Document:

Exhibit 10.15

APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT

                                                    AGREEMENT NO.  ZN 48-2002-08

BETWEEN:

               TECK COMINCO METALS LTD.
               1000 Aldridge Avenue
               Trail, British Columbia
               Canada    V1R 4L8
                  (referred to in this Agreement as "BUYER")

AND:

               APOLLO GOLD INCORPORATED
               P.O. Box 176
               Jefferson City, Montana
               U.S.A.    59638
                  (referred to in this Agreement as "SELLER")

RECITALS:

A.   Seller operates the Montana Tunnels Mine in the State of Montana in the
     United States of America;

B.   Buyer operates a Lead/Zinc Smelter in Trail, British Columbia, Canada.

The parties agree as follows:

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 2.
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1.   DEFINITIONS:
     -----------

     The following definitions are used in this Agreement, unless the context
otherwise requires:

     1.1  "ACCEPTANCE"
               Approved for receipt by the Buyer's Receiving Department.

     1.2  "DATE OF ARRIVAL"
               The date of receipt of the last railcar of a lot at the Buyer's
               works at Trail, British Columbia, Canada.

     1.3  "DOLLARS"($) "CENTS"( )
               Unless otherwise specified, lawful currency of the United States
               of America.

     1.4  "FCA"
               Free Carrier as per ICC Incoterms 2000.

     1.5  "METALS WEEK"
               The McGraw-Hill, Inc. publication known as "Platt's Metals Week"
               published in New York City, U.S.A.

     1.6  "METRIC TON" or "MT" / "WET METRIC TON" OR "WMT" / "DRY METRIC TON" or
          "DMT"
               Equivalent to 2,204.6 pounds avoirdupois or 1,000 kilograms wet
               or dry basis as specifically stated.

     1.7  "OUNCE" or "OZ"
               A troy ounce or 31.1035 grams.

     1.8  "INCOTERMS"
               ICC Incoterms 2000 as published in January 2000 as Publication
               No. 560 by:

               ICC Publishing S.A.
               38, Cours Albert ler
               75008 Paris, France

     1.9  "UNADJUSTED FIRE ASSAY"
               Fire assay unadjusted for slag loss and cupel absorption.

     1.10 "UNIT"
               1% of a metric ton or 22.046 pounds avoirdupois, dry basis.

2.   SUBJECT:
     --------

     2.1  The Seller agrees to sell and the Buyer agrees to buy Zinc
          Concentrates referred to in Article 4, according to the terms and
          conditions of this Agreement.

     2.2  The Seller represents and warrants to the Buyer that it has the right
          to sell and pass title of the Concentrates to be sold to the Buyer.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 3.
--------------------------------------------------------------------------------

3.   DURATION:
     --------

     3.1  This Agreement commences on October 1, 2002 and will remain in effect
          for an initial term until March 31, 2005. Unless then terminated, this
          Agreement will continue in effect thereafter for twelve month periods.
          Absent default, this Agreement may be terminated effective as of the
          end of the initial term or as of April 1 of any subsequent year by
          either party giving notice to the other party before March 31 of any
          year, to take effect April 1 of the following year. The first
          opportunity to cancel this Agreement will be by either party giving
          notice prior to March 31, 2004 to take effect April 1, 2005.

4.   MATERIAL AND QUALITY:
     --------------------

     4.1  MONTANA TUNNELS ZINC CONCENTRATE, referred to in this Agreement as
          Concentrates, produced at Helena, Montana, assaying approximately as
          follows:

          Zn        50.0 - 53.0 %         S          30.0 - 33.0 %
          Pb          1.0 - 3.0 %         Au     0.15 - 0.3 oz/dmt
          Cd             < 0.12 %         As              < 0.02 %
          Ag    5.0 - 15.0 oz/dmt         F                 0.01 %
          Fe          6.5 - 8.0 %         MgO               0.10 %
          SiO2        1.0 - 2.5 %         CaO                0.1 %
          Cu          0.7 - 1.0 %         H2O                8.0 %

     4.2  The Concentrates will otherwise be free of any impurities deleterious
          to the smelting and refining process and be suitable for handling with
          typical concentrate loading and transfer equipment.

     4.3  In the event that the composition of the Concentrates departs
          materially from the typical composition or physical characteristics,
          Seller and Buyer will negotiate in good faith with full disclosure to
          overcome any significant hardship or technical difficulty which either
          Seller or Buyer may suffer as a result.

5.   QUANTITY:
     --------

     5.1  The quantity of Concentrates for this Agreement will be 100% of mine
          production, approximately 40,000 to 45,000 dry metric tons per year.

6.   SHIPMENT:
     --------

     6.1  Shipments will be made evenly by month at approximately 10,000 dry
          metric tons per quarter, unless mutually agreed otherwise.

     6.2  Upon three months notice there will be no deliveries during a
          one-month smelter shutdown. For shutdowns in excess of one month,
          except for reasons of force majeure, Buyer will work with Seller to
          make alternative arrangements for storage and delivery.

     6.3  Railcars will be loaded within railcar load limits. Charges for
          under-loading or over-loading are to the Seller's account.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 4.
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7.   DELIVERY:
     --------

     7.1  The Concentrates will be delivered in bulk, loaded in covered gondola
          railcars, FCA, Helena, Montana, U.S.A.

8.   SETTLEMENT:
     ----------

     8.1  Settlement will be by lot as per Articles 9, 10, 11, 12, 13, and 15,
          using the final assays and the applicable price quotations.

9.   PRICE:   (PER DRY METRIC TON)
     -----

     9.1  Basis:

          The price will be the sum of the payables less the deductions and
          penalties, all fractions pro rata.

     9.2  The following terms are to apply for the period the mine starts back
          in operation until March 31, 2005. Terms for each twelve month period
          following the expiration of the initial period ending March 31, 2005
          are to be concluded prior to the expiration of the previous terms.

     9.3  Payables:

          Zinc:

          Pay for 85% (minimum deduction 8 units) of the contained zinc at the
          average of the Metals Week published monthly price for zinc designated
          as "LME SHG SETTLEMENT" in U.S. dollars per metric ton.

          Silver:

          Based on an Unadjusted Fire Assay, deduct 3.0 troy ounces and pay for
          70% of the balance of the contained silver at the Metals Week
          published monthly price for silver designated as "LONDON SPOT" in U.S.
          cents per troy ounce.

          Gold:

          Based on an Unadjusted Fire Assay, deduct 1 gram and pay for 80% of
          the balance of the contained gold at the Metals Week published monthly
          price for gold designated as "LONDON FINAL" in U.S. dollars per troy
          ounce.

          No other elements will be paid for.

     9.4  Deductions:

          Treatment Charge:

          For the period from the mine start-up until March 31, 2004 the basic
          treatment charge is $195.00.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 5.
--------------------------------------------------------------------------------

          For the period April 1, 2004 through March 31, 2005 the basic
          treatment charge is $200.00.

          Zinc Price:

          The above treatment charges are based on a zinc price of $1,000.00 per
          metric ton and will be:

          a)   Increased by 16 for each $1.00 that the zinc price is greater
               than $1,000.00
          b)   Decreased by 14 for each $1.00 that the zinc price is less than
               $1,000.00.

     9.5  Penalties:

          Iron:

          For each 1% of contained iron greater than 7.5%, increase the basic
          treatment charge by $1.50.

          For each 1% of contained iron less than 6.5%, decrease the basic
          treatment charge by $1.50.

          Silica:

          For each 1% of contained silica greater than 2.5%, increase the basic
          treatment charge $1.50.

          Moisture:

          For each unit of moisture greater than 8%, increase the basic
          treatment charge by $1.00.

     9.6  Penalty indication is based upon the elements for which assays are
          available. In case of other impurities that are deleterious to the
          Buyer's process, the parties will negotiate corresponding penalties in
          good faith.

10.  LOTTING & DATING:
     ----------------

     10.1 Each five consecutive railcars received at the Buyer's works will
          constitute a smelter lot with the exception that a lot may be
          truncated at month-end, in which case a lot may be less than five
          railcars.

11.  QUOTATIONAL PERIOD:
     ------------------

     11.1 The quotational period for metal prices used to determine the
          settlement value of a smelter lot will be those for the second
          calendar month following the Date of Arrival.

12.  PAYMENT:
     -------

     12.1 Basis:

          Buyer will make payment by lot for the Concentrates received as
          follows:

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 6.
--------------------------------------------------------------------------------

     12.2 First Provisional:

          The first provisional payment will be:

          a)   85% of the estimated value of the lot.
          b)   Calculated on the latest available information at the time of
               payment.
          c)   Made 7 calendar days after Date of Arrival or the first business
               day thereafter.

     12.3 Second Provisional:

          a)   In the event that the final settlement information is not
               available within 60 days of the Date of Arrival, a second
               provisional payment for the remaining balance up to 100% of the
               provisional value, will be made at that time by the Buyer.

          (b)  Calculated on the latest information available at the time of
               payment.

     12.4 Final:

          Final settlement invoices will be prepared by the Buyer and payments
          will be made promptly after final weights, assays, and settlement
          quotations are known. Any balance due Buyer or Seller, in accordance
          with final settlement, will be paid promptly.

          Should the balance due not be paid within 30 days of receiving final
          weights, assays, and settlement quotations, then party owed has the
          right to apply interest to the due settlement. Interest will commence
          accruing 3 working days after all final settlement information is
          available to the party owing.

     12.5 Right to Set Off:

          From any settlement resulting in payment due, either party has the
          right to deduct any amounts owed to them by the other party.

     12.6 Method of Payment:

          Payments will be made by electronic fund transfer to the Seller's or
          Buyer's bank account, as advised from time to time.

13.  WEIGHING, SAMPLING, AND MOISTURE DETERMINATION:
     ----------------------------------------------

     13.1 The Concentrates will be weighed, sampled, and moisture will be
          determined upon arrival of the Concentrate at Buyer's works, in
          accordance with established practices and in the customary manner as
          outlined in Appendix A attached. The cost of these operations will be
          for the Buyer's account. Seller will have the right to be represented
          at its own expense. The weights and moistures so determined will be
          final for settlement.

14.  SAMPLING:
     --------

     14.1 The sample of each smelter lot will be divided into four parts as
          follows:

          -    One for the Seller
          -    One for the Buyer

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 7.
--------------------------------------------------------------------------------

          -    One to be set aside for Umpire purposes
          -    One set aside as a reserve.

     14.2 The Seller, Umpire and reserve samples will be sealed with the Buyer's
          seal.  Should the Seller choose to be represented, the Seller may also
          apply its seal.

     14.3 After sampling, the product may be placed in process by the Buyer.

15.  ASSAYING:
     --------

     15.1 From the samples obtained, Buyer and Seller will determine their own
          assays and exchange signed assay certificates by crossing mail on a
          pre-arranged date.

     15.2 The average of the Buyer's and Seller's assays will be final for
          settlement for zinc, silver and gold, unless any of the following
          splitting limits are exceeded:

          Zn         0.40 %           Au     0.01 oz/dmt
          Ag     0.3 oz/dmt

     15.3 In the case of iron and silica the Buyer's assays will be used for
          settlement. The Seller will retain the option to request the exchange
          of these assays. Should this option be exercised by the Seller then
          the following splitting limits will apply:

          Fe         0.50 %           SiO2         0.30%

     15.4 In cases where these limits are exceeded, the Umpire sample will be
          forwarded by the Buyer to the following Umpires who will be instructed
          to provide assays as per Article 9, Pricing. The following Umpires
          will be used in rotation by lot:

          A.H. Knight North America Ltd.  Lakefield Research Limited
          P.O. Box 3504                   Postal Bag 4300, 185 Concession Street
          130 Tradd Street                Lakefield, Ontario
          Spartanburg, S.C.               Canada    K0L 2H0
          U.S.A.   29304-3504

     15.5 If the Umpire result falls between the results of Buyer and Seller, or
          coincides with either, the arithmetic mean of the Umpire assay and the
          party which is nearer to the Umpire assay will be the settlement
          assay. Otherwise, the middle of the three assays will be the
          settlement assay.

     15.6 The cost of the Umpire assay will be for the account of the party
          whose result is furthest from that of the Umpire, but if the Umpire
          assay is the exact mean of the two parties' assays, the cost of the
          Umpire analysis will be borne equally by both parties.

16.  FORCE MAJEURE:
     -------------

     16.1 If either party is prevented from or delayed in the performance of any
          obligation, other than the obligations to make payment, by reason of
          any cause beyond its control, including but not restricted to abnormal
          weather conditions, an act of God, breakdown or destruction of plant
          or equipment, shortage of or inability to secure normal
          transportation, labour difficulties or shortage of labour or
          government acts or regulations, and from which that party cannot

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 8.
--------------------------------------------------------------------------------

          reasonably relieve itself, that party will be excused from performance
          during the continuance of the contingency and will not be liable to
          the other for damages.

     16.2 It is a condition of obtaining relief under Article 16.1 that the
          party claiming relief will:

          a)   give the other party immediate notice of its inability to perform
               and of the cause or causes;

          b)   provide the other party as soon as reasonably possible with
               written particulars of inability; and;

          c)   use all reasonable efforts to remove the cause of prevention or
               delay as soon as possible and resume with the least possible
               delay the performance of its obligations under the Agreement. If
               Buyer gives notice to Seller pursuant to Article 16.2, then, by
               reasonable notice to Buyer, Seller may elect to sell the affected
               tonnage in question to a third party or parties selected by
               Seller. In such event the quantity affected will be deducted from
               the amount to be shipped and sold during that year, provided
               however, that at any time prior to the date of the exercise of
               that election by Seller, Buyer may notify Seller either:

               i)   that the cause of the prevention or delay has been removed
                    and it will accept delivery of the shipment, or
               ii)  that although the cause stated above has not been removed,
                    it will take delivery at the normal receiving location and
                    pay the provisional invoices as stipulated in Article 12.2.
                    In this latter event, appropriate adjustments will be made
                    when final prices, weights and assays are known.

     16.3 Subject to the foregoing, if any cause of prevention or delay
          continues for more than 90 days after notice has been given by the
          affected party, either party may, by notice to the other party, elect
          to cancel the amount of Concentrate remaining to be sold and purchased
          for the remainder of the current Agreement year, provided that any
          such election will in no way effect the Buyer's obligation to pay for
          Concentrate already shipped.

     16.4 If any cause or causes referred to in Article 16.1 results in planned
          production levels at or shipments from the Seller's source of
          Concentrate or planned production at the Buyer's smelter to be
          reduced, then the party affected may, if it has complied with the
          requirements of Article 16.2, elect to reduce by up to a pro rata
          amount the quantity of Concentrate to be delivered or received under
          this Agreement, and the rights and obligations of the parties for that
          year will be modified to the extent of the reduction.

     16.5 Notwithstanding any other provisions of this Agreement, Seller and
          Buyer will always have the right to curtail or suspend production if
          economic conditions at the time would otherwise produce a financial
          loss to either party. If Seller or Buyer exercise this right, it will
          be treated as if it were a condition of force majeure and the
          provisions of this Article 16 will apply.

     16.6 Force Majeure will not apply to material in transit, nor material for
          which conveyance has been reserved or fixed.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                             PAGE 9.
--------------------------------------------------------------------------------

17.  FAIR PRICING:
     ------------

     17.1 If any of the quotations for payable metals cease to exist or cease to
          be published or should no longer correctly reflect the full market
          value for one or several of these metals, then Buyer and Seller will
          promptly consult together with a view to agreeing upon a new pricing
          basis. The basic objective will be to secure continuity of fair market
          pricing.

18.  TITLE AND RISK:
     --------------

     18.1 Title and risk will pass from the Seller to the Buyer upon loading of
          the Concentrate on conveyance at Helena, Montana, U.S.A.

19.  NOTICES:
     -------

     19.1 All notices, advices, submissions, designations, consents, as well as
          all documents, invoices, etc., for the purpose of administration which
          are required to be made by either party to the other party under this
          Agreement will be in the English language, and will be deemed to be
          properly served if given in writing by letter, fax or e-mail to the
          following addresses:

          Seller:   Apollo Gold Incorporated
                    P.O. Box 176
                    Jefferson City, Montana
                    U.S.A.    59638
                    Fax:  406-933-8373
                    E-Mail:    mglid2002@aol.com

          Buyer:    Teck Cominco Metals Ltd.
                    Attention:   Raw Materials Manager
                    1000 Aldridge Avenue
                    Trail, British Columbia,  Canada  V1R 4L8
                    Tel:   250-364-4333         Fax:  250-364-4371
                    E-Mail:  russ.babcock@teckcominco.com

20.  SUCCESSORS AND ASSIGNS:
     ----------------------

     20.1 This Agreement and all its provisions will be binding and enure to the
          benefit of the successors and assignees of the respective parties.
          Neither party will assign this Agreement without the written consent
          of the other party, such consent not to be unreasonably withheld.

21.  JURISDICTION:
     ------------

     21.1 This Agreement will be construed in accordance with, and the rights of
          the parties will be governed by the laws of the Province of British
          Columbia, Canada.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                            PAGE 10.
--------------------------------------------------------------------------------

22.  ARBITRATION:
     -----------

     22.1 Any controversy or claim arising out of or relating to this Agreement,
          or any alleged breach, will be settled by arbitration in the Province
          of British Columbia under the provisions of the Commercial Arbitration
          Act, and judgement upon the award rendered may be entered in a Court
          of the Province of British Columbia having jurisdiction.

23.  PRIOR AGREEMENTS:
     ----------------

     23.1 This Agreement will constitute the entire Agreement between the
          parties and supersedes all prior Agreements and understandings,
          whether oral or written, in relation to the subject matter and no
          modification, amendment or variation will be effective or binding on
          the parties unless agreed to in writing by them.

The parties, intending to be legally bound, have signed this Agreement which is
in effect on OCTOBER 1, 2002.

                                                        TECK COMINCO METALS LTD.

                                             /s/ A.R. (Russ) Babcock
                                             -----------------------------------
                                                             A.R. (Russ) Babcock

                                             /s/ J.A. (James) Vice
                                             -----------------------------------
                                                               J.A. (James) Vice

                                                        APOLLO GOLD INCORPORATED

                                             /s/ M.L. (Michael) Lee
                                             -----------------------------------
                                                              M.L. (Michael) Lee

                                             /s/ R.L. (Llee) Chapman
                                             -----------------------------------
                                                             R.L. (Llee) Chapman

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS ZINC CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO.  ZN 48-2002-08                                            PAGE 11.
--------------------------------------------------------------------------------

                                   APPENDIX A
                                   ----------

                  MONTANA TUNNELS SAMPLE PREPARATION PROCEDURE
                  --------------------------------------------
                      ZINC CONCENTRATE METAL VALUE SAMPLES
                      ------------------------------------

BUYER SAMPLING AND LOTTING
--------------------------

Samples are removed from each of Montana Tunnels railcars by Buyer's Standard
Operating Procedures to obtain representative material for moisture
determination and assay sample preparation. A bulk sample is collected from each
railcar and held until five consecutive railcars have been received and sampled
at the Buyer's works to constitute a smelter lot, with the exception that a lot
may be truncated at month-end in which case a lot may be less than five
railcars.  A single lot composite sample portion is prepared from the railcar
bulk samples using the weights of the concentrate from each railcar and the
sample moisture content from each railcar to prepare a representative lot sample
on a dry weight basis applying Buyer's Standard Operating Procedures.  The
resulting composite sample for the lot is blended and split using Buyer's
Standard Operating Procedures to provide appropriate amounts of concentrate for
assay sample preparation and reserve samples.

ASSAY SAMPLE PREPARATION
------------------------

Metal value control samples for Montana Tunnels Zinc Concentrates will be
prepared by the Buyer in a manner that will provide a representative increment
of the whole material in which the metallic particle fractions of the sample
have not been altered by the sample preparation process.  Control sample
portions are prepared from each of Montana Tunnels' lot composite samples using
Buyer's Standard Operating procedures for sample increment division and material
blending methods with the following exceptions.

1.   Physical separation of oversize metallic fractions with screens or other
     ------------------------------------------------------------------------
     coarse particle concentrating methods is not permitted in the sample
     --------------------------------------------------------------------
     preparation process.
     -------------------

2.   Comminution of Montana Tunnels' Zinc Concentrates by mechanized grinding or
     ---------------------------------------------------------------------------
     by hand grinding of either a portion of the whole amount of the sample is
     -------------------------------------------------------------------------
     not permitted.
     -------------

Screens of larger mesh size (>400 micron) can be used only to break up sample
lumps and blend samples by passing the entire sample material through the mesh.
Final blending and increment division of a sample into necessary pulp sacks for
assay and reserve samples is accomplished using Buyer's Standard Operating
Procedures.

<PAGE>Exhibit 10.16

APOLLO GOLD INC.
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT

                                                     AGREEMENT NO. PB 48 2002-15

BETWEEN:

               TECK COMINCO METALS LTD.
               1000 Aldridge Avenue
               Trail, British Columbia
               Canada    V1R 4L8
                  (referred to in this Agreement as "BUYER")

AND:

               APOLLO GOLD INCORPORATED
               P.O. Box 176
               Jefferson City, Montana
               U.S.A.    59638
                  (referred to in this Agreement as "SELLER")

RECITALS:

A.   Seller operates the Montana Tunnels Mine in the State of Montana in the
     United States of America;

B.   Buyer operates a Lead/Zinc Smelter in Trail, British Columbia, Canada;

The parties agree as follows:

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 2.
--------------------------------------------------------------------------------

1.   DEFINITIONS:
     -----------

     The following definitions are used in this Agreement, unless the context
     otherwise requires:

     1.1  "ACCEPTANCE"
               Approved for receipt by the Buyer's Receiving Department.

     1.2  "DATE OF ARRIVAL"
               The date of receipt of the last railcar of a lot at the Buyer's
               works at Trail, British Columbia, Canada.

     1.3  "DOLLARS" ($) "CENTS" ( )
               Unless otherwise specified, lawful currency of the United States
               of America.

     1.4  "FCA"
               Free Carrier as per ICC Incoterms 2000.

     1.5  "METALS WEEK"
               The McGraw-Hill, Inc. publication known as "Platts Metals Week"
               published in New York City, U.S.A.

     1.6  "METRIC TON" or "MT" / "WET METRIC TON" OR "WMT" / "DRY METRIC TON" or
          "DMT"
               Equivalent to 2,204.6 pounds avoirdupois or 1,000 kilograms wet
               or dry basis as specifically stated.

     1.7  "OUNCE" or "OZ"
               A troy ounce or 31.1035 grams.

     1.8  "PPM"
               Parts per million.

     1.9  "INCOTERMS"
               ICC Incoterms 2000 as published in January 2000 as Publication
               No. 560 by:

               ICC  Publishing  S.A.
               38,  Cours  Albert  ler
               75008  Paris,  France

     1.10 "UNIT"
               1% of a metric ton or 22.046 pounds avoirdupois, dry basis.

2.   SUBJECT:
     -------

     2.1  The Seller agrees to sell and the Buyer agrees to buy Lead
          Concentrates referred to in Article 4, according to the terms and
          conditions of this Agreement

     2.2  The Seller represents and warrants to the Buyer that it has the right
          to sell and pass title of the Concentrates to be sold to the Buyer.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 3.
--------------------------------------------------------------------------------

3.   DURATION:
     --------

     3.1  This Agreement commences on October 1, 2002 and will remain in effect
          for an initial term until March 31, 2005. Unless then terminated, this
          Agreement will continue in effect thereafter for twelve month periods.
          Absent default, this Agreement may be terminated effective as of the
          end of the initial term or as of April 1 of any subsequent year by
          either party giving notice to the other party before March 31 of any
          year, to take effect April 1 of the following year. The first
          opportunity to cancel this Agreement will be by either party giving
          notice prior to March 31, 2004 to take effect April 1, 2005.

4.   MATERIAL AND QUALITY:
     --------------------

     4.1  MONTANA TUNNELS LEAD CONCENTRATE, referred to in this Agreement as
          Concentrates, assaying approximately as follows:

          Ag       20 - 40 oz/dmt        Fe         10 - 12 %
          Au     2.5 - 3.5 oz/dmt        S          23 - 26 %
          Cu          1.2 - 1.5 %        SiO2     2.5 - 3.5 %
          As              < 0.1 %        Zn           6 - 8 %
          Pb            46 - 50 %        Sb           < 0.1 %

     4.2  The Concentrates will otherwise be free of any impurities deleterious
          to the smelting and refining process and be suitable for handling with
          typical concentrate loading and transfer equipment.

     4.3  In the event that the composition of the Concentrates departs
          materially from the typical composition or physical characteristics,
          Seller and Buyer will negotiate in good faith with full disclosure to
          overcome any significant hardship or technical difficulty which either
          Seller or Buyer may suffer as a result.

5.   QUANTITY:
     --------

     5.1  The quantity of Concentrates for this Agreement will be 100% of mine
          production, approximately 17,000 dry metric tons per year.

6.   SHIPMENT:
     --------

     6.1  Unless mutually agreed otherwise, shipments will be made as evenly as
          possible throughout the year:

     6.2  Upon three months notice there will be no deliveries to be made during
          a one-month smelter shutdown. For shutdowns in excess of one month,
          except for reasons for force majeure, Buyer will work with Seller to
          make alternative arrangements for storage and delivery.

     6.3  Railcars will be loaded within railcar load limits, charges for
          under-loading and over-loading are to the Seller's account.

7.   DELIVERY:
     --------

     7.1  The Concentrates will be delivered in bulk, loaded in covered gondola
          railcars, FCA, Helena, Montana, USA.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 4.
--------------------------------------------------------------------------------

8.   SETTLEMENT:
     ----------

     8.1  Settlement will be by smelter lot as per Articles 9, 10, 11, 12, 13,
          and 15.

9.   PRICE:   (PER DRY METRIC TON)
     -----

     9.1  Basis:

          The price will be the sum of the payables less the deductions and
          penalties, all fractions pro rata.

     9.2  The following terms are to apply for the period the mine starts back
          in operation until March 31, 2005. Terms for each twelve month period
          following the expiration of the initial period ending March 31, 2005
          are to be concluded prior to the expiration of the previous terms.

     9.3  Payables:

          Lead:

          Pay for 95% (minimum deduction 3.0 units) of the contained lead at the
          average of the Metals Week published monthly price for lead designated
          as "LME SETTLEMENT" in U.S. dollars per metric ton.

          Silver:

          Pay for 95.5% (minimum deduction 1.61 troy ounces) of the contained
          silver, at the Metals Week published monthly price for silver
          designated as "LONDON SPOT" in U.S. cents per troy ounce, less a
          refining charge of 30 per payable troy ounce.

          Gold:

          Pay for 95.5% of the contained gold, at the Metals Week published
          monthly price for gold designated as "LONDON FINAL" in U.S. dollars
          per troy ounce, less a refining charge of $6.00 per payable troy
          ounce.

          No other elements will be paid for.

     9.4  Deductions:

          Treatment Charge:

          The basic treatment charge is $160.00.

          Lead Price:

          The above treatment charge is based on a lead price of $500.00 per
          metric ton and will be:
          a)   Increased by 15.0 U.S. for each $1.00 that the lead price is
               greater than $500.00.
          b)   Decreased by 10.0 U.S. for each $1.00 that the lead price is less
               than $500.00 down to $400.00.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 5.
--------------------------------------------------------------------------------

     9.5  Penalties

          Moisture:

          For each unit of moisture greater than 8%, increase the basic
          treatment charge $1.00.

     9.6  Penalty indication is based upon the elements for which assays are
          available. In case of other impurities that are deleterious to the
          Buyer's process, the parties will negotiate corresponding penalties in
          good faith.

10.  LOTTING:
     -------

     10.1 Each week's receipts will constitute a smelter lot with the exception
          that a lot may be truncated at month-end.

11.  QUOTATIONAL PERIOD:
     ------------------

     11.1 The quotational period for metal prices used to determine the
          settlement value of a smelter lot will be those of the second calendar
          month following Date of Arrival.

12.  PAYMENT:
     -------

     12.1 Basis:

          Buyer will make payment by lot for the Concentrates received as
          follows:

     12.2 First Provisional:

          The first provisional payment will be:

          a)   85% of the estimated value of the lot.
          b)   Calculated on the latest available information at the time of
               payment.
          c)   Made 7 calendar days after Date of Arrival, or the first business
               day thereafter.

     12.3 Second Provisional:

          a)   In the event that the final settlement information is not
               available within 60 days of the Date of Arrival, a second
               provisional payment for the remaining balance up to 100% of the
               provisional value, will be made at that time by the Buyer.
          b)   Calculated on the latest information available at the time of
               payment.

     12.4 Final:

          Final settlement will be made by the Buyer promptly after final
          weights, assays, and settlement quotations are known. Any balance due
          to the Buyer or the Seller, in accordance with final settlement, will
          be paid promptly.

          Should the balance due not be paid within 30 days of receiving final
          weights, assays, and settlement quotations, then party owed has the
          right to apply interest to the due settlement. Interest will commence
          accruing 3 working days after all final settlement information is
          available to the party owing.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 6.
--------------------------------------------------------------------------------

     12.5 Right to Set Off:

          From any settlement resulting in payment due, either party has the
          right to deduct any amounts owed to them by the other party.

     12.6 Method Of Payment:

          Payments will be made by electronic fund transfer to the Seller's or
          Buyer's bank account, as advised from time to time.

13.  WEIGHING, SAMPLING, AND MOISTURE DETERMINATION:
     ----------------------------------------------

     13.1 The Concentrates will be weighed, sampled, and moisture will be
          determined upon arrival of the Concentrates at the Buyer's works in
          accordance with established practices and in the customary manner as
          outlined in Appendix A attached. The cost of these operations will be
          for the Buyer's account. The Seller will have the right to be
          represented at its own expense. The weights and moistures so
          determined will be final for settlement.

14.  SAMPLING:
     --------

     14.1 The sample of each smelter lot will be divided into four parts as
          follows:

          -    One part for the Seller;
          -    One part for the Buyer;
          -    One part to be set aside for Umpire purposes;
          -    One part to be held in reserve by the Buyer.

     14.2 The Seller, Umpire, and reserve samples will be sealed with the
          Buyer's seal. Should the Seller choose to be represented, the Seller
          may also apply its seal.

     14.3 After sampling, the product may be placed in process by the Buyer.

15.  ASSAYING:
     --------

     15.1 From the samples obtained, Buyer and Seller will determine their own
          assays and exchange signed assay certificates by crossing mail on a
          pre-arranged date.

     15.2 The average of the Buyer's and Seller's assays will be final for
          settlement unless any of the following splitting limits are exceeded:

          Au     0.03 oz/dmt
          Ag      0.5 oz/dmt
          Pb           0.5 %

     15.3 Silver assays will be adjusted for slag and cupel losses.

     15.4 In cases where these limits are exceeded, the Umpire sample will be
          forwarded by the Buyer to the following Umpires who will be instructed
          to provide assays as per Article 9. The following Umpires will be used
          in rotation by lot:

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 7.
--------------------------------------------------------------------------------

          Alfred H. Knight N.A. Ltd.      Lakefield Research Limited
          130 Tradd Street, PO Box 3054   Postal Bag 4300, 185 Concession Street
          Spartanburg, S.C.               Lakefield, ON
          U.S.A.   29304-3504             Canada   K0L 2H0

     15.5 If the Umpire result falls between the results of Buyer and Seller, or
          coincides with either, the arithmetic mean of the Umpire assay and the
          party which is nearer to the Umpire assay will be the settlement
          assay. Otherwise, the middle of the three assays will be the
          settlement assay.

     15.6 The cost of the Umpire assay will be for the account of the party
          whose result is furthest from that of the Umpire, but if the Umpire
          assay is the exact mean of the two parties' assays, the cost of the
          Umpire analysis will be borne equally by both parties.

16.  FORCE MAJEURE:
     -------------

     16.1 If either party is prevented from or delayed in the performance of any
          obligation, other than the obligations to make payment, by reason of
          any cause beyond its control, including but not restricted to abnormal
          weather conditions, an act of God, breakdown or destruction of plant
          or equipment, shortage of or inability to secure normal
          transportation, labour difficulties or shortage of labour or
          government acts or regulations, and from which that party cannot
          reasonably relieve itself, that party will be excused from performance
          during the continuance of the contingency and will not be liable to
          the other for damages.

     16.2 It is a condition of obtaining relief under Article 16.1 that the
          party claiming relief will:

          a)   give the other party immediate notice of its inability to perform
               and of the cause or causes;

          b)   provide the other party as soon as reasonably possible with
               written particulars of inability; and;

          c)   use all reasonable efforts to remove the cause of prevention or
               delay as soon as possible and resume with the least possible
               delay the performance of its obligations under the Agreement. If
               Buyer gives notice to Seller pursuant to Article 16.2, then, by
               reasonable notice to Buyer, Seller may elect to sell the affected
               tonnage in question to a third party or parties selected by
               Seller. In such event the quantity affected will be deducted from
               the amount to be shipped and sold during that year, provided
               however, that at any time prior to the date of the exercise of
               that election by Seller, Buyer may notify Seller either:

               i)   that the cause of the prevention or delay has been removed
                    and it will accept delivery of the shipment, or

               ii)  that although the cause stated above has not been removed,
                    it will take delivery at the normal receiving location and
                    pay the provisional invoices as stipulated in Article 12.2.
                    In this latter event, appropriate adjustments will be made
                    when final prices, weights and assays are known.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 8.
--------------------------------------------------------------------------------

     16.3 Subject to the foregoing, if any cause of prevention or delay
          continues for more than 90 days after notice has been given by the
          affected party, either party may, by notice to the other party, elect
          to cancel the amount of Concentrate remaining to be sold and purchased
          during that calendar year, provided that any such election will in no
          way effect the Buyer's obligation to pay for Concentrate already
          shipped.

     16.4 If any cause or causes referred to in Article 16.1 results in planned
          production levels at or shipments from the Seller's source of
          Concentrate or planned production at the Buyer's smelter to be
          reduced, then the party affected may, if it has complied with the
          requirements of Article 16.2, elect to reduce by up to a pro rata
          amount the quantity of Concentrate to be delivered or received under
          this Agreement, and the rights and obligations of the parties for that
          year will be modified to the extent of the reduction.

     16.5 Notwithstanding any other provisions of this Agreement, Seller and
          Buyer will always have the right to curtail or suspend production if
          economic conditions at the time would otherwise produce a financial
          loss to either party. If Seller or Buyer exercise this right, it will
          be treated as if it were a condition of force majeure and the
          provisions of this Article 16 will apply.

     16.6 Force Majeure will not apply to material in transit, nor material for
          which conveyance has been reserved or fixed.

17.  FAIR PRICING:
     ------------

     17.1 If any of the quotations for payable metals cease to exist or cease to
          be published or should no longer correctly reflect the full market
          value for one or several of these metals, then Buyer and Seller will
          promptly consult together with a view to agreeing upon a new pricing
          basis. The basic objective will be to secure continuity of fair market
          pricing.

18.  TITLE AND RISK:
     --------------

     18.1 Title and risk will pass from the Seller to the Buyer upon loading of
          the Concentrate on conveyance at Helena, Montana, U.S.A.

19.  NOTICES:
     -------

     19.1 All notices, advices, submissions, designations, consents, as well as
          all documents, invoices, etc., for the purpose of administration which
          are required to be made by either party to the other party under this
          Agreement will be in the English language, and will be deemed to be
          properly served if given in writing by letter, fax, or e-mail to the
          following addresses:

          Seller:   Apollo Gold Incorporated
                    P.O. Box 176
                    Jefferson City, Montana
                    U.S.A.   59638
                    Fax:  406-933-8373
                    Fax:  509-838-8317
                    E-Mail:  mglid2002@aol.com

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                              PAGE 9.
--------------------------------------------------------------------------------

          Buyer:    Teck Cominco Metals Ltd.
                    Attention:   Raw Materials Manager
                    1000 Aldridge Avenue
                    Trail, British Columbia,  Canada  V1R 4L8
                    Tel:     250-364-4333
                    Fax:     250-364-4371
                    E-Mail:  russ.babcock@teckcominco.com

20.  SUCCESSORS AND ASSIGNS:
     ----------------------

     20.1 This Agreement and all its provisions will be binding and enure to the
          benefit of the successors and assignees of the respective parties.
          Neither party will assign this Agreement without the written consent
          of the other party, such consent not to be unreasonably withheld.

21.  JURISDICTION:
     ------------

     21.1 This Agreement will be construed in accordance with, and the rights of
          the parties will be governed by the laws of the Province of British
          Columbia, Canada.

22.  ARBITRATION:
     -----------

     22.1 Any controversy or claim arising out of or relating to this Agreement,
          or any alleged breach, will be settled by arbitration in the Province
          of British Columbia under the provisions of the Commercial Arbitration
          Act, and judgement upon the award rendered may be entered in a Court
          of the Province of British Columbia having jurisdiction.

23.  PRIOR AGREEMENTS:
     ----------------

     23.1 This Agreement will constitute the entire Agreement between the
          parties and supersedes all prior Agreements and understandings,
          whether oral or written, in relation to the subject matter and no
          modification, amendment or variation will be effective or binding on
          the parties unless agreed to in writing by them.

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                             PAGE 10.
--------------------------------------------------------------------------------

The parties, intending to be legally bound, have signed this Agreement which is
in effect on OCTOBER 1, 2002.

                                                        TECK COMINCO METALS LTD.

                                            /s/  A.R. (Russ) Babcock
                                            ------------------------------------
                                                             A.R. (Russ) Babcock

                                            /s/  J.A. (James) Vice
                                            ------------------------------------
                                                               J.A. (James) Vice

                                                        APOLLO GOLD INCORPORATED

                                            /s/  M.G. (Michael) Lee
                                            ------------------------------------
                                                              M.G. (Michael) Lee

                                            /s/  R.L. (Llee) Chapman
                                            ------------------------------------
                                                             R.L. (Llee) Chapman

<PAGE>
TECK COMINCO METALS LTD.  /  APOLLO GOLD INCORPORATED
MONTANA TUNNELS LEAD CONCENTRATE AGREEMENT                       OCTOBER 1, 2002
AGREEMENT NO. PB 48-2002-15                                             PAGE 11.
--------------------------------------------------------------------------------

                                   APPENDIX A
                                   ----------

                  MONTANA TUNNELS SAMPLE PREPARATION PROCEDURE
                  --------------------------------------------
                      LEAD CONCENTRATE METAL VALUE SAMPLES
                      ------------------------------------

BUYER SAMPLING AND LOTTING
--------------------------

Samples are removed from each of Montana Tunnels railcars by Buyer's Standard
Operating Procedures to obtain representative material for moisture
determination and assay sample preparation. A bulk sample is collected from each
railcar and held until each week's receipts of railcars have been received and
sampled at the Buyer's works to constitute a smelter lot, with the exception
that a lot may be truncated at month-end.  A single lot composite sample portion
is prepared from the railcar bulk samples using the weights of the concentrate
from each rail car and the sample moisture content from each railcar to prepare
a representative lot sample on a dry weight basis applying Buyer's Standard
Operating Procedures.  The resulting composite sample for the lot is blended and
split to provide appropriate amounts of concentrate for assay sample preparation
and reserve samples.

ASSAY SAMPLE PREPARATION
------------------------

Metal value control samples for Montana Tunnels Lead Concentrates will be
prepared by the Buyer in a manner that will provide a representative increment
of the whole material in which the metallic particle fractions of the sample
have not been altered by the sample preparation process.  Control sample
portions are prepared from each of Montana Tunnels' lot composite samples using
Buyer's Standard Operating procedures for sample increment division and material
blending methods with the following exceptions.

1.   Physical separation of oversize metallic fractions with screens or other
     ------------------------------------------------------------------------
     coarse particle concentrating methods is not permitted in the sample
     --------------------------------------------------------------------
     preparation process.
     -------------------

2.   Comminution of Montana Tunnels' Lead Concentrates by mechanized grinding or
     ---------------------------------------------------------------------------
     by hand grinding of either a portion of the whole amount of the sample is
     -------------------------------------------------------------------------
     not permitted.
     -------------

Screens of larger mesh size (>400 micron) can be used only to break up sample
lumps and blend samples by passing the entire sample material through the mesh.
Final blending and increment division of a sample into necessary pulp sacks for
assay and reserve samples is accomplished using Buyer's Standard Operating
Procedures.

<PAGE>

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