Apollo Gold Corp. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss of $14.0 million or $0.05 per share compared to net income of $0.5 million or $0.00 per share for the three months ended September 30, 2008. Loss from continuing operations was $11.7 million against $2.2 million last year. Revenue was $19.1 million against $23.8 million last year. There was a net loss for the nine months ended September 30, 2009, of $37.5 million, or $0.16 per share, compared to net income of $2.9 million, or $0.02 per share, for the same period in 2008. Loss from continuing operations was $33.6 million against $7.0 million last year.

Apollo Gold Corp. reported consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported an operating income of $2.7 million against the operating loss of $1.6 million for the same period a year ago. Net cash provided by operating activities was $7.9 million against $0.8 million for the same period a year ago. The company spent $14.1 million on property, plant and equipment expenditures compared to $22.2 million for the same period a year ago. For the nine months, the company reported an operating income of $1.5 million against the operating loss of $5.5 million for the same period a year ago. Net cash provided by operating activities was $5.8 million against $6.3 million for the same period a year ago. The company spent $54.6 million on property, plant and equipment expenditures compared to $26.2 million for the same period a year ago.

Apollo Gold Corp. provided an update on the 2009 drilling program in progress on its Grey Fox property. The drilling program commenced on August 10, 2009 and to date 34 holes have been completed. Assay results were released on the first seven holes (GF09-17 through GF09-23) on October 16, 2009. Apollo is pleased to provide assay and drill holes information on another 6 drill holes (GF09-24 through GF09-29) which are set out below. The assay results continue to show continuity in shallow, multiple, mineralized zones. Newly received assay data in Holes GF09-24 and GF09-28 hit high grade gold with individual one meter samples that intercepted grades from 45.19 to 61.44 grams per tonne (1.32 to 1.79 ounces gold per ton). Hole GF09-24 also contained a mineralized zone 15.26 meters thick (true width) with an average grade of 3.36 grams per ton. The 2009 drilling program follows the drilling program of 16 holes completed by Apollo in 2008 which successfully intersected gold mineralization in rocks similar to the host rocks of the Black Fox deposit and included high grade mineralization of 3.5 meters grading 455 grams gold per tonne (13.27 ounces of gold per ton).