Document:

THIS EXTENSION AGREEMENT made
as of the December 31, 2009.

    

    AMONG:

    

    BROWNSTONE VENTURES (US) INC.,
a corporation duly incorporated under the laws of the State of
Delaware

    

    (herein
called "Brownstone US ")

    

    -and-

    

    BROWNSTONE VENTURES INC. a
corporation duly incorporated under the laws of the Province of
Ontario

    

    (herein
called (“Brownstone Canada”)

    

    -and-

    

    DEJOUR ENTERPRISES LTD. a
corporation duly incorporated under the laws of British Columbia

    

    (herein
called (‘Dejour Canada”)

    

    -and-

    

    DEJOUR ENERGY (USA)
CORP., a
corporation duly incorporated under the laws of the State of Nevada

    

    (herein
called "Dejour US")

    

    WHEREAS Brownstone US and
Dejour US entered into a Loan Agreement (the “Loan Agreement”) dated June 18th,
2008 in the amount of US$4,000,000 (Four million U.S. dollars 00/100) (the
“Loan;

    

    AND WHEREAS Brownstone US and
Dejour US entered into a Settlement Agreement dated June 22, 2009 (the
“Settlement Agreement”) whereby both parties  agreed to cancel the
Loan Agreement by converting US$2,000,000 (two million U.S. dollars 00/100) to
both common shares of Dejour Canada and share purchase warrants of Dejour Canada
and to amend the terms and conditions of the remaining balance of the loan, in
the amount of US$1,780,000  by amending its  terms and
conditions provisions as specified in the Settlement Agreement;

    

    AND
WHEREAS Brownstone Canada and Dejour Canada extended the due date to November 1,
2010 for the New Loan as defined in the Settlement Agreement;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    AND
WHEREAS Brownstone Canada and Dejour Canada now wish to extend the due date for
the New Loan, once again, to January 1,2011

    

    NOW THEREFORE THIS AGREEMENT
WITNESSETH that in consideration of the premises and for other good and
valuable consideration and the payment of one dollar ($1.00) by each party to
the other, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby covenant and agree each with the other as
follows:

    

    TERMS
OF SETTLEMENT AGREEMENT

    

    
      	
              1.

            	
              The
      principle amount still owing on the New Loan is now CDN $2,070,140(Two
      million, seventy thousand, one hundred and forty) as of December 31,
      2009;

            

    

    

    
      	
              2.

            	
              The
      New Loan amended due of November 1, 2010 is extended to January 1, 2011.
      Dejour Canada may re-pay any amount of the Loan and interest at any time
      prior to the due date without
penalty;

            

    

    

    
      	
              3. 

            	
              All
      of the other terms and conditions of the New Loan shall remain in full
      force and effect during the term of this
  agreement.

            

    

    

    NOTICE

    

    
      	
              3.

            	
              (a)
      Any notice or any other communication which is hereunder required must be
      in writing and transmitted by fax or hand
  delivered:

            

    

    

    to Brownstone Canada and Brownstone
USA:

    

    Brownstone Ventures (US)
Inc.

    The Exchange Tower

    130 King Street West

    Suite 2500

    Toronto, Ontario

    M5X 1A9

    

    Fax:     (416)
941-1090

    

    to Dejour USA:

    

    Dejour Energy (Energy) USA
Corp.

    1401
17th
Street, Suite 300

    Denver,
CO. 80202.

     

    Fax:     (604)
638-5051

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    To Dejour Canada:

    

    Dejour Enterprises Ltd.

    Suite 598-999 Canada Place

    Vancouver BC V6C 3E1

    

    Fax:     (604)
648-5051

    

    or, with
respect to each party, to any other address or fax number that may be designated
by a party by a written notice given to the other party.

    

    (b) the
notices or communications provided for in subparagraph 6(a) above shall be
presumed to have been received the day they are sent, if delivered by hand or if
transmitted by fax during normal business hours; failing this, the fax
transmission shall be deemed to have been received the next business day in the
jurisdiction of the recipient.

    

    GENERAL

    

    
      	
              4.

            	
              The
      headings of the paragraphs of this Agreement are inserted for convenience
      of reference only and shall not affect the meaning or construction
      hereof.

            

    

    

    
      	
              5.

            	
              Words
      referring to one gender shall include reference to any other
      gender.

            

    

    

    
      	
              6.

            	
              The
      parties to this Agreement undertake to execute, at any time, any deed, and
      thing or document necessary or required to give full effect to this
      Agreement.

            

    

    

    
      	
              7.

            	
              No
      modification or amendments to this Agreement shall be valid and binding
      unless set forth in writing and duly executed by all parties hereto and no
      waiver of any breach of any term or provision of this Agreement shall be
      effective or binding unless made in writing and signed by the party
      purporting to give same and, unless otherwise provided, shall be limited
      to the specific breach waived.

            

    

    

    
      	
              8.

            	
              Time
      is of the essence in this
Agreement.

            

    

    

    
      	
              9.

            	
              This
      Agreement shall be construed in accordance with the laws of the Province
      of British Columbia.

            

    

    

    
      	
              10.

            	
              This
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted
    assigns.

            

    

    

    
      	
              11.

            	
              This
      Agreement may be executed by the parties hereto at different times and in
      different places without the parties hereto being in each other’s
      presence.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement in duplicate on the date first above
written.

    

    
      
        
          
            
              
                	 
      	
                        BROWNSTONE
      VENTURES (US) INC.

                      	 
      
	 
      	 
      	 
      
	 
      	
                        Per:

                      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                        BROWNSTONE
      VENTURES INC.

                      	 
      
	 
      	 
      	 
      
	 
      	
                        Per:

                      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                        DEJOUR
      ENERGY (USA) CORP.

                      	 
      
	 
      	 
      	 
      
	 
      	
                        Per:

                      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                        DEJOUR
      ENTERPRISES LTD.

                      	 
      
	 
      	 
      	 
      
	 
      	
                        Per:Unassociated Document

    EXHIBIT 10.1

    

    SEVERANCE
AGREEMENT, RESIGNATION & MUTUAL RELEASE

     

    This
SEVERANCE AGREEMENT, RESIGNATION AND MUTUAL RELEASE (this “Agreement”) is made by and
among (i) R. David Russell (the “Officer”), and (ii) Apollo
Gold Corporation (the “Parent”) and Apollo Gold, Inc.
(together with the Parent, the “Company”).  The
Company and the Officer are referred to herein collectively as the “Parties” and individually as a
“Party.”

     

    RECITALS

    

    WHEREAS,
pursuant to the terms of the arrangement agreement dated March 31, 2010 between
the Parent, 1526735 Alberta ULC, a wholly owned subsidiary of Parent, and Linear
Gold Corp. (the “Arrangement
Agreement”), it is a condition to Linear Gold Corp.’s. obligation to
complete the Arrangement (as defined in the Arrangement Agreement) that the
Officer resign and be paid all termination and other amounts owed under his
employment agreement dated May 23, 2003, as amended on January 23, 2006, March
18, 2009 and June 18, 2010 (the “Employment Agreement”), as if
the Officer had been terminated without cause thereunder, which amounts may not
exceed approximately $1.7 million (the “Severance
Amount”);

     

    WHEREAS,
this Agreement sets forth below, among other things, the terms and conditions of
(i) the resignation of the Officer, (ii) an amicable settlement and a full
accord and satisfaction of all existing and all potential claims and disputes
between the Officer and the Company and (iii) the payment of the Severance
Amount; and

     

    WHEREAS,
in order to accomplish the foregoing, the Parties are willing to enter into this
Agreement.

     

    NOW
THEREFORE, in consideration of the mutual promises and undertakings contained
herein, the sufficiency of which is acknowledged by the Parties, the Parties to
this Agreement, intending to be legally bound, agree as follows:

     

    TERMS

     

    
      	
              1.

            	
              RESIGNATION

            

    

     

    The
Officer hereby resigns as a director, officer, executive and/or employee, as the
case may be, of the Company and each of its subsidiaries effective on the
Effective Date (as defined in the Arrangement Agreement).

     

    
      	
              2. 

            	
              SEVERANCE
      PAYMENT

            

    

     

    (a)           At
or prior to the Effective Time, the Company hereby agrees to pay the Officer
severance payments in an amount equal to $1,710,000, which amount, subject to
Section 2(b) and subject to payment of COBRA continued health care coverage for
a period of 36 months, represents all amounts owing to the Officer under the
Employment Agreement (including, without limitation, pursuant to Sections 6(e)
and 6(f) thereof), less applicable withholdings and deductions (the “Severance Payment”) and
Officer agrees that no further amounts are owing to him by the Company or any
Affiliate (as defined below) thereof under the Employment Agreement or
otherwise.  The Severance Payment shall be in check form and delivered
to the Officer or direct deposited to an account designated by the Officer at or
prior to the Effective Time.

     

    (b)           Any
stock options granted to the Officer and outstanding as of March 31, 2010 shall
remain exercisable until the earlier to occur of (i) its normally scheduled
expiration date or (ii) the first anniversary following the Effective Date (as
defined in the Arrangement Agreement) (notwithstanding the terms of any option
plan or agreement pursuant to which such options were granted).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              OFFICER
      RELEASE

            

    

     

    (a)           In
consideration of the Severance Payment by the Company to the Officer pursuant to
Section 2 above and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Officer, individually and on
behalf of the Officer’s successors, heirs, subrogees, assigns, principals,
agents, partners, associates, attorneys, and representatives, voluntarily,
knowingly, and intentionally releases, remises, waives, acquits, and discharges
the Company and its predecessors, successors, parents, subsidiaries, Affiliates
(as defined below), and assigns and each of their respective officers,
directors, principals, shareholders, agents, attorneys, insurers,
representatives, and employees, from any and all actions, causes of action,
claims, demands, losses, damages, costs, expenses, judgments, liens,
indebtedness, liabilities, and attorneys’ fees (including, but not limited to
any claims of entitlement for attorneys’ fees under any contract, statute, or
rule of law allowing a prevailing party or plaintiff to recover attorneys’
fees), of every kind and description from the beginning of time through the date
hereof (the “Released
Claims”).  The term “Affiliate” in this Agreement
shall mean, with respect to any Person (as defined in Section 3(d) of this
Agreement), a Person that, directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with
such Person or is an officer, director, holder of 10% or more of the outstanding
equity securities of such Person, or the parent, spouse or lineal descendant of
any of the foregoing.

     

    (b)           The
Released Claims include, but are not limited to, those which arise out of,
relate to, or are based upon: (i) the Officer’s employment with the Company or
any Affiliate thereof or the termination thereof; (ii) statements, acts, or
omissions by the Parties, whether in their individual or representative
capacities; (iii) express or implied agreements between the Parties and claims
under any severance plan (except as provided herein); (iv) any stock or stock
option grant agreement, or plan (except as provided herein); all federal, state,
and municipal statutes, ordinances, and regulations, including, but not limited
to, claims of discrimination based on race, age, sex, disability, whistleblower
status, public policy, or any other characteristic of Officer under the Age
Discrimination in Employment Act, the Older Workers Benefit Protection Act, the
Americans and Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act,
Title VII of the Civil Rights Act of 1964 (as amended), the Family and Medical
Leave Act, the Employee Retirement Income Security of 1974, the Rehabilitation
Act of 1973, the Worker Adjustment and Retraining Notification Act, the
Employment Relations Act of 1999, or any other federal, state, or municipal law
prohibiting discrimination or termination for any reason; (v) state and federal
common law; (vi) his position as a director of the Company or any Affiliate
thereof and (vii) any claim which was or could have been raised by the Officer,
including any claim that this Agreement was fraudulently induced.

     

    (c)           This
Agreement and the Released Claims include claims of every nature and every kind,
whether known or unknown, suspected or unsuspected, past or
present.  The Officer hereby acknowledges that he may hereafter
discover facts different from, or in addition to, those which the Officer now
knows or believes to be true with respect to this Agreement, and the Officer
agrees that this Agreement and the release contained herein shall be and shall
remain effective in all respects, notwithstanding such different or additional
facts or the discovery thereof.

     

    (d)           The
Officer hereby covenants and warrants that the Officer has not assigned or
transferred to any Person any portion of any claims which are released, remised,
waived, acquitted, and discharged in this Section 3.  The term “Person” in this Agreement
shall mean any individual, corporation (including any non-profit corporation),
general partnership, limited partnership, limited liability partnership, limited
liability limited partnership, joint venture, estate, trust, cooperative,
foundation, society, political party, union, company (including any limited
liability company or joint stock company), firm or other enterprise,
association, organization or other entity, and any United States federal, state
or local, or any supra-national or non-U.S., government, political subdivision,
governmental, regulatory or administrative authority, instrumentality, agency
body or commission, self-regulatory organization, court, tribunal or judicial or
arbitral body.

     

    (e)           Notwithstanding
anything contained herein, this Agreement shall not extend to or affect, or
constitute a release of, the Officer’s right to sue, claim against or recover
from the Company and shall not constitute an agreement to refrain from bringing,
taking or maintaining any action against the Company in respect of:

     

    
      	
               

               
      

            	
              i.

            	
              any
      corporate indemnity existing by statute, the Arrangement Agreement,
      contract or pursuant to any of the constating documents of the Company and
      its subsidiaries provided in the Officer’s favor in respect of his having
      acted at any time as a director, officer executive, employee or consultant
      of the Company or any of its subsidiaries or Affiliates;
  or

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              ii.

            	
              the
      Officer’s entitlement to coverage or benefits under any insurance
      maintained for the benefit or protection of the directors and/or officers
      of the Company and its subsidiaries, including without limitation,
      directors’ and officers’ liability insurance obtained in accordance with
      Section 4.6 of the Arrangement
Agreement.

            

    

     

    
      	
              4.

            	
              COMPANY
      RELEASE

            

    

     

    In
consideration of the execution by the Officer (the “Releasee”) of this Agreement
and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Company hereby voluntarily, knowingly, and
intentionally releases, remises, waives, acquits, and discharges the Releasee
and his successors, Affiliates, and assigns and each of their respective
officers, directors, principals, shareholders, agents, attorneys, insurers,
representatives, and employees, from any and all actions, causes of action,
claims, demands, losses, damages, costs, expenses, judgments, liens,
indebtedness, liabilities, and attorneys’ fees (including, but not limited to
any claims of entitlement for attorneys’ fees under any contract, statute, or
rule of law allowing a prevailing party or plaintiff to recover attorneys’
fees), of every kind and description from the beginning of time through the date
hereof.  Without in any way restricting the generality of the
foregoing, this Section 4 shall apply to all manner of actions, causes of
action, claims or demands directly or indirectly related to or arising out of or
in connection with the Company’s relationship with the Releasee as a director,
officer, executive, employee, or consultant, as the case may be, of the Company
and its subsidiaries or the cessation of such relationship or relationships
immediately following the Effective Time. Notwithstanding anything contained
herein, this Agreement shall not extend to or affect, or constitute a release
of, the Company’s right to sue, claim against or recover from the Releasee and
shall not constitute an agreement to refrain from bringing, taking or
maintaining any action against the Releasee in respect of any grossly negligent
conduct or fraudulent or criminal behaviour on the part of the Releasee or from
any claims which the Company is not permitted by applicable law to release the
Releasee.

     

    
      	
              5. 

            	
              NO
      ADMISSION OF LIABILITY; ENFORCEMENT

            

    

     

    The
Parties agree that nothing contained herein, and no action taken by any Party
hereto with regard to this Agreement, shall be construed as an admission by any
Party of liability or of any fact that might give rise to liability for any
purpose whatsoever.  The releases contained herein do not release any
claims for enforcement of the terms, conditions, or warranties contained in this
Agreement.  The Parties shall be free to pursue any remedies available
to them to enforce this Agreement.

     

    
      	
              6. 

            	
              OFFICER’S
      WARRANTIES

            

    

     

    The
Officer warrants and represents as follows:

     

    (a)           The
Officer has read this Agreement and agrees to the conditions and obligations set
forth in this Agreement.

     

    (b)           The
Officer voluntarily executes this Agreement after having been advised by the
Company to consult with independent legal counsel and after having had
opportunity to consult with independent legal counsel and without being
pressured or influenced by any statement or representation or omission of any
Person acting on behalf of the Company, including, without limitation, the
officers, directors, committee members, employees, agents, and attorneys for the
Company.

     

    (c)           The
Officer has no knowledge of the existence of any lawsuit, charge, or proceeding
against the Company or any of its officers, directors, committee members,
employees, or agents arising out of or otherwise connected with any of the
matters herein released.

     

    (d)           The
Officer has full and complete legal capacity to enter into this
Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (e)           In
connection with the Officer’s release of claims under the Age Discrimination in
Employment Act, the Officer has had at least twenty-one (21) days in which to
consider the terms of this Agreement.  In the event that the Officer
executes this Agreement in less time, it is with the full understanding that the
Officer was not pressured by the Company or any of its representatives or agents
to take less time to consider the Agreement.  In such event, the
Officer expressly intends such execution to be a waiver of any right the Officer
had to review this Agreement for a full twenty-one (21) days.

     

    (f)           The
Officer understands that this Agreement waives any claim the Officer may have
under the Age Discrimination in Employment Act.  The Officer may
revoke this waiver for up to seven (7) days following the Officer’s execution of
this Agreement.  If the Officer chooses to revoke such waiver, the
Officer must provide written notice to the Senior Vice President - Finance and
Corporate Development and Chief Financial Officer of the Company by hand
delivery and by facsimile within seven (7) calendar days of the Officer’s
execution of this Agreement.  If Officer does not revoke within the
seven (7) day period, the right to revoke is lost.

     

    (g)           The
Officer admits, acknowledges, and agrees that he has been fully and finally paid
or provided all wages, compensation, bonuses, stock, stock options, or other
benefits from the Company, its Affiliates and predecessors which are or could be
due to him under the terms of his Employment Agreement, the Arrangement
Agreement or otherwise.

     

    
      	
              7. 

            	
              CONFIDENTIAL
      INFORMATION

            

    

     

    The Officer shall not use, nor disclose
to any third party, any of the Company’s or its Affiliates’ or predecessors’
business, personnel, or financial information that the Officer learned during
employment with the Company (the “Confidential
Information”).  The Company’s “Confidential Information” shall
include, without limitation, the whole or any portion or phase of any
confidential, proprietary, trade secret, scientific, technical, business, or
financial information, whether pertaining to the Company or its Affiliates or
predecessors, or their clients and customers.  Confidential
Information also shall include but shall not be limited to the following:
designs, methods, strategies, techniques, systems, and processes; software
programs; marketing and business development plans, concepts, or ideas;
know-how; present and prospective customer lists and strategies; supplier lists
and strategies; projects, plans and proposals; technical strategies, concepts,
ideas, or plans; research data, reports, or records; general financial
information about or proprietary to the Company or its Affiliates or
predecessors, including costs, fees, and pricing; personnel or human resources
information; and any and all other trade secrets or proprietary information, and
all concepts or ideas in or reasonably related to the Company’s or its
Affiliates’ or predecessors’ businesses, various products and/or
services.  Confidential Information includes, but is not limited to,
any improvements, modifications, or enhancements thereto, whether or not in
tangible or intangible form, and whether or not subject to copyright or patent
protection.  All such Confidential Information is extremely valuable
and is intended to be kept secret to the Company, its Affiliates and
predecessors, and their customers, is the sole and exclusive property of the
Company, its Affiliates and predecessors, or their customers, and is subject to
the restrictive covenants set forth herein.  Confidential Information
is not limited to information designated or marked as such through use of such
words as “classified,” “confidential” or “restricted.”  The Officer
agrees not to provide or disclose to any Person, firm, or corporation any of the
Company’s Confidential Information.  The Officer hereby expressly
acknowledges that any breach of this Section 7 shall be deemed a material breach
of this Agreement entitling the Company to immediate injunctive relief, damages,
attorneys’ fees and all other remedies available hereunder and under the
law.

     

    
      	
              8. 

            	
              NON-COMPETITION;
      NON-SOLICITATION

            

    

     

    (a)           The
Officer agrees that, beginning on the Effective Date (as defined in the
Arrangement Agreement) and for a period of one (1) year thereafter, the Officer
shall not engage in the following conduct, either directly or indirectly, on the
Officer’s own behalf or on behalf of, or in conjunction with, any Person, unless
otherwise agreed to in advance and in writing by the Company:

     

    
      	
               
      

            	
              i.

            	
              own,
      manage, operate, control, be employed by, participate in, engage in, enter
      into a joint venture or other contractual relationship with, render any
      services for, assist, have any financial interest in or equity ownership
      of (other than any such financial interest or equity ownership existing as
      of the date hereof), permit the Officer’s name to be used in connection
      with, or be connected in any manner with the ownership, management
      (including by being a member of a board of directors or similar governing
      body), operation, or control of Calais Resources Inc., Calais Resources
      Colorado, Inc., or any of their respective Affiliates, successors or
      assigns (collectively, “Calais”); provided, however, that
      the restrictions set forth in this Section 8(a)(i) shall terminate upon
      payment in full to Apollo (including all principal and accrued interest
      and other fees) of the Original Caribou Notes, the Additional Unsecured
      Note and the Congo Note (each as defined in the Purchase Agreement, dated
      February 1, 2010, among Apollo Gold, Inc., Elkhorn Goldfields LLC, Calais
      Resources, Inc. and Calais Resources Colorado, Inc.) and the Promissory
      Note (as defined in the Purchase Agreement, dated March 12, 2010, among
      Apollo, Calais Resources, Inc. and Calais Resources Colorado, Inc. and
      Duane A. Duffy, Glenn E. Duffy, Luke Garvey and James Ober) (the
      Promissory Note, the Original Caribou Notes, the Additional Unsecured Note
      and the Congo Note are collectively referred to herein as the “Notes”);

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    
      	
               
      

            	
              ii.

            	
              own,
      manage, operate, control, enter into a lease, option, joint venture or any
      other contractual relationship with respect to, assist or have any royalty
      or other financial or equity interest in, any property or mineral
      interests located within 10 miles (the “Area of
      Interest”) of the exterior boundaries of any property or mineral
      interests currently owned, leased, optioned, held under any other
      contractual arrangement or otherwise being explored, developed or mined by
      the Company (or any of its Affiliates, successors or assigns, including,
      without limitation, Linear Gold Corp.) (the “Apollo Subject
      Property”) or Calais (the “Calais Subject
      Property” and, together with the Apollo Subject Property, the
      “Subject
      Property”), or be employed by, render any services for, participate
      in, engage in, enter into a joint venture with, permit the Officer’s name
      to be used in connection with, or be connected in any manner with the
      ownership, management (including by being a member of a board of directors
      or similar governing body), operation, or control of any Person owning,
      managing, operating, controlling the Subject Property or any property
      within the Area of Interest; provided, however, that
      the restrictions set forth in this Section 8(a)(ii) with respect to Calais
      Subject Property shall terminate upon payment in full to Apollo (including
      all principal and accrued interest and other fees) of the
      Notes.

            

    

     

    
      	
               
      

            	
              iii.

            	
              hire,
      solicit, induce, recruit or encourage any of the Company’s or any of its
      Affiliate’s employees, consultants or business relations to leave their
      employment or terminate their relationship with the Company or any of its
      Affiliates; or

            

    

     

    
      	
               
      

            	
              iii.

            	
              enter
      into an agreement to do any of the
foregoing.

            

    

     

    (b)           The
Officer acknowledges that the covenants contained in this Section 8, including
those related to duration, geographic scope, and the scope of prohibited
conduct, are reasonable and necessary to protect the legitimate interests of the
Company.  The Officer further acknowledges that he is an executive and
management level employee as referenced in C.R.S. 8-2-113(2)(d) and that
the covenants contained in this Section 8 are necessary to protect, and
reasonably related to the protection of, the Company’s Confidential Information
and trade secrets, to which the Officer has been exposed.

     

    (c)           The
Officer hereby expressly acknowledges that any breach of this Section 8 shall be
deemed a material breach of this Agreement entitling the Company to immediate
injunctive relief, damages, attorneys’ fees and all other remedies available
hereunder and under the law.

     

    
      	
              9. 

            	
              NON-DISPARAGEMENT

            

    

     

    The
Officer agrees not to make to any Person any statement that disparages or
reflects negatively on the Company, their predecessors, successors, parents,
subsidiaries, Affiliates, or assigns or any of their respective officers,
directors, principals, shareholders, agents, attorneys, board members, or
employees, including, but not limited to, statements regarding the Company’s
financial condition, employment practices, or business practices.  The
Officer hereby expressly acknowledges that a breach of this Section 9 shall be
deemed a material breach of this Agreement entitling the Company to immediate
injunctive relief, damages, attorneys’ fees and all other remedies available
hereunder and under the law.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              10. 

            	
              RETURN
      OF PROPERTY AND INFORMATION

            

    

     

    The
Officer represents and warrants that, upon his execution of this Agreement, he
will return to the Company any and all property, documents, software, and files,
including any documents (in any recorded media, such as papers, computer disks,
copies, photographs, maps, transparencies, and microfiche) that relate in any
way to the Company or the Company’s business.  The Officer agrees
that, to the extent that he possesses any files, data, or information relating
in any way to the Company or the Company’s business on any personal computer, he
will either delete those files, data, or information (and will retain no copies
in any form) or allow a representative of the Company to remove such files,
data, or information from his personal computer.  The Officer also
will return any tools, equipment, calling cards, credit cards, access cards or
keys, any keys to any filing cabinets, vehicles, vehicle keys, and all other
property in any form upon execution this Agreement.

     

    
      	
              11. 

            	
              SEVERABILITY

            

    

     

    If any
provision of this Agreement is held illegal, invalid, or unenforceable, such
holding shall not affect any other provisions hereof.  In the event
any provision is held illegal, invalid, or unenforceable, such provision shall
be limited so as to effect the intent of the Parties to the fullest extent
permitted by applicable law.  Any claim by the Officer against the
Company shall not constitute a defense to enforcement by the
Company.

     

    
      	
              12. 

            	
              ENTIRE
      AGREEMENT

            

    

     

    This
Agreement, and the relevant portions of the Arrangement Agreement referenced
herein, constitute the entire agreement between the Parties with respect to the
subject matter contained herein.  This Agreement supersedes any and
all prior oral or written promises or agreements between the Parties, except as
otherwise provided herein.  To the extent of any conflict between the
provisions of the Employment Agreement and this Agreement, the provisions of
this Agreement shall govern. The Officer acknowledges that the Officer has not
relied on any promise, representation, or statement other than those set forth
in this Agreement.  This Agreement cannot be modified except in
writing signed by all Parties.

     

    
      	
              13. 

            	
              VENUE
      AND APPLICABLE LAW

            

    

     

    This
Agreement shall be interpreted and construed in accordance with the laws of the
State of Colorado, without regard to its conflicts of law
provisions.  Venue and jurisdiction shall be in the federal or state
courts in Denver, Colorado.  If a Party is required to initiate an
action in court to enforce this Agreement, the prevailing Party shall be
entitled to its costs and attorneys' fees from the other Party, to the extent
such costs and fees are related to the enforcement of this
Agreement.

     

    
      	
              14. 

            	
              COUNTERPARTS

            

    

     

    This
Agreement may be executed in identical counterparts, which, when considered
together, shall constitute the entire agreement among the Parties.

     

    
      	
              15. 

            	
              MEXICAN
      SUBSIDIARIES

            

    

     

    On or after the date hereof, the
Officer shall take all actions requested by the Company to transfer and convey
any and all shares of capital stock in Minera Sol de Oro S.A. de C.V. and Minera
Sol de Argonautas, S. De R.L. de C.V. held by the Officer to such Persons as the
Company shall direct.

     

    [The
remainder of this page is intentionally left blank]

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the
parties have hereby executed this Agreement effective as of the 24th day of
June, 2010.

     

    
      	
              /s/ R. D. Russell

            	 
      

    

    R. David
Russell

    

    
      	
              STATE
      OF COLORADO

            	
              )

            	 
      	 
	 
      	
              )
      ss.

            	
            	 
	
              COUNTY
      OF DENVER

            	
              )

            	 
      	 

    

    

    The foregoing instrument was
acknowledged before me this 24th day of
June, 2010, by R. David Russell.

    

    Witness my hand and official
seal.

    

    My commission expires
6/26/2014.

     

    
      	
              [SEAL]

            	
              /s/ Susan L. Beeck

            	 
      
	 
      	
              Notary
      Public

            	 
      

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    APOLLO
GOLD CORPORATION

     

    
      	
              /s/ Melvyn Williams

            	 
      
	
              By:

            	
              Melvyn Williams

            	 
      
	
              Title:

            	
              Chief Financial Officer

            	 
      

    

     

    
      	
              STATE
      OF COLORADO

            	
                    
                )

              

            	 
      	 
	 
      	      
              )
      ss.

            	
               

            	 
	
              COUNTY
      OF DENVER

            	
                    
                )

              

            	 
      	 

    

    

    The foregoing instrument was
acknowledged before me this 24th day of
June, 2010, by Melvyn Williams, as Chief Financial Officer for Apollo Gold
Corporation.

    

    Witness my hand and official
seal.

    

    My commission expires
6/26/2014.

     

    
      	
              [SEAL]

            	
              /s/ Susan L. Beeck

            	 
      
	 
      	
              Notary
      Public

            	 
      

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    APOLLO
GOLD, INC.

     

    
      	
              /s/ Melvyn Williams

            	 
      
	
              By:

            	
              Melvyn Williams

            	 
      
	
              Title:

            	
              Chief Financial Officer

            	 
      

    

     

    
      	
              STATE
      OF COLORADO

            	
                    
                )

              

            	 
      	 
	 
      	      
              )
      ss.

            	
               

            	 
	
              COUNTY
      OF DENVER

            	
                    
                )

              

            	 
      	 

    

    

    The foregoing instrument was
acknowledged before me this 24th day of
June, 2010, by Melvyn Williams, as Chief Financial Officer for Apollo Gold,
Inc.

    

    Witness my hand and official
seal.

    

    My commission expires
6/26/2014.

     

    
      	
              [SEAL]

            	
              /s/ Susan L. Beeck

            	 
      
	 
      	
              Notary
      Public

            	 
      

    

    

    
      
        
        

      

      
        9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]