Apollo Gold Signs Agreement With Jipangu Inc. for the Sale of Nevada Mining Subsidiaries.

DENVER -- Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG) (AMEX:AGT) is pleased to announce it entered into a stock purchase agreement with Jipangu Inc. ("Jipangu") on October 17, 2005, pursuant to which a wholly-owned subsidiary of Jipangu has agreed to purchase Florida Canyon Mining, Inc., Standard Gold Mining, Inc., and Apollo Gold Exploration Inc. for US$14 million (the "Mine Purchase"), subject to certain conditions. In addition, Apollo and Jipangu have entered into a subscription agreement for a US$3.5 million private placement under which Jipangu would…