Apollo Gold Corp (C-APG) - News Release - <<See Glimmers Contribution at the Bottom>>
Apollo Gold loses $1.86-million in Q4 2002
Apollo Gold Corp APG Shares issued 38,597,124
Apr 3 2003 close $ 3.30 Friday April 4 2003
News Release
Mr. R. David Russel reports
APOLLO GOLD REPORTS FOURTH QUARTER RESULTS 2002
Apollo Gold Corporation has recorded a consolidated net loss of $1,867,000
(five cents per share) for the three months ended Dec. 31, 2002. This compares
with a restated consolidated net loss of $135,000 (16 cents per share) for the
same period last year. For the year ended Dec. 31, 2002, the company reported
a consolidated net loss of $4.78-million (25 cents per share), compared with a
restated consolidated net loss of $703,000 (84 cents per share) for 2001.
The consolidated net loss for the fourth quarter of 2002 is due in part to the
expensing of $964,000 for the issuance of shares of Apollo Gold stock to certain
members of senior management during 2002. In addition, $600,000 of site closure
costs were accrued in the fourth quarter of 2002, relating to the accretion of the
company's reclamation liability for its Florida Canyon and Montana Tunnels
properties.
During the fourth quarter of 2002, operations ran substantially as planned. At
Florida Canyon, 29,552 ounces of gold were produced. At Montana Tunnels,
over 6.6 million tonnes of waste was moved and the mine is poised to resume full
production during the second quarter of fiscal 2003.
"The year of 2002 was a very exciting year for Apollo Gold," said R. David
Russell, president and chief executive officer of the company. "Our company has
only been in existence for nine months and we are ready to commence a full year
of production at all operations. We produced over 121,000 ounces of gold at our
Florida Canyon property in 2002 and have completed in excess of 80 per cent of
the stripping at Montana Tunnels.
The delineation of the Standard Mine Area project has gone extremely well and we are excited about the possibilities of this new project advancing to a production phase. Our advanced exploration stage
property, Black Fox, is showing great promise. Based on these results, we currently expect to produce an aggregate of 200,000 ounces of gold in 2003."
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
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