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Denver, Colorado – January 23, 2007 – Apollo Gold Corporation (“Apollo” or the “Company”) (TSX: APG) (AMEX: AGT) and the Wahgoshig First Nation (“Wahgoshig”) announced today that they have entered into a Memorandum of Understanding (the “MOU”) with regard to the Company’s Black Fox project.
The Black Fox project, located near Matheson, Ontario, Canada was acquired by the Company in 2002 and lies within lands to which the Wahgoshig asserts treaty and aboriginal rights. The Black Fox project is currently in the permitting and feasibility stage, which we expect to be completed in 2007.The Company believes that the MOU establishes the foundation for a positive and mutually beneficial relationship between the Wahgoshig and Apollo by setting out interim provisions which will apply while the Black Fox project is still in the advanced exploration stage. These provisions include such measures as training, ongoing communication, a good faith financial contribution and, subject to approval of the Toronto Stock Exchange and the American Stock Exchange, an issuance of a nominal amount of the Company’s common shares to the Wahgoshig. Negotiations toward an Impact Benefit Agreement (“IBA”) will commence if and when the Apollo Board of Directors decides to move from exploration to production at the Black Fox project. The MOU outlines the agenda and the process for conducting the IBA negotiations, which will include, among other things, such topics as employment, training, business opportunities and financial compensation.
“This is a significant agreement for our First Nation,” said Chief David Babin, “It provides some immediate benefits which we appreciate, but more importantly from our perspective, it includes a commitment to negotiate a comprehensive agreement should the project move to the operations phase.”
The President and CEO of Apollo, R. David Russell, agreed: “We see this MOU as the beginning of a positive and continuing relationship with the Wahgoshig community. During the course of our negotiations, we have become aware of the importance and the benefits of working cooperatively with the Wahgoshig First Nation.”
Maurice J. Kistabish, who acted as head negotiator for Wahgoshig on the MOU negotiations, confirmed the Wahgoshig First Nation’s intent of negotiating similar agreements with otherresource companies operating in Wahgoshig traditional lands. Mr. Kistabish stated, “The agreement with Apollo is an important first step for our community. We consider it a precedent for our discussions with other companies in the area and we are hopeful that they will show the same respect and cooperation in accommodating our interests as Apollo has demonstrated.”
Apollo Gold Corporation
Apollo is a gold mining and exploration 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 Madres in Chihuahua, Mexico.
Investor Relations – Marlene Matsuoka
Phone: 720-886-9656 Ext. 217
Toll Free: 1-877-465-3484
Wahgoshig First Nation
Wahgoshig First Nation
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 the timing of the expected completion of the permitting and feasibility stage of the Black Fox project and any negotiations towards an Impact Benefit Agreement 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 include: inability to negotiate an IBA, any difficulties arising in our future relationship with the Wahgoshig, unexpected changes in business and economic conditions, political or economic instability, significant decreases in gold, silver, zinc or lead prices, changes in interest and currency rates, local and community impacts and issues, labor accidents, environmental risks, 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.
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