8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):October 24, 2008

APOLLO GOLD CORPORATION

(Exact name of registrant as specified in its charter)

Yukon Territory, Canada	1-31593	Not Applicable
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

5655 South Yosemite Street, Suite 200 Greenwood Village, Colorado	80111-3220
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (720) 886-9656

No Change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01OTHER EVENTS

On October 24, 2008, Apollo Gold Corporation (“Apollo”) issued a press release announcing that it had made a prepayment of US$1,952,000 on the US$4,789,000 balance outstanding under its facilities agreement with RMB Australia Holding Limited. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

     (d)     Exhibits

Exhibit No.	Description
99.1	Press release of Apollo Gold Corporation dated October 24, 2008, announcing that it had made a prepayment of US$1,952,000 on the US$4,789,000 balance outstanding under Apollo’s facilities agreement with RMB Australia Holding Limited

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 24, 2008

APOLLO GOLD CORPORATION
By:	/s/ Melvyn Williams
	Melvyn Williams
	Chief Financial Officer and Senior Vice President - Finance and Corporate Development

EX-99.1

EXHIBIT 99.1

Apollo Gold Repays US$1.9 Million of RMB Resource Loan Early

Denver, Colorado - October 24, 2008 - Apollo Gold Corporation (“Apollo”) (TSX: APG) (AMEX: AGT) announces that it has prepaid US$1,952,000 of the US$4,789,000 balance outstanding under the facilities agreement with RMB Australia Holding Limited (“RMB”) from proceeds of unwinding part of its hedge position as more fully described below.

On October 12, 2007, Apollo entered into a US$8,000,000 Facility Agreement (the “Facility Agreement”) by and among Apollo and its wholly owned subsidiaries, Montana Tunnels Mining, Inc. and Apollo Gold, Inc., as borrowers and guarantors, and RMB as lender. This Facility Agreement has been fully repaid by Apollo during 2008 with the last payment tranche being made in August 2008.

On July 1, 2008, Apollo entered into an Amendment to the Facility Agreement (the “Amendment”) and borrowed an additional US$5,150,000 (the “Extended Loan Facility”) and entered into put and call contracts (“Contracts”) for gold, silver, lead and zinc as a requirement of the Amendment. As of September 30, 2008, the balance of the Extended Loan Facility was US$4,789,000.

On October 23, 2008, Apollo unwound part of the Contracts early as a debt management decision since the current value of part of the Contracts exceeded the December 2008 repayment obligation (US$1,717,000) under the Extended Loan Facility and the proceeds therefrom of US$2,010,000 were applied as follows:

1.   Repayment of principal $1,952,000

2.   Interest to December 31, 2008 $49,300

3.   Fees $8,600

As of October 23, 2008 and after giving effect to the US$1,952,000 prepayment described above, Apollo owes US$2,837,000 million under the Extended Loan Facility. This transaction did not affect any other terms of the Amendment.

As of October 23, 2008, Apollo has the following put and call contracts outstanding.

				put	call
				price	price
				$	$
GOLD	Jan-09	Ozs	977	800	1,075
	Feb-09	Ozs	977	800	1,075
	Mar-09	Ozs	977	800	1,075
	Total		2,931
SILVER	Jan-09	Ozs	8,262	16.25	18.8
	Feb-09	Ozs	8,262	16.25	18.8
	Mar-09	Ozs	8,262	16.25	18.8
	Total		24,786
LEAD	Jan-09	Lbs	372,476	0.775	0.835
	Feb-09	Lbs	372,476	0.775	0.835
	Mar-09	Lbs	372,476	0.775	0.835
	Total		1,117,428

Apollo Gold Corporation

Apollo is a gold mining and exploration company which operates the Montana Tunnels Mine, which is a 50% joint venture with Elkhorn Tunnels, LLC, in Montana, the Black Fox advanced stage development project in Ontario, Canada, and the Huizopa project, an early stage exploration project in the Sierra Madres in Chihuahua, Mexico.

Contact Information:

Investor Relations - Marlene Matsuoka

Phone: 720-886-9656 Ext. 217 Toll Free: 1-877-465-3484

E-mail: info@apollogold.com Website: www.apollogold.com