Document:

PURCHASE
AGREEMENT

    

    This
Purchase Agreement (the "Agreement" ") is made this 13th day of March, 2009
between
Gold Crest Mines, Inc. ("Seller") and Frank Duval as an individual or agent for
and on behalf of a company to be formed for the purpose of acquiring the mining
claims the subject of this Agreement ("Purchaser").

    

    WITNESSETH

    

    WHEREAS, Purchaser desires to purchase
and Seller desires to sell all of Seller's rights, title and interest in and to
approximately 46 unpatented federal mill site claims and 185 unpatented federal
lode claims in the Stibnite District of Idaho (the "Claims").

    

    NOW THEREFORE, the parties hereto for
the covenants, representations and undertakings herein set forth below agree as
follows:

    

    1.  Purchaser shall pay
Seller a sum of $50,000 for all of its rights, title and interest in and to the
Claims as follows:

    

    (a).  $25,000 within 10 days
of  execution of this Agreement, and

    

    (b)  $25,000 October 1,
2009.

    

    2.  Seller shall, upon
receipt of payment of $50,000 made by Purchaser, execute a quitclaim deed
conveying all of its rights, title and interests in and to the
Claims.  All fees and expenses related to the conveyance of the
properties will be paid by Purchaser.

    

    3.  Purchaser shall timely
pay the BLM fees required to maintain the claims in good standing for the 2009
assessment year unless Purchaser shall notify Seller in writing, no later than
August 1, 2009, of his intent not to proceed with the purchase of the Claims. If
Purchaser shall give notice of intent not to proceed with the purchase of the
Claims as provided in this paragraph, then the $25,000 initial payment shall be
forfeited.

    

    4.  This Agreement shall be
binding upon and inure to the benefit of the respective parties and their
successors or assigns.

    

    The
parties hereto have executed this Agreement effective as of the date written
above.

    

    
      
        
          
            
              
                
                  	
                          PURCHASER

                        	 	
                          SELLER

                        
	 
      	 	 
      
	 
      	 	 
      
	      
                          /s/
      Frank Duval  

                        	 	
                          /s/
      Matt J. Colbert

                        
	
                          Frank
      Duval

                        	 	
                          Matt
      J. Colbert

                        
	
                           

                        	 	
                          Gold
      Crest Mines, Inc.

                        
	 
      	 	
                          By:
      Its Chief Financial
Officer

                        

                

              

            

          

        

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT
OF

    Option
and Real Property Sales Agreement and

    Option
and Royalty Sales Agreement

    

    This Assignment of that Option and Real
Property Sales Agreement dated January 24, 2008 between JJO,LLC, ("JJO") (an
Idaho limited liability company and personal representative of the Estate of
J.J. Oberbillig), and Gold Crest Mines, Inc. ("Gold Crest") and that Option and
Royalty Sales Agreement dated January 24, 2008 between the Estate of J.J.
Oberbillig and Gold Crest (collectively the "Oberbillig Agreements") is made
this 13th day of March, 2009 between Frank Duval; as an individual or agent for
and on behalf of a company to be formed for the purpose of acquiring the
Oberbillig Agreements the subject of this Assignment, and Gold
Crest.

    

    For
$10.00 and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto covenant and agree as follows:

    

    Gold
Crest hereby assigns all of its rights, title and interests in and to the
Oberbillig Agreements and the mining and millsite claims and royalty interests,
the subject of the Agreements, to Frank Duval.

    

    This
Assignment shall be binding upon and inure to the benefit of the respective
parties and their successors or assigns.

    

    The
parties hereto have executed this Assignment effective as of the date written
above.

    

    
      
        	
                GOLD
      CREST MINES, INC.

              	 
      	
                FRANK
      DUVAL

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                /s/ Matt J. Colbert

              	 
      	
                /s/ Frank Duval

              
	
                Matt
      Colbert

              	 
      	
                Frank
      Duval

              
	
                By:
      Its Chief Financial Officer

              	 
      	 
      

      

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ASSIGNMENT
OF

    

    Mining
Lease and Option to Purchase Agreement

    

    This Assignment of that Mining Lease
and Option to Purchase Agreement between Bradley Mining Co. ("Bradley") and Gold
Crest Mines, Inc. (Gold Crest") dated March 31, 2008 (the "Mining Lease and
Option") is made this 13th day of March, 2009 between Frank Duval; as an
individual or agent for and on behalf of a company to be formed for the purpose
of acquiring the lease and option the subject of this Agreement (Assignee") and
Gold Crest Mines, Inc. ("Assignor").

    

    For
$10.00 and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree to the following:

    

    Assignor
hereby, subject to receipt of Bradley's written consent to such, assigns the
Mining Lease and Option and all of its rights, interests, conditions and terms
thereunder to Frank Duval. At such time as Gold Crest shall be notified in
writing of Bradley's consent to the assignment Gold Crest shall deliver to
Assignee all of the documents that it has in its possession relating to the
properties the subject of the  Mining Lease and Option.

    

    This
Assignment shall be binding upon and inure to the benefit of the respective
parties and their successors or assigns.

    

    The
parties hereto have executed this Assignment effective as of the date written
above.

    

    
      
        	
                ASSIGNOR

              	 
      	
                ASSIGNEE

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                /s/ Matt J. Colbert

              	 
      	
                /s/ Frank Duval

              
	
                Matt
      Colbert

              	 
      	
                Frank
      Duval

              
	
                Gold
      Crest Mines, Inc.

              	 
      	 
      
	
                By:
      It’s Chief Financial OfficerUnassociated Document

     

    EXHIBIT
10.1

    

    AMENDMENT
No. 2 to

    AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

    

    This
Amendment No. 2 (“Second Amendment”) to Amended and Restated Employment
Agreement  dated May 21, 2003 (the “Employment Agreement”) and the
Amendment No. 1 dated January 26, 2006 is entered into as of March 20, 2009 (the
“Effective Date”) by and among Apollo Gold Corporation, a Yukon territory
Corporation (“Parent”), and its wholly-owned subsidiary, Apollo Gold Inc., a
Delaware corporation (jointly and severally with Parent, the “Employer”), and R.
David Russell (“Officer”).

    

    RECITALS

    

    A.           The
Employer wishes to retain the services of Officer, and Employer and Officer wish
to formalize the terms and conditions of all their agreements and
understandings.

    

    B.           Officer’s
continued employment by Employer, the mutual covenants stated in this First
Amendment, and other valuable consideration, the receipt of which are
acknowledged by Officer and Employer, are sufficient consideration for this
Agreement.

    

    AGREEMENT

    

    The parties agree as
follows:

    

    1.           Amendment
to Section 1 (e) Section 1 (e) shall be amended and 1 (e) in its entirety and
replacing it with the following:

    

    (e)
“Change of Control”

    

     means
a change of control of the Corporation (defined as the occurrence, within a
single transaction or series of related transactions occurring within the same
12-month period, of a change in the identity of persons who individually or
collectively hold rights to elect, or to approve the election of, a majority of
the members of the board of directors, including, without limitation,
transactions consisting of one or more sales or other transfers of assets or
equity securities, mergers, consolidations, amalgamations, reorganizations, or
any similar transactions),

    

    2.           Amendment to Section
3(a) Section 3(a) shall be amended and 3(a) in its entirety and replacing
it with the following:

    

     (a)
Base Salary and Discretionary Bonus

    

    Effective
March 20, 2009, the Executive shall be paid a minimum base salary of US $380,000
to be reviewed annually by the Board.  Said salary shall be subject to
all statutory and other deductions and shall be paid bi-monthly, in arrears, by
check or deposit, or such other periodic installments as may be from time to
time agreed.  In addition, the Executive may be entitled to receive a
discretionary performance bonus in such amount, if any, as the Board in its sole
discretion may determine.

    

    3.           Amendment
to Section 6 (f) Section 6 (f) shall be amended and 6 (f) in its entirety and
replacing it with the following:

    

    (e) The Executive’s employment
may be terminated without cause by majority vote of the Board.  In the
event that the Executive’s employment is terminated pursuant to this section
6(f) any stock options granted but not vested shall be deemed to have
immediately vested and the Company shall pay to the Executive 36 months salary,
in compensation for the Executive’s loss of employment, together with a payment
equal to 50% of any bonus entitlement of the Executive for each year in such
three year period and any other compensation (including three years health and
medical coverage) to which the Executive is entitled to receive and the
Executive shall not have the duty to mitigate damages.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Miscellaneous

    

     a.           The
terms and provisions of the Amended and Restated Employment Agreement dated
May  21, 2003 and the Amendment No. 1 dated January 26, 2006 by and
among Apollo Gold Corporation, Apollo Gold, Inc., and Officer shall remain in
full force and effect except as specifically modified by this Second
Amendment.

    

     b.           This
Second Amendment may be executed and delivered by facsimile in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be original and all of which, when taken
together, shall constitute one and the same agreement.

    

     c.           The
Employment Agreement and the First Amendment , as amended by this Second
Amendment sets forth the entire understanding of the parties relating to the
subject matter hereof and thereof and supersedes all prior agreements and
understandings among or between any of the parties relating to the subject
matter hereof.  This Second Amendment may not be amended, modified,
altered or supplemented other than by means of a written instrument duly
executed and delivered on behalf of the parties hereto.

    

     d.           This
Second Amendment shall be governed by and construed in accordance with the laws
of the State of Colorado.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	ACCEPTED
      AND AGREED:	 	 	 	 
	 	 	 	 	APOLLO
      GOLD, INC.	 
	APOLLO
      GOLD CORPORATION 	 	 	 	 
	 	 	 	 	 	 
	By:	
                                    /s/
      Melvyn Williams

                                  	 	By:	
                                    /s/
      Melvyn Williams

                                  	 
	 	
                                    Melvyn
      Williams

                                  	 	 	
                                    Melvyn
      Williams

                                  	 
	 	 	 	 	 	 
	Title:	
                                    Sr. VP &
      CFO   

                                  	 	Title:	
                                    Sr. VP &
      CFO   

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

     

    
      ACCEPTED
AND AGREED:

    

     

    OFFICER:

    
      
        
          	 	 	 	 	 
	
                  /s/
      R. David Russell

                	 	 	
                   

                	 
	
                  R.
      David Russell

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