Apollo Gold Extends Maturity Date of Convertible Debentures to August 23, 2010 and Provides an Update on Discussions with Project Lenders

Apollo Gold Corporation ("Apollo” or the "Company”) (TSX: APG) (NYSE Amex: AGT) has reached an agreement with RAB Special Situations (Master) Fund Limited ("RAB”), the holder of principal amount $4,290,000 unsecured convertible debentures due February 23, 2010 (the "Convertible Debentures”), to extend the maturity date of these Convertible Debentures to August 23, 2010. All dollar amounts in this news release are in U.S. dollars.

The Convertible Debentures were issued in a private placement on February 23, 2007 (the "Placement”) and amended on February 16, 2009. Each $1,000 principal amount of the Convertible Debentures is convertible at the option of RAB into 2,000 of the Company’s common shares (the "Conversion Price”), at any time until August 23, 2010. Additionally, RAB may, at its election, concurrently convert any accrued but unpaid interest in respect of the principal amount into common shares at the Conversion Price.

Under the terms of the Convertible Debentures, $772,200 of accrued and unpaid interest is due as of February 23, 2010, which RAB and the Company have agreed will be paid in cash by March 3, 2010. In consideration for the extension of the maturity date of the Convertible Debentures, the Company has agreed to issue to RAB, as soon as practicable following receipt of all required regulatory approvals, (i) 800,000 additional common shares of the Company (the "RAB Shares”) and (ii) 2,145,000 common share purchase warrants (the "RAB Warrants”) whereby one RAB Warrant entitles the holder to purchase one common share at an exercise price of $0.50 per share, expiring February 23, 2011.

The RAB Shares and the common shares issuable on conversion of the Convertible Debentures and the exercise of the RAB Warrants are expected to be registered with the United States Securities and Exchange Commission.

Project Finance Facility

The Company is also progressing well in its discussions and work with Macquarie Bank Limited and RMB Australia Holdings Limited (together, the "Banks”) related to the prior announced technical review of the Black Fox Mine in respect of the deferred scheduled repayments and associated debt service reserve funding due in 2009 under the Company’s $70 million project finance facility (the "Facility”). The Banks and the Company are jointly working towards a new repayment schedule and restructuring of the Facility. The Banks’ review of the new mine plan continues to progress satisfactorily and the agreed February 28, 2010 completion date for that review, together with the previous deferrals of the payments due September 30, 2009 and December 31, 2009 have been extended to March 31, 2010. The Company expects to produce 100,000 ounces of gold from Black Fox in 2010.

Apollo Gold Corporation

Apollo is a growing gold producer that operates the wholly owned Black Fox Mine in Ontario, Canada, which commenced gold production in May 2009. Apollo is also exploring the adjoining Grey Fox and Pike River properties, all in the Timmins gold district in Ontario, Canada, as well as the Huizopa Joint Venture, (80 percent Apollo and 20 percent Minas De Coronado, S. de R.L. de C.V.), an early stage, gold-silver exploration project, approximately 16 kilometers (10 miles) southwest of Minefinders’ Dolores gold-silver mine, in the Sierra Madres in Chihuahua, Mexico. At December 31, 2009, Apollo had approximately 264.2 million outstanding shares and 387.4 million fully diluted shares.

FORWARD-LOOKING STATEMENTS

This news 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 the issuance and registration of securities to be issued to RAB, our discussions with the Banks, the timing of any resolution in regards to a revised payment schedule and gold production from Black Fox Mine in 2010 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. Important factors that could cause actual results to differ materially from these forward-looking statements are disclosed under the heading "Risk Factors” and elsewhere in Apollo documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex, The United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to Apollo on the date hereof. Apollo assumes no obligation to update any forward-looking statements.