Document:

EXHIBIT
10.15

     

    BLOCKED
ACCOUNT CONTROL AGREEMENT

    

    U.S. Bank
National Association

    950 17th
Street, 8th Floor

    Denver,
Colorado 80202

    Attention:
Ryan Earnest

    

    Ladies
and Gentlemen:

    

    Please be advised that pursuant to
certain agreements dated February 20, 2009 among Apollo Gold Corporation, a
corporation organized under the laws of the Yukon Territory, Canada ("Company")
and RMB Resources Inc.,
a Delaware corporation (“Security Agent”), as security agent on behalf of
Macquarie Bank Limited and RMB Australia Holdings Limited, Company has granted
to Security Agent a security interest in all rights of the Company with respect
to account numbered 103690231420 (such account, together with all substitutions
and replacements therefor, the "Debt Service Reserve Account") located at U.S.
Bank National Association ("Depositary Bank") and subject to the terms of the
Deposit Agreements (defined below).

    

    1.           Deposit Agreements.  The
terms and conditions of this Agreement are in addition to any deposit account
agreements and other related agreements that Company has with Depositary Bank,
including without limitation all agreements concerning banking products and
services, treasury management documentation, account booklets containing the
terms and conditions of the Debt Service Reserve Account, signature cards, fee
schedules, disclosures, specification sheets and change of terms notices
(collectively, the "Deposit Agreements").  The provisions of this
Agreement shall supersede the provisions of the Deposit Agreements only to the
extent the provisions herein are inconsistent with the Deposit Agreements, and
in all other respects, the Deposit Agreements shall remain in full force and
effect. All items deposited into the Debt Service Reserve Account shall be
processed according to the provisions of the Deposit Agreements, as amended by
this Agreement.

    

    2.           Security
Interest.  Company hereby grants to Security Agent a security
interest in, among other property, the Debt Service Reserve Account and all
credits or proceeds thereto and all monies, checks and other instruments held or
deposited therein (all of which shall be included in the definition of the "Debt
Service Reserve Account").  Company represents and warrants that there
are no perfected liens or encumbrances with respect to the Debt Service Reserve
Account and covenants with Security Agent that it shall not enter into any
acknowledgment or agreement that gives any other person or entity except
Security Agent control over, or any other security interest, lien or title in,
the Debt Service Reserve Account.

    

    3.           Control.  In order
to provide Security Agent with control over the Debt Service Reserve Account,
Company agrees that Depositary Bank may, and Depositary Bank agrees that it
will, comply with any and all orders, notices, requests and other instructions
originated by Security Agent directing disposition of the funds in the Debt
Service Reserve Account without any further consent from Company, even if such
instructions are contrary to any of Company’s instructions or demands or result
in Depositary Bank dishonoring items which may be presented for
payment.  Company agrees that instructions from Security Agent may
include the giving of stop payment orders for any items presented to the Debt
Service Reserve Account, instructions to transfer funds to or for the benefit of
Security Agent or any other person or entity, and instructions to close the Debt
Service Reserve Account.

    
      
         

      

      
        Page 1 of
5

        
          

        

      

      
         

      

    

    4.           Access to Debt Service Reserve
Account.

    

    
      	
               
      

            	
              x

            	
              (a)       
       The Debt Service Reserve Account shall be under the sole dominion
      and control of Security Agent.  Neither Company, nor any other
      person or entity, acting through or under Company, shall have any control
      over the use of, or any right to withdraw any amount from, the Debt
      Service Reserve Account.  Depositary Bank is hereby authorized
      and instructed to transfer all available funds (subject to Depositary
      Bank's funds availability policy) in the Debt Service Reserve Account to
      such account and at such times as Security Agent may direct in writing to
      Depositary Bank.

            

    

    

    
      	
               
      

            	
               ̈

            	
              (b)        
      The Debt Service Reserve Account shall be under the control of Security
      Agent; provided, that
      unless and until Depositary Bank receives Security Agent’s written notice
      that Company’s access to the funds in the Debt Service Reserve Account is
      terminated, Depositary Bank shall honor Company’s instructions, notices
      and directions with respect to the transfer or withdrawal of funds from
      the Debt Service Reserve Account, including paying or transferring the
      funds to Company or any other person or
entity.

            

    

    

    Upon
receipt of a written notice from Security Agent instructing Depositary Bank to
terminate Company's access to funds in the Debt Service Reserve Account,
Depositary Bank shall transfer all available funds (subject to Depositary Bank's
funds availability policy) in the Debt Service Reserve Account in accordance
with Security Agent’s written instructions.

    

    As for
any such written notice sent under this subsection (b) to Depositary Bank,
Depositary Bank shall endeavor to promptly transfer to Security Agent the
available funds as referenced above, but Depositary Bank shall not be obligated
to do so until it provides written confirmation to Security Agent that it
received Security Agent’s notice of direction.

    

    5.           Subordination by Depositary
Bank.  Company and Depositary Bank acknowledge notice of and
recognize Security Agent's continuing security interest in the Debt Service
Reserve Account and in all items deposited in the Debt Service Reserve Account
and in the proceeds thereof. Depositary Bank hereby subordinates all security
interests and any statutory or contractual right or claim of setoff or lien
resulting from any transaction which involves the Debt Service Reserve Account
if Section 4(a) is checked above or upon Depositary Bank's confirmation of
receipt of Security Agent's notice under Section 4(b) if Section 4(b) is checked
above.  Notwithstanding the preceding sentence, in the event any fees
and expenses ("Fees") related to the Debt Service Reserve Account go unpaid or
any checks or other items which were deposited or credited to the Debt Service
Reserve Account are returned, reversed, refunded or charged back for
insufficient funds or for any other reason ("Returned Items"), Depositary Bank
may charge the Debt Service Reserve Account or other accounts of Company
maintained at Depositary Bank.  If there are insufficient funds in the
Debt Service Reserve Account or any of Company's other accounts to cover the
Fees and Returned Items, Company agrees to immediately reimburse Depositary Bank
for the amount of such shortfall.  If Company fails to pay the amount
demanded by Depositary Bank, Security Agent agrees to reimburse Depositary Bank
within three (3) business days of demand thereof by Depositary Bank for any
Returned Items to the extent Security Agent received payment in respect thereof
pursuant to section 4.

    

    6.           Indemnity.  Company
agrees to defend, indemnify and hold Depositary Bank and its directors,
officers, employees, attorneys, successors and assigns (collectively "Depositary
Bank Parties") harmless from and against any and all claims, losses,
liabilities, costs, damages and expenses, including, without limitation,
reasonable legal and accounting fees (collectively, "Claims"), arising out of or
in any way related to this Agreement, excepting only liability arising out of
Depositary Bank's gross negligence or willful misconduct.  Without
regard to Company's indemnification obligations to the Depositary Bank Parties,
Security Agent agrees to: (i) reimburse Depositary Bank for any Returned Items
(the proceeds of which were received by Security Agent) and (ii) defend,
indemnify and hold the Depositary Bank Parties harmless from and against any and
all Claims arising out of Depositary Bank's compliance with Security Agent's
instructions. IN NO EVENT WILL DEPOSITARY BANK BE LIABLE FOR ANY INDIRECT
DAMAGES, LOST PROFITS, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHICH ARISE
OUT OF OR IN CONNECTION WITH THE SERVICES CONTEMPLATED BY THIS AGREEMENT EVEN IF
DEPOSITARY BANK HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH
DAMAGES.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    7.           Depositary's Bank's
Responsibility.  The duties of Depositary Bank are strictly
limited to those set forth in this Agreement and Depositary Bank is not acting
as a fiduciary for any party hereto.  Depositary Bank shall be
protected in relying on any form of instruction or other notice purporting to be
from Security Agent which Depositary Bank, in good faith, believes to be genuine
and what it purports to be.  Depositary Bank shall have no duty to
inquire as to the genuineness, validity, or enforceability of any such
instruction or notice even if Company notifies Depositary Bank that Security
Agent is not legally entitled to originate any such instruction or
notice.  The Debt Service Reserve Account and all actions and
undertakings by Depositary Bank shall be subject to all rules and regulations
relating to the Debt Service Reserve Account and to applicable law.

    

    8.           Termination.  This
Agreement shall not be terminable by Company so long as any obligations of
Company to Security Agent are outstanding and unpaid.  This Agreement
may be terminated by Depositary Bank upon thirty (30) days prior written notice
to all parties; provided, however, that Depositary Bank may terminate this
Agreement immediately in the event Security Agent fails to make payments to
Depositary Bank in accordance with section 5 above.  This Agreement
may be terminated by Security Agent in a writing sent to Depositary Bank in
which Security Agent releases Depositary Bank from any further obligation to
comply with instructions originated by Security Agent with respect to the Debt
Service Reserve Account.  Any available funds remaining in the Debt
Service Reserve Account upon termination or deposited thereafter shall be
transferred in accordance with the provisions of section 4 above after deduction
for any amounts otherwise reimbursable to Depositary Bank or provided
hereunder.  Termination shall not affect the rights and obligations of
any party hereto with respect to any period prior to such
termination.

    

    9.           Legal Process and
Insolvency.  In the event Depositary Bank receives any form of
legal process concerning the Debt Service Reserve Account, including, without
limitation, court orders, levies, garnishments, attachments, and writs of
execution, or in the event Depositary Bank learns of any insolvency proceeding
concerning Company, including, without limitation, bankruptcy, receivership, and
assignment for the benefit of creditors, Depositary Bank will respond to such
legal process or knowledge of insolvency in the normal course or as required by
law.

    

    10.         Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Colorado.  The parties agree that Colorado is the "bank's
jurisdiction" for purposes of the Uniform Commercial Code.

    

    11.         Notices.  Except as
otherwise provided in this Agreement, all notices and other communications
required under this Agreement shall be in writing and may be personally served
or sent by United States Mail or courier or by facsimile, and shall be deemed
given when delivered in person or received by facsimile or upon deposit in the
United States Mail or with such courier within the continental United States at
the address or addresses specified below.  Any party may change its
address for notices hereunder by notice to all other parties given in accordance
with this section 11.

    

    
      	
               
      

            	
              Company:

            	
              Apollo
      Gold Corporation

            

    

    
      	
               
      

            	
              5655
      South Yosemite Street, Suite 200 Greenwood
  Village

            

    

    
      	
               
      

            	
              Colorado,
      80111-3220

            

    

    
      	
               
      

            	
              United
      States of America

            

    

    
      	
               
      

            	
              Attn:  R.
      David Russell

            

    

    
      	
               
      

            	
              Facsimile:  +1
      720 482 0957

            

    

    
      	
               
      

            	
              Telephone:  +1
      720 886 9656

            

    

    
      	
               
      

            	
              E-mail:  auminer01@aol.com

            

    

    

    
      	
               
      

            	
              Security
      Agent:

            	
              RMB
      Resources Inc.

            

    

    
      	
               
      

            	
              143
      Union Boulevard

            

    

    
      	
               
      

            	
              Suite
      900

            

    

    
      	
               
      

            	
              Lakewood,
      Colorado 80228

            

    

    
      	
               
      

            	
              Attn:  Rick
      A. Winters

            

    

    
      	
               
      

            	
              Facsimile:  +1
      303 986 5136

            

    

    
      	
               
      

            	
              Telephone:  +1
      303 986 5135

            

    

    
      	
               
      

            	
              E-mail:
      rick.winters@rmbresources.com

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
      

    

    
      
        	   
        Depositary Bank:	U.S.
      Bank National Association 
	
                 
      

              	
                950
      17th Street, 8th
      Floor

              

      

    

    
      	
               
      

            	
              Denver,
      Colorado 80202

            

    

    
      	
               
      

            	
              Attn:
      Ryan Earnest

            

    

    
      	
               
      

            	
              Facsimile:
      +1 303 585 6935

            

    

    
      	
               
      

            	
              Telephone:
      +1 303 585 4430

            

    

    
      	
               
      

            	
              Email:
      michael.earnest@usbank.com

            

    

    

    12.         Authorization of Security
Agent.    Macquarie Bank Limited and RMB Australia
Holdings Limited appoints and authorizes the Security Agent as its
representative for the purposes of administering on their behalf the
transactions and arrangements contemplated by this Agreement, including the
giving of any notices required to be given under it. The Security Agent accepts
this appointment. Any amendment to this Agreement agreed to by the Security
Agent, or anything done by the Security Agent in relation to this Agreement, is
agreed to by Macquarie Bank Limited and RMB Australia Holdings
Limited.

    

    13.         Miscellaneous.  This
Agreement shall bind and benefit the parties and their respective successors and
assigns.  This Agreement may be amended only with the prior written
consent of all parties hereto.  None of the terms of this Agreement
may be waived except as Depositary Bank may consent thereto in
writing.  No delay on the part of Depositary Bank in exercising any
right, power or privilege hereunder shall operate as a waiver hereof, nor shall
any single or partial exercise of any right, power or privilege hereunder
preclude other or further exercise thereof or the exercise of any right, power
or privilege.  The rights and remedies specified herein are cumulative
and are not exclusive of any rights or remedies which Depositary Bank would
otherwise have.  To the extent a provision of this Agreement is
unenforceable, this Agreement will be construed as if the unenforceable
provision were omitted.

    

    14.         Counterparts. This Agreement
may be executed in any number of counterparts and by the different parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the
same instrument.

    

    15.         Jury Trial
Waiver.  COMPANY, SECURITY AGENT AND DEPOSITARY BANK HEREBY
WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY JUDICIAL PROCEEDING ARISING OUT OF, OR
RELATING TO, THIS AGREEMENT OR SERVICES RENDERED IN CONNECTION WITH THIS
AGREEMENT.

    

    Dated as
of: February 20, 2009

    

    
      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                APOLLO
      GOLD CORPORATION

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Melvyn Williams

              
	 
      	
                Name:  Melvyn
      Williams

              
	 
      	
                Title:
      CFO

              
	 
      	 
      
	 
      	
                SECURITY
      AGENT

              
	 
      	 
      
	 
      	
                By: 

              	
                /s/ Richard A. Winters

              
	 
      	
                Name:
      Richard A. Winters

              
	 
      	
                Title:
      President

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	 
      	
              MACQUARIE
      BANK LIMITED

            
	 
      	 
      
	 
      	
              By
      its attorney: /s/ Gavin Bradley

            
	 
      	
              Name:
      Gavin Bradley

            
	 
      	
              Title:
      Executive Director

            
	 
      	 
      
	 
      	
              and
      its attorney: /s/ Julia Mathison

            
	 
      	
              Name:
      Julie Mathison

            
	 
      	
              Title:  Senior
      Lawyer

            
	 
      	 
      
	 
      	
              in
      the presence of: /s/ Katie Chol

            
	 
      	
              Name:
      Katie Chol

            
	 
      	
              Title:  Division
      Director, Macquarie Bank Limited

            
	 
      	 
      
	 
      	
              RMB
      AUSTRALIA HOLDINGS LIMITED

            
	 
      	 
      
	 
      	
              By:
      /s/ M. Brogan

            
	 
      	
              Name:
      Michael P.C. Brogan

            
	 
      	
              Title:  Director

            
	 
      	 
      
	 
      	
              and
      by: /s/ Gregory Gay

            
	 
      	
              Name:
      Gregory Gay

            
	 
      	
              Title:  Director

            
	 
      	 
      
	
              ACCEPTED:

            	
              U.S.
      BANK NATIONAL ASSOCIATION

            
	 
      	 
      
	 
      	
              By:
      /s/ Bryan Enquest

            
	 
      	
              Name:  Bryan
      Enquest

            
	 
      	
              Title:  Vice
      President, Commercial BankingEXHIBIT 10.17

     

    
      Agreement

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	
                                          Apollo
      Gold Corporation: Black Fox Gold Project

                                        
	 	 
	
                                          Second
      Supplemental

                                          Agreement
      to the Security

                                          Agent
      Agreement

                                        	 
      
	 
      	 
      
	
                                          RMB
      Australia Holdings Limited

                                             

                                          Macquarie
      Bank Limited

                                             

                                          Apollo
      Gold Corporation

                                             

                                          RMB
      Resources Inc.

                                        	 
      
	 	 
	
                                          david.walton@freehills.com

                                        	 
      

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

       

    

        
   

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                MLC Centre Martin Place Sydney NSW 2000 Australia

                                GPO Box 4227 Sydney NSW 2001 Australia

                                     

                                Sydney  Melbourne  Perth  Brisbane  Singapore

                              	
                                Telephone +61 2 9225 5000  Facsimile +61 2 9322 4000

                                www.freehills.com  DX 361 Sydney

                                   

                                Correspondent offices in Hanoi  Ho Chi Minh City  Jakarta

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
  

    Contents

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  	 
      	
                                          Table
      of contents

                                        	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 	 	 	 
	 
      	
                                          The
      agreement

                                        	 
      	
                                          1

                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                          Operative
      part

                                        	 
      	
                                          2

                                        
	 
      	 
      	 
      	 
      	 
      
	
                                          1

                                        	
                                          Definitions
      and interpretation

                                        	 
      	
                                          2

                                        
	 	 	 	 
	 
      	
                                          1.1

                                        	
                                          Agreement
      components

                                        	 
      	
                                          2

                                        
	 
      	
                                          1.2

                                        	
                                          Definitions

                                        	 
      	
                                          2

                                        
	 
      	
                                          1.3

                                        	
                                          Incorporated
      definitions

                                        	 
      	
                                          2

                                        
	 
      	
                                          1.4

                                        	
                                          Incorporated
      provisions

                                        	 
      	
                                          2

                                        
	 
      	 
      	 
      	 
      	 
      
	
                                          2

                                        	
                                          Amendment

                                        	 
      	
                                          2

                                        
	 	 	 	 
	 
      	
                                          2.1

                                        	
                                          Amendment
      to Relevant Document

                                        	 
      	
                                          2

                                        
	 
      	
                                          2.2

                                        	
                                          Amendments
      not to affect validity, rights, obligations

                                        	 
      	
                                          3

                                        
	 
      	
                                          2.3

                                        	
                                          Confirmation

                                        	 
      	
                                          3

                                        
	 
      	 
      	 
      	 
      	 
      
	
                                          3

                                        	
                                          General

                                        	 
      	
                                          3

                                        
	 	 	 	 
	 
      	
                                          3.1

                                        	
                                          Notices

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.2

                                        	
                                          Governing
      law and jurisdiction

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.3

                                        	
                                          Further
      action

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.4

                                        	
                                          Costs
      and expenses

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.5

                                        	
                                          Stamp
      duty

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.6

                                        	
                                          Counterparts

                                        	 
      	
                                          3

                                        
	 
      	
                                          3.7

                                        	
                                          Attorneys

                                        	 
      	
                                          4

                                        
	 
      	
                                          Amended
      and Restated Relevant Document

                                        	 
      	
                                          5

                                        
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                          Signing
      page

                                        	 
      	
                                          6

                                        

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        Contents
1

        
          

        

      

      
        
        

      

    

     

    

     

    The
agreement

    
       

    

    
      
        
          
            
              
                	
                        Second
      Supplemental Agreement to the Security Agent Agreement

                      
	    
      
	 
	
                        Date:
      20 February
2009

                      

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                	
                                                                                        Between
      the parties

                                                                                      	 
      
	 	 
	 	 
	
                                                                                        Initial
      Beneficiaries

                                                                                      	
                                                                                        RMB
      Australia Holdings Limited

                                                                                          
      

                                                                                        ABN
      13 003 201 214 of Level 13, 60 Castlereagh Street, Sydney NSW 2000,
      Australia

                                                                                            

                                                                                        (RMBAH)

                                                                                      
	 	 
	 	 
	 
      	
                                                                                        Macquarie
      Bank Limited

                                                                                            

                                                                                        ABN
      46 008 583 542 of Metals and Energy Capital Division, Level 1, No. 1
      Martin Place, Sydney NSW 2000, Australia

                                                                                           

                                                                                        (Macquarie)

                                                                                      
	 	 
	 	 
	
                                                                                        Initial
      Security

                                                                                        Provider

                                                                                      	
                                                                                        Apollo
      Gold Corporation

                                                                                            

                                                                                        a
      corporation existing under the laws of the Yukon Territory,
      Canada

                                                                                           

                                                                                        of
      5655 South Yosemite Street, Suite 200 Greenwood Village, Colorado
      80111-3220, United States of America

                                                                                           

                                                                                        (Borrower)

                                                                                      
	 	 
	 	 
	
                                                                                        Security
      Agent

                                                                                      	
                                                                                        RMB
      Resources Inc.

                                                                                            

                                                                                        a
      company incorporated under the laws of Delaware, United States of
      America

                                                                                           

                                                                                        of
      Suite 900, 143 Union Boulevard, Lakewood, Colorado 80228, United States of
      America

                                                                                            

                                                                                        (Security
      Agent)

                                                                                      
	 	 
	 	 
	
                                                                                        Background

                                                                                      	
                                                                                        1   
       The
      parties are party to the Relevant Document.

                                                                                             

                                                                                        2   
       The parties wish to amend the Relevant Document in the manner
      set out in this agreement.

                                                                                      
	 	 
	 	 
	
                                                                                        This
      agreement witnesses

                                                                                      	
                                                                                        that
      in consideration of, among other things, the mutual promises contained in
      this agreement, the parties agree as set out in the Operative part of this
      agreement.

                                                                                      
	 	 

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        page
1

        
          

        

      

      
         

      

    

     

    
  

    Operative
part

     

    
      
        
          	
                  1

                	
                  Definitions
      and interpretation

                
	  
      	 
       

        

      

    

     

    
      	
              1.1

            	
              Agreement
      components

            

    

     

    This
agreement includes any schedule.

     

    
      	
              1.2

            	
              Definitions

            

    

     

    The
meanings of the terms used in this document are set out below.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Term

                                                	
                                                  Meaning

                                                
	 	 
	 	 
	
                                                  Effective
      Date

                                                	
                                                  has
      the meaning given to that term in the Novation
  Agreement.

                                                
	 	 
	 	 
	
                                                  Novation
      Agreement

                                                	
                                                  the
      novation agreement between RMBAH, the Borrower and Macquarie dated on or
      about the date of this agreement.

                                                
	 	 
	 	 
	
                                                  Project
      Facility Agreement

                                                	
                                                  the
      facility agreement between the parties to this agreement dated on or about
      the date of this agreement.

                                                
	 	 
	 	 
	
                                                  Relevant
      Document

                                                	
                                                  the
      agreement entitled ‘Security Agent Agreement’ between the parties to this
      agreement dated 10 December 2008, as amended by the ‘First Supplemental
      Agreement to the Security Agent Agreement’ between the parties to this
      agreement dated 6 February 2009.

                                                
	 	 

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      	
              1.3

            	
              Incorporated
      definitions

            

    

     

    A word or
phrase defined in the Relevant Document has the same meaning when used in this
agreement.

     

    
      	
              1.4

            	
              Incorporated
      provisions

            

    

     

    Clauses 1.2
and 1.3 of the Relevant Document apply to this agreement as if set out in full
in this agreement and as if references in those clauses to ‘this agreement’
were to this Supplemental Agreement to the Security Agent
Agreement.

     

    
      
        
          	
                  2

                	
                  Amendment

                
	  
      	   
      

        

      

    

     

    
      	
              2.1

            	
              Amendment
      to Relevant Document

            

    

     

    On and
with effect from the Effective Date, clauses 1.1 and 5.2(b) of the Relevant
Document are amended and restated as set out in Schedule 1.
 

    
      
         

      

      
        page
2

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    

                  	
                    3     General

                  

          

        

      

    

     

    
      	
              2.2

            	
              Amendments
      not to affect validity, rights,
obligations

            

    

     

    
      	
              (a)

            	
              The
      amendments to the Relevant Document referred to in clause 2.1
      do not affect the validity or enforceability of the Relevant Document or
      any other Transaction Document.

            

    

     

    
      	
              (b)

            	
              Nothing
      in this agreement:

            

    

     

    
      
        	
              	
                (1)

              	
                prejudices
      or adversely affects any right, power, authority, discretion or remedy
      arising under the Relevant Document or any other Transaction Document;
      or

              

      

    

     

    
      
        	
              	
                (2)

              	
                discharges,
      releases or otherwise affects any liability or obligation arising under
      the Relevant Document or any other Transaction
  Document.

              

      

    

     

    
      	
              2.3

            	
              Confirmation

            

    

     

    
      	
              (a)

            	
              On
      and with effect from the Effective Date, each party is bound by the
      Relevant Document as amended by this
agreement.

            

    

     

    
      	
              (b)

            	
              Each
      party acknowledges and agrees that this agreement is a ‘Transaction
      Document’ as defined in, and for all purposes under, the Relevant
      Document.

            

    

     

    
      
        
          	
                  3

                	
                  General

                
	  
      	   
      

        

      

    

     

    
      	
              3.1

            	
              Notices

            

    

     

    A notice
given under this agreement must be given in accordance with the Relevant
Document.

     

    
      	
              3.2

            	
              Governing
      law and jurisdiction

            

    

     

    
      	
              (a)

            	
              This
      agreement is governed by the laws of the Province of Ontario and the laws
      of Canada which are applicable in the Province of Ontario, other than any
      laws which would result in the imposition of the laws of another
      jurisdiction.

            

    

     

    
      	
              (b)

            	
              Each
      party irrevocably submits to the non-exclusive jurisdiction of the courts
      of the Province of Ontario.

            

    

     

    
      	
              3.3

            	
              Further
      action

            

    

     

    Each
party must do all things and execute all further documents necessary to give
full effect to this agreement.

     

    
      	
              3.4

            	
              Costs
      and expenses

            

    

     

    The
Borrower must pay all reasonable costs and expenses of the parties to this
agreement in relation to the negotiation, preparation, execution, delivery,
stamping and completion of this agreement.

     

    
      	
              3.5

            	
              Stamp
      duty

            

    

     

    The
Borrower must pay any stamp duty or similar Tax which is payable in connection
with the execution or performance of this agreement.

     

    
      	
              3.6

            	
              Counterparts

            

    

     

    
      	
              (a)

            	
              This
      agreement may be executed in any number of
  counterparts.

            

    

    
      
         

      

      
        page
3

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    

                  	
                    3     General

                  

          

        

      

    

     

    
      	
              (b)

            	
              All
      counterparts, taken together, constitute
    one instrument.

            

    

     

    
      	
              (c)

            	
              A
      party may execute this agreement by signing any
    counterpart.

            

    

     

    
      	
              3.7

            	
              Attorneys

            

    

     

    Each of
the attorneys executing this agreement states that the attorney has no notice of
the revocation of the power of attorney appointing that
attorney.

    
      
         

      

      
        page
4

        
          

        

      

      
         

      

    

     

    

     

    Schedule 1

     

    
      
        
          
            
              
                	
                        Amended
      and Restated Relevant Document

                      
	    
          
      

              

            

          

        

      

    

     

    Clause
1.1

     

    Clause
1.1 of the Relevant Document is amended by deleting the definition of ‘Macquarie
Hedging Agreement’.

     

    Clause
5.2(b)

     

    Clause
5.2(b) of the Relevant Document is amended and restated as follows:

     

    “The
Recovered Moneys available for distribution in or towards payment or repayment
of the Secured Moneys (after payment out of the Recovered Moneys of any amounts
which, under a Security, are required to be paid out of those Recovered Moneys
before any distribution is made in or towards payment or repayment of the
Secured Moneys) must be applied by the Security Agent in accordance with any
written agreement between all of the Beneficiaries at the time that agreement is
made and the Security Agent at that time or, in the absence of any agreement in
the following order of priority:

     

    
      
        	
              	
                (1)

              	
                first,
      in or towards payment of any money due to the Security Agent in its
      capacity as Security Agent under the Transaction Documents;
      and

              

      

    

     

    
      
        	
              	
                (2)

              	
                second,
      in or towards payment or repayment to each Beneficiary of its Share
      (calculated as at the date of the distribution) of the Secured Moneys
      (calculated as at the date of the distribution) until each Beneficiary has
      received its Secured Moneys in
full.”

              

      

    

    
      
         

      

      
        page
5

        
          

        

      

      
         

      

    

     

    

    Signing
page

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	
                                        Executed
      as an agreement

                                      
	 	 
	 	 
	 
      	
                                        Initial
      Beneficiary

                                      
	 	 
	 
      	
                                        Signed
      for

                                        RMB
      Australia Holdings Limited

                                        By

                                      
	 	 
	
                                        sign
    here►

                                      	
                                        /s/
      Michael P.C. Brogan

                                      	 
      
	 
      	
                                        Director

                                      	 
      
	 	 	 
	
                                        print
      name

                                      	
                                         Michael
      P.C. Brogan

                                      	 
      
	 	 	 
	
                                        sign
    here►

                                      	
                                        /s/
      Gregory Gay

                                      	 
      
	 
      	
                                        Director
      / Company Secretary

                                      	 
      
	 	 	 
	
                                        print
      name

                                      	
                                        Gregory
      Gay

                                      	 
      
	 	 	 
	 
      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        page
6

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    

                  	
                    Signing
      page

                  

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	 
      	
                                            Initial
      Beneficiary

                                          
	 	 
	 
      	
                                            Signed
      for

                                            Macquarie
      Bank Limited

                                            by
      its attorneys

                                          
	 	 
	
                                            sign
    here►

                                          	
                                            /s/
      Gavin Bradley

                                          	 
      
	 
      	
                                            Attorney

                                          	 
      
	 	 	 
	
                                            print
      name

                                          	
                                             Gavin
      Bradley

                                          	 
      
	 	 	 
	
                                            sign
    here►

                                          	
                                            /s/
      Margot Branson

                                          	 
      
	 
      	
                                            Attorney

                                          	 
      
	 	 	 
	
                                            print
      name

                                          	
                                             Margot
      Branson

                                          	 
      
	 	 	 
	 
      	
                                            in
      the presence of

                                          	 
      
	 	 	 
	 	
                                            /s/
      Katie Choi

                                          	 
	
                                            sign
    here►

                                          	
                                              
      

                                          	 
      
	 
      	
                                            Witness

                                          	 
      
	 	 	 
	
                                            print
      name

                                          	
                                            Katie
      Choi

                                          	 
      
	 	 	 
	 
      

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              Initial
      Security Provider

                            
	 	 
	 
      	
                              Signed
      for

                              Apollo
      Gold Corporation

                              by
      its authorised signatory

                            
	 	 
	
                              sign
    here►

                            	
                              /s./
      Melvyn Williams

                            	 
      
	 
      	
                              Authorised
      Signatory

                            	 
      
	 	 	 
	
                              print
      name

                            	
                              Melvyn
      Williams

                            	 
      
	 	 	 
	
                              title

                            	
                              Chief
      Executive Officer

                            	 
      
	 	 	 
	 
      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        page
7

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    

                  	
                    Signing
      page

                  

          

        

      

    

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            Security
      Agent

                          
	 	 
	 
      	
                            Signed
      for

                            RMB
      Resources Inc.

                            by
      its authorised signatory

                          
	 	 
	
                            sign
    here►

                          	
                            /s/
      Richard A. Winters

                          	 
      
	 
      	
                            Authorised
      Signatory

                          	 
      
	 	 	 
	
                            print
      name

                          	
                            Richard
      A. Winters

                          	 
      
	 	 	 
	
                            title

                          	
                            President

                          	 
      
	 	 	 
	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        page
8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00161-of-00352.parquet"}]]