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Gold/Mining/Energy : Exall Resources/Glimmer Resources -- Ignore unavailable to you. Want to Upgrade?

To: winzer5 who wrote (1204)	11/18/2002 3:58:14 PM
From: winzer5	Respond to of 1319

Apollo Gold completes $4.5-million financing for the "Black Fox Mine" (Previously known as the Glimmer Mine). 2002-11-13 15:28 PT - News Release Mr. R. Llee Chapman reports FLOW THROUGH FINANCING FOR "BLACK FOX PROPERTY" Apollo Gold has completed a brokered private placement that will close on or about Nov. 19, 2002, of up to 1.5 million flow-through common shares at a price of $3.00 per share, for gross proceeds of up to $4.5-million. The proceeds of the private placement are intended to be used in connection with phase I of a proposed drilling and exploration program at the Black Fox gold exploration project (formerly known as the Glimmer mine). Dundee Securities Corporation and BMO Nesbitt Burns Inc. have been retained as agents in connection with the private placement and will receive a fee of 5 per cent of the gross proceeds thereof. Such fee will be payable in 187,500 common shares of Apollo Gold Corporation. The proceeds from this offering will allow Apollo to explore new ore zones at the Black Fox property. Chief executive officer R. David Russell stated that: "We believe the exploration potential for the Black Fox property lies in new ore zones at depth and along strike of the Destor-Procupine trend. We propose to test the exploration potential of this property in several areas. First, we plan to drill a series of 200-foot to 300-foot holes along the strike and to the east of any old mine workings. We believe there is potential for an open pit deposit in this area. "If these holes are successful more drilling to the east and down dip would be warranted." The drilling/exploration program is expected to take approximately 12 to 18 months. Depending on the results, a feasibility study will follow. WARNING: The company relies upon litigation protection for "forward-looking" statements.