EXHIBIT 10.1

30 December 2009

Apollo Gold Corporation
5655 S. Yosemite Street, Suite 200
Greenwood Village
Colorado  80111-3220
UNITED STATES OF AMERICA

Attention:  R. David Russell

Dear Sirs

Deferral of Scheduled Repayments due 30 Sept 2009, 31 Dec 2009 and funding of
the Debt Service Reserve Account – Consent
 
We refer to our Deferral Consent dated 28 September 2009, recent discussions
with APG management and continued Technical Review of the Project.  Unless
otherwise defined in this letter, capitalized terms used but not defined herein
shall have the meanings assigned to them in the Project Facility Agreement dated
20 February 2009 between Apollo Gold Corporation (“APG”), RMB Australia Holdings
Limited, Macquarie Bank Limited (“Financiers”) and RMB Resources Inc. (“Agent”),
as amended, modified or restated (“Project Facility Agreement”).
 
The Financiers and APG agree to:
 
 
(i)
Complete the Technical Review of the Project to the Financiers satisfaction
including:  a) finalization of the new resource model; b) determination of
appropriate cut-off grades for the open pit and underground resources; c)
optimization of Phase 1 open pit and underground mine planning; and d) a new
life-of-mine-plan and cash flow model; and

 
(ii)
Defer the 30 September 2009 and 31 December 2009 Repayment Date and the
requirement to fund the Debt Service Reserve Account until the earlier of (i)
the completion of the Technical Review and (ii) 28 February 2010.

 
This letter is a Transaction Document for the purpose of the Project Facility
Agreement.  The terms of the consent can be accepted on or before 5pm (Sydney
time) 31 December 2009 by APG returning a signed copy of this letter to the
Agent.  Except as expressly set out in this letter, nothing in this letter
constitutes a waiver of the Financiers’ rights under the terms of the
Transaction Documents and the Financier’s otherwise reserve all of their rights
under the Transaction Documents.
 
Yours faithfully
RMB Resources Inc.

 
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Signed for
RMB Resources Inc.
by its authorized officer

sign here
/s/ Richard A. Winters
 
Authorized Officer
   
Print name
Richard A. Winters
   
Print Title
President

 
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Consent and instruction by the Financiers
 
Each of the Financiers, Being RMB Australia Holdings Limited and Macquarie Bank
Limited, gives its consent to, and instructs, RMB Resources Inc. (as Agent) to
execute this letter.

Signed by
RMB Australia Holdings Limited
by:

sign here
/s/ M L Schonfeld
   
Authorized Officer
       
Print name
M L Schonfeld
       
Print Title
Director
 

Signed for
Macquarie Bank Limited
By its Attorneys

sign here
/s/ Katie Choi
 
sign here
/s/ Julia Mathison
         
print name
Katie Choi
 
print name
Julia Mathison
           
In the presence of
 
In the presence of
         
sign here
/s/ James K.C. Leung
 
sign here
/s/ Nshaat Murgaie
         
print name
James K.C. Leung
 
print name
Nshaat Murgaie

 
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Acceptance by the Borrower

The Borrower accepts the Agent’s consent for a deferral of the 30 September 2009
and 31 December 2009 Scheduled Repayments and funding of the Debt Service
Reserve Account on the terms and conditions specified in this letter and
acknowledges that each of the Agent and Financiers has executed this letter in
reliance on the Borrower agreeing the above.

Signed for
Apollo Gold Corporation
By its Authorized Signatory:

sign here
      
Print name
      
Print title
  

 
 
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