to replace its older and lower-grade producing properties.

Apollo Gold Corporation

Apollo Gold is a gold mining company with a mine in 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.

Jipangu Inc.

Jipangu is a Tokyo-based gold mining and exploration company that also invests in companies that explore for and produce gold. Wellington West Capital Markets is acting as financial adviser to Jipangu in connection with the private placement.

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. All statements regarding the completion of the NI -- 43-101 reserve report and feasibility studies or other studies are forward-looking statements that involve various risks and uncertainties. There can be no assurance that the reports will be completed or that the outcome of the reports will be favorable. Important factors that could cause actual results to differ materially from these forward-looking statements include: the failure to complete the reports, failure to obtain proper permits and or funding, 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.

SOURCE: Apollo Gold Corporation

Apollo Gold Corporation Marlene Matsuoka, 720-886-9656, Ext. 217 Toll Free: 877-465-3484 E-mail: [e-mail] Website: www.apollogold.com