Apollo Gold And Linear Gold Complete Cdn$25,000,000 Private Placement And Announce Planned Management Restructuring

Apollo Gold Corporation (TSX: APG)(NYSE Amex: AGT) (“Apollo”) and Linear Gold Corp. (TSX: LRR) (“Linear”) are pleased to announce the closing of the previously announced private placement (the “Private Placement”) whereby Linear has acquired 62,500,000 common shares of Apollo at a price of Cdn$0.40 per share for gross proceeds of Cdn$25,000,000. The common shares of Apollo were issued from treasury under the terms of a subscription agreement between Linear and Apollo dated March 9, 2010.

The Private Placement was completed in connection with a proposed business combination (the “Merger”) pursuant to which the businesses of Apollo and Linear will be combined by way of a court approved plan of arrangement under a binding letter of intent (“the Agreement”) to create an emerging Canadian mid-tier gold producer (“New Company”) with over two million ounces of gold reserves.

Apollo and Linear are also announced that upon completion of the Merger a management restructuring will occur pursuant to which Wade Dawe will be appointed as President and Chief Executive Officer of the New Company and David Russell will resign from the position. Apollo and Linear have also initiated a search for an experienced Chief Operating Officer who will be responsible for all operational aspects of the producing Black Fox Mine and the development and future operation of the Goldfields Project. Apollo and Linear have also agreed to a modification to the previously announced board structure of the New Company with each of Apollo and Linear now appointing or nominating three directors to the board and mutually agreeing upon a seventh new board member.

Under the terms of the Agreement, Apollo has agreed to acquire all of the outstanding common shares of Linear in exchange for common shares of Apollo at an agreed upon exchange ratio of 5.474 Apollo common shares per Linear common share. The 62,500,000 common shares of Apollo acquired by Linear from the Private Placement will be cancelled effective as of the date of closing of the Merger.