Apollo Gold Announces Option to Purchase the Smuggler Mines in Gilpin County, Colorado

Apollo Gold Corporation ("Apollo” or the "Company”) (TSX: APG) (AMEX: AGT) is pleased to announce that the Company has extended an existing option agreement to purchase the Smuggler Mine property ("Smuggler Mine”) in Gilpin County, Colorado. The Smuggler Mine has not been in production since the 1940’s and is located six miles north of Central City, Colorado. The option was originally entered into in May 2007. Until the option is exercised or terminated, Apollo is required to make monthly payments of $8,500. The option is exercisable at any time by the Company until May 7, 2008, with a closing deadline three months thereafter. The option has an exercise price of $1.12 million payable upon exercise of the option, plus the assumption of an approximate $0.73 million mortgage. The option price of $1.12 million can be paid in cash or shares of Apollo common stock, at the option of the current owner, with a minimum cash component of $0.12 million in cash. To the extent that the current owner elects to receive any part of the remaining portion of the purchase price of $1.12 million in shares, a 20% premium will be added to the share component to determine the number of shares to which the current owner is entitled (with such shares valued at the time of the option exercise.) The property will remain subject to a 1.5% net smelter return royalty to the credit of the current owner, which Apollo can purchase for a period of 20 years after the exercise of the option for $0.5 million, which can be paid in cash or shares of Apollo common stock at the option of the current owner. To the extent that the current owner elects to receive any part of $0.5 million in shares, a 20% premium will be added to the share component to determine the number of shares to which the current owner is entitled (with such shares valued at the time of the purchase). The Smuggler Mine consists of 19 patented mining claims, covering approximately 120 acres, and includes many formerly producing gold mines such as the Bonanza Lode, Bonanza King, Carlin, Pocahontas Lode, Wolftone, Michael Davitt, Governor Orman and several other mines, the last of which closed during World War II. Past gold production from Gilpin County between 1858 and 1958, as reported by the US Department of the Interior (US Geological Survey Professional Paper 610 dated 1968), was 4.2 million ounces of gold and 11.2 million ounces of silver. The gold mines in the area generally ceased operating activity during World War II and since then the properties have remained in the hands of private individuals and have been operated intermittently. In addition to the patented mining claims on which Apollo has an option, Apollo has staked 20 unpatented mining claims in the vicinity of the Smuggler Mine covering an additional 300 acres. Apollo’s Senior Vice President of Exploration and Development, Richard (Dick) Nanna, stated, "We have started our due diligence with initial sampling of old dumps and the opening up of the old Smuggler Mine portal for sampling. A surface core drilling program has been designed to test the upper 500 feet of the Smuggler Mine vein system and it contemplates drilling an initial 4 - 5 holes (2,000 to 2,500 feet in total). As at November 14, 2007 one hole has been completed and it had intersected the system. We are awaiting assay results from this drilling.” The initial results of vein chip samples from the Smuggler Mine portal are as shown below. All assays were done by the Chemex Laboratory of Denver, Colorado. Samples SM-LCC-P1 0.437 opt Gold and 2.400 opt Silver SM-LCC-P2 0.027 opt Gold and 0.100 opt Silver SM-LCC-D1 0.034 opt Gold and 0.400 opt Silver SM-LCC-P4 0.056 opt Gold and 0.100 opt Silver SM-LCC-P5 1.435 opt Gold and 2.700 opt Silver SM-LCC-P6 0.402 opt Gold and 0.100 opt Silver This press release has been reviewed and approved by Richard Nanna, Professional Geologist, Apollo's Senior Vice President, Exploration and Development. Mr. Nanna is designated a "Qualified Person” under Canadian National Instrument 43-101 ("NI 43-101”). Apollo Gold Corporation Apollo is a gold mining and exploration company that operates the Montana Tunnels mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, 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. FORWARD-LOOKING STATEMENTS This press 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 Apollo’s planned drilling and sampling programs at the Smuggler Mine, estimates of mineralization or past production of Gilpin County, the geology and exploration prospects of the Smuggler Mine 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. In addition, there can be no assurance that past production results in Gilpin County will be indicative of future results at the Smuggler Mine. Important factors that could cause actual results to differ materially from these forward-looking statements include: the results of independent NI 43-101 reports; the outcome of assays and additional exploration sampling and drilling efforts; variations in ore grade, mining, or processing problems or issues, 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. All forward-looking statements included in this press release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.