APG: Encouraging Intercept Drilled at Grey Fox

KERRY SMITH, Haywood Securities (02/17/2010)
"Hole GF09-55 includes the best intercept to date—Apollo has reported one of the most encouraging assay results from the 2009 Grey Fox program in drill hole GF09-55. The hole is located at the northern boundary of the Grey Fox property and is the northern most assay result related to date. Both grade and width appear to be improving as Apollo drills to the north onto the Pike River property, which is an encouraging sign. Apollo reported 17.9 meters at an average gold grade of 14.3 grams per ton starting at a depth of 67 meters. Within the reported intercept, the top eight meters was at an average grade of approximately 38.50 grams per ton (uncut) or 16.5 grams per ton (cut at 20 grams per ton). The hole also included an intercept of 4 meters grading approximately 3.25 grams per ton starting at as depth of 81 meters.

. . .We continue to recommend the shares of Apollo Gold Corp. with a SECTOR OUTPERFORM rating."

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