Attention Business Editors:

Apollo Gold announces closing of Unit offering

    DENVER, July 24 /CNW/ - Apollo Gold Corporation ("Apollo" or the
"Company") (TSX:APG, AMEX:AGT) today announced that it has closed the
previously announced offering of units ("Units"). A total of 40,806,500 Units
were subscribed for at a price of Cdn$0.50 per Unit (US$0.495 per Unit for
purchasers residing in the United States), for total gross proceeds of
$20,215,750 and US$185,625. Each Unit is comprised of one common share and
one-half of one common share purchase warrant (a "Warrant"), with each whole
Warrant exercisable into one common share at a price of $0.65 per share for
36 months. The Unit offering was completed through a syndicate of agents led
by Haywood Securities Inc., and including Blackmont Capital Inc.
    The net proceeds of the offering will be used to fund the Company's
proposed acquisition of the St Andrew Goldfields mill complex in Timmins,
Ontario, the development of the Company's Black Fox project and for working
capital and general corporate purposes.

    Apollo Gold Corporation

    Apollo is a gold mining and exploration company which operates the
Montana Tunnels Mine, which is a 50% joint venture with Elkhorn Tunnels, LLC,
in Montana, the Black Fox advanced stage development project in Ontario,
Canada, and the Huizopa project, an early stage exploration project in the
Sierra Madres in Chihuahua, Mexico.

    This news release contains forward-looking information under applicable
securities laws, including use of proceeds, the purchase of the Mill Complex
and the development of the Black Fox mining property. Forward-looking
information is subject to known and unknown risks, uncertainties and other
factors that may cause actual results to differ materially from those implied
by the forward-looking information and there can be no assurance that the
purchase of the Mill Complex will be consummated. Reference should be made to
the most recent Annual Information Forms and Annual Reports on Form 10-K of
Apollo Gold for a discussion of the risks and uncertainties impacting on
Apollo Gold, which are available at www.sedar.com and www.sec.gov.

For further information: Apollo Gold Corporation, Investor Relations -
Marlene Matsuoka, Phone: (720) 886-9656 Ext. 217, E-mail: info@apollogold.com,
Toll Free: 1-877-465-3484, Website: www.apollogold.com