Document:

EXHIBIT
10.10

     

    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 December 10, 2008 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 103690226313 (such account, together with all substitutions
and replacements therefor, the "Deposit Accounts") 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 Deposit Accounts,
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 Deposit Accounts
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 Deposit Accounts 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 "Deposit
Accounts").  Company represents and warrants that there are no
perfected liens or encumbrances with respect to the Deposit Accounts 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 Deposit
Accounts.

    

    3.           Control.  In order
to provide Security Agent with control over the Deposit Accounts, 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 Deposit Accounts
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 Deposit Accounts, instructions to transfer
funds to or for the benefit of Security Agent or any other person or entity, and
instructions to close the Deposit Accounts.

    
      
         

      

      
        Page 1 of
5

        
          

        

      

      
         

      

    

    4.           Access to Deposit
Accounts.

    

    
      	
               

            	
              x 

            	
              (a)          The
      Deposit Accounts 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 Deposit
      Accounts.  Depositary Bank is hereby authorized and instructed
      to transfer all available funds (subject to Depositary Bank's funds
      availability policy) in the Deposit Accounts to such account and at such
      times as Security Agent may direct in writing to Depositary
      Bank.

            

    

    

    
      	
               

            	
              o 

            	
              (b)          The
      Deposit Accounts 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 Deposit Accounts is terminated,
      Depositary Bank shall honor Company’s instructions, notices and directions
      with respect to the transfer or withdrawal of funds from the Deposit
      Accounts, 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 Deposit Accounts, Depositary Bank
shall transfer all available funds (subject to Depositary Bank's funds
availability policy) in the Deposit Accounts 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 Deposit Accounts
and in all items deposited in the Deposit Accounts 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 Deposit Accounts 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
Deposit Accounts go unpaid or any checks or other items which were deposited or
credited to the Deposit Accounts are returned, reversed, refunded or charged
back for insufficient funds or for any other reason ("Returned Items"),
Depositary Bank may charge the Deposit Accounts or other accounts of Company
maintained at Depositary Bank.  If there are insufficient funds in the
Deposit Accounts 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 Deposit Accounts and all actions and undertakings by
Depositary Bank shall be subject to all rules and regulations relating to the
Deposit Accounts 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
Deposit Accounts.  Any available funds remaining in the Deposit
Accounts 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 Deposit Accounts, 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: December 10, 2008

    

    
      
        
          	 
      	
                  Very
      truly yours,

                
	 
      	 
      
	 
      	
                  APOLLO
      GOLD CORPORATION

                
	 
      	 
      
	 
      	
                  By: 

                	
                  /s/ R. David Russell

                
	 
      	
                  Name:  R.
      David Russell

                
	 
      	
                  Title:
      President & CEO

                
	 
      	 
      
	 
      	
                  SECURITY
      AGENT

                
	 
      	 
      
	 
      	
                  By:

                	
                  /s/ Richard A. Winters

                
	 
      	
                  Name:
      Richard A. Winters

                
	 
      	
                  Title:
      President

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        	 
      	
                MACQUARIE
      BANK LIMITED

              
	 
      	 
      
	 
      	
                By
      its attorney: /s/ John Braham

              
	 
      	
                Name:
      John Braham

              
	 
      	
                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. Schonfeld

              
	 
      	
                Name:
      M. Shonfeld

              
	 
      	
                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
10.13

    
      
        
          
            	
                    

                  	
                     

                    

                     

                  
	
                    DATED:   
       20 FEBRUARY 2009

                  
	 
      
	
                    NOVATION AGREEMENT

                  
	 
	
                    MACQUARIE
      BANK LIMITED

                  
	
                    (THE
      “RETIRING
      PARTY”)

                  
	 
      
	
                    APOLLO
      GOLD CORPORATION

                  
	
                    (THE
      “CONTINUING
      PARTY”)

                  
	 
      
	
                    RMB
      AUSTRALIA HOLDINGS LIMITED

                  
	
                    (THE
      “SUBSTITUTE
      PARTY”)

                  
	 
      
	
                    MACQUARIE
      BANK LIMITED

                  
	
                    No.1
      Martin Place

                  
	
                    Sydney
      NSW 2008

                  
	
                    Australia

                  
	
                    Telephone:
      (02) 8232 3333

                    
                      ©
      Macquarie Bank Limited
2001

                    

                  

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        

      

    

    
      TABLE
OF CONTENTS

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	 	 	 
	
                                                    1.

                                                  	
                                                    DEFINITIONS

                                                  	
                                                    3

                                                  
	 
      	 
      	 
      
	
                                                    2.

                                                  	
                                                    NOVATION

                                                  	
                                                    4

                                                  
	 
      	 
      	 
      
	
                                                    3.

                                                  	
                                                    REPRESENTATIONS
      AND WARRANTIES

                                                  	
                                                    5

                                                  
	 
      	 
      	 
      
	
                                                    4.

                                                  	
                                                    LIABILITY
      FOR COSTS AND STAMP DUTY

                                                  	
                                                    6

                                                  
	 
      	 
      	 
      
	 
      	
                                                    4.1   Liability for
      costs

                                                  	
                                                    6

                                                  
	 
      	
                                                    4.2   Further
    documents

                                                  	
                                                    6

                                                  
	
                                                    5.

                                                  	
                                                    GOVERNING
      LAW, JURY WAIVER, AND SUBMISSION TO JURISDICTION

                                                  	
                                                    6

                                                  
	 
      	 
      	 
      
	
                                                    6.

                                                  	
                                                    COUNTERPARTS

                                                  	
                                                    6

                                                  
	 
      	 
      	 
      
	
                                                    SCHEDULE
      A – ORIGINAL TRANSACTION

                                                  	
                                                    7

                                                  
	 
      	 
      	 
      
	
                                                    SCHEDULE
      B – NOVATED TRANSACTION

                                                  	
                                                    8

                                                  
	 
      	 
      	 
      
	
                                                    SCHEDULE
      C – REMAINING TRANSACTION

                                                  	
                                                    9

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
          

        

         

      

    

    
      
        
          
            	
                    Date:

                  	 
      
	 
      	 
      	 
      
	
                    Between:

                  	
                    1.

                  	
                    MACQUARIE BANK LIMITED (ABN 46
      008 583 542) of No.1 Martin Place, Sydney, NSW, 2000, Australia
      (the “Retiring
      Party” or “MBL”);

                  
	 	 	 
	 
      	
                    2.

                  	
                    RMB AUSTRALIA HOLDINGS
      LIMITED (ABN 13
      003 201 214) of Level 13, 60 Castlereagh Street, Sydney, NSW, 2000
      Australia (the "Substitute Party");
      and

                  
	 	 	 
	 
      	
                    3.

                  	
                    APOLLO GOLD CORPORATION
      incorporated in the Yukon Territory, Canada, of 5655 South Yosemite
      Street, Suite 200 Greenwood Village, Colorado 80111-3220, United States
      (the "Continuing
      Party").

                  

          

        

      

    

    

    
      
        
          
            
              
                	
                        Background:

                      	
                        1.

                      	
                        The
      Retiring Party and the Continuing Party are parties to the transaction
      specified in Schedule A (each an “Original
      Transaction”).

                      
	 	 	 
	 
      	
                        2.

                      	
                        The
      Original Transaction is governed by a long form confirmation incorporating
      the terms of the ISDA 2002 Master Agreement (without the Schedule) between
      the Retiring Party and the Continuing Party, with an effective date of 4
      February 2009 (the “Original Master
      Agreement”).

                      
	 	 	 
	 
      	
                        3.

                      	
                        The
      parties to this Agreement have agreed to a novation of a portion of the
      Original Transaction specified in Schedule B, on the terms set out in this
      Agreement, under which the Retiring Party is to surrender its rights and
      be released and discharged from its obligations under that portion and the
      Substitute Party is to become entitled to equivalent rights and assume
      equivalent obligations for that portion of the Original Transaction (the
      “Novated
      Transaction”).

                      
	 	 	 
	 
      	
                        4.

                      	
                        The
      Retiring Party and Continuing Party will remain as parties to the
      remaining portion of the Original Transaction specified in Schedule C and
      that portion of the Original Transaction will continue to be governed by
      the Original Master Agreement (the “Remaining
      Transaction”).

                      
	 	 	 

              

            

          

        

      

    

    THE
PARTIES AGREE:

    
       

      
        
          	
                  1.

                	
                  DEFINITIONS

                

        

      

       

    

    In this
Agreement:

     

    ‘Conditions Precedent’ means
each of the following:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        

      

       

    

    
      	
               
      

            	
              (a)

            	
              Effective
      Date has occurred;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Second Supplemental Agreement has been signed by all parties to
      it;

            

    

     

    
      	
               
      

            	
              (c)

            	
              FirstRand
      Bank Limited has confirmed to the Retiring Party (in form and substance
      satisfactory to the Retiring Party)
that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              it
      has given notice in writing to the Trust Company Fiduciary Services
      Limited (previously Permanent Trustee Company Limited) under clause 1.2.11
      of the Deed of Guarantee that this Novation Agreement, and all liabilities
      of the Substitute Party to the Retiring Party in respect of or arising out
      of this Novation Agreement, is a contract and arrangement entered into by
      the Substitute Party which is included in the Deed of Guarantee;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Deed of Guarantee is in full force and
effect.

            

    

     

    ‘Additional Termination
Event’, ‘Confirmation’, ‘Event of Default’ and ‘Potential Event of Default’
have the same meaning as in the Original Master Agreement.

     

    ‘Deed of Guarantee’ means the
Deed of Guarantee dated 30 December 1999 between FirstRand Bank Limited, Trust
Company Fiduciary Services Limited (previously Permanent Trustee Company
Limited), RMB Australia Limited and RMB Australia Holdings Limited.

    

    ‘Effective Date’ means the
earlier of:

    
      	
               
      

            	
              (a)

            	
              the
      date of this Agreement; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      date of the Project Facility
Agreement.

            

    

     

    ‘Project Facility Agreement’
means the agreement titled Project Facility Agreement between the Retiring
Party, Substitute Party, Continuing Party and RMB Resources Inc. dated on or
about the date of this Agreement.

     

    ‘New Master Agreement’ means an
ISDA 2002 Master Agreement dated on or around the date of this agreement,
entered into between the Substitute Party and the Continuing Party.

     

    ‘Novation Date’ means the date
of this Agreement.

     

    ‘Second Supplemental Agreement’
means the agreement titled Second Supplemental Agreement to the Security Agent
Agreement between the Retiring Party, Substitute Party, Continuing Party and RMB
Resources Inc. dated on or about the date of this Agreement.

     

    
      
        
          	
                  2.

                	
                  NOVATION

                

        

      

       

    

    Provided
the Conditions Precedent have been satisfied, with effect from and including the
Novation Date:

     

    
      
        
        

      

      
        Page
4

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Retiring Party and the Continuing Party have no further rights against
      each other or obligations to each other in connection with the Novated
      Transaction;

            

    

     

    
      	
               
      

            	
              (b)

            	
              subject
      to clause 2(c):

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Substitute Party has the same rights against, and owes the same
      obligations to, the Continuing Party in connection with the Novated
      Transaction; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Continuing Party has the same rights against, and owes the same
      obligations to, the Substitute Party in connection with the Novated
      Transaction,

            

    

     

    as if the
Substitute Party had been named as a party to that Novated Transaction instead
of the Retiring Party.

     

    In this
clause 2(b) a reference to the “same” rights or obligations
is a reference to rights or obligations which are the same in nature and
character as those rights or obligations rather than the same as to the person
entitled to them or obliged to perform them;

     

    
      	
               
      

            	
              (c)

            	
              the
      Novated Transaction ceases to be governed by the Original Master Agreement
      and instead is deemed to have been and is governed at all times by the New
      Master Agreement (and in this respect each reference to the Original
      Master Agreement in a Confirmation for a Novated Transaction is deemed to
      be a reference to the New Master Agreement);
and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      rights and obligations of the Retiring Party and the Continuing Party with
      respect to the Remaining Transaction will remain for all purposes the same
      as those rights and obligations under the Original
      Transaction.

            

    

     

    
      
        
          	
                  3.

                	
                  REPRESENTATIONS
      AND WARRANTIES

                

        

      

       

    

    Each of
the Retiring Party and the Continuing Party represents and warrants to the other
parties to this Agreement that:

     

    
      	
               
      

            	
              (a)

            	
              no
      event has occurred which constitutes an Event of Default or Potential
      Event of Default with respect to itself and no other circumstance exists
      which would entitle the other party to terminate any of the Novated
      Transactions (other than the Additional Termination Event titled Right to
      Break);

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      terms of each Novated Transaction is accurately recorded in its relevant
      Confirmation and there is no dispute or grounds for future dispute between
      the Retiring Party and the Continuing Party as to the terms of or
      performance of obligations under any of the Novated Transactions;
      and

            

    

     

    
      
        
        

      

      
        Page
5

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    
      	
               
      

            	
              (c)

            	
              it
      has no right of cross-claim or counter-claim against the other party in
      connection with any of the Novated
Transactions.

            

    

     

    
      
        
          	
                  4.

                	
                  LIABILITY
      FOR COSTS AND STAMP DUTY

                

        

      

       

    

    
      	
               
      

            	
              4.1

            	
              Liability
      for costs

            

    

     

    The
Continuing Party will pay all costs, charges and expenses (including, without
limitation, legal expenses and taxes) for each party in entering into this
Agreement.

     

    
      	
               
      

            	
              4.2

            	
              Further
      documents

            

    

     

    Each
party to this Agreement must, at the reasonable request of any other party to
this Agreement, execute and cause its successors to execute documents and do
everything else necessary or appropriate to bind the Substitute Party and the
Continuing Party and their successors under the Transactions in accordance with
the intention expressed in clause 2(b).

     

    
      
        
          	
                  5.

                	
                  GOVERNING
      LAW, JURY WAIVER, AND SUBMISSION TO
JURISDICTION

                

        

      

       

    

    This
Novation Agreement will be governed by the laws of the Province of Ontario,
Canada 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.

    

    Each
party hereby irrevocably waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or
proceeding relating to this Agreement.

    

    Each
party acknowledges that this is a Financier Hedging Agreement (as defined in the
Project Facility Agreement).

     

    
      
        
          	
                  6.

                	
                  COUNTERPARTS

                

        

      

       

    

    This
Agreement may be executed and delivered in counterparts (including by facsimile
transmission), each of which will be deemed an original.  The
counterparts taken together constitute one and the same instrument.

     

    
      
        
        

      

      
        Page
6

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    SCHEDULE
A – ORIGINAL TRANSACTION

     

    
      Particulars
of each Transaction:

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            	
                                                    MBL
      Reference No:

                                                  	 
      	
                                                    BU_1716685

                                                  
	 	 	 
	
                                                    Trade
      Date:

                                                  	 
      	
                                                    02
      FEB 2009

                                                  
	 	 	 
	
                                                    Purchaser
      of Bullion:

                                                  	 
      	
                                                    MBL

                                                  
	 	 	 
	
                                                    Seller
      of Bullion:

                                                  	 
      	
                                                    Counterparty

                                                  
	 	 	 
	
                                                    Bullion:

                                                  	 
      	
                                                    Gold

                                                  
	 	 	 
	
                                                    Number
      of Ounces:

                                                  	 
      	
                                                    240,
      000 Ounces

                                                  
	 	 	 
	
                                                    Contract
      Price:

                                                  	 
      	
                                                    An
      amount determined in accordance with the Additional Terms set out
      below

                                                  
	 	 	 
	
                                                    Starting
      Contract Price:

                                                  	 
      	
                                                    908.00
      USD per Ounce, as adjusted in accordance with the Additional Terms set out
      below

                                                  
	 	 	 
	
                                                    Effective
      Date:

                                                  	 
      	
                                                    04
      FEB  2009, as adjusted in accordance with the Additional Terms
      set out below

                                                  
	 	 	 
	
                                                    Forward
      Rate:

                                                  	 
      	
                                                    -1.00
      %

                                                  
	 	 	 
	
                                                    Next
      Reset Date:

                                                  	 
      	
                                                    02
      MAR 2009

                                                  
	 	 	 
	
                                                    Calculation
      Basis:

                                                  	 
      	
                                                    360

                                                  
	 	 	 
	
                                                    Bullion
      Transaction Settlement Date:

                                                  	 
      	
                                                    02
      MAR 2009

                                                  
	 	 	 
	
                                                    Settlement:

                                                  	 
      	
                                                    Settlement
      by Delivery

                                                  
	 	 	 
	
                                                    Delivery
      location:

                                                  	 
      	
                                                    London

                                                  
	 	 	 
	
                                                    Business
      Day Convention:

                                                  	 
      	
                                                    Modified
      Following

                                                  

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Additional
Terms:

    The
Contract Price will accrue on a daily basis, and will be determined in
accordance with the following formula (where “X” is the day of such
determination):

     

    
      
        
          
            
              
                
                  
                    
                      	
                              Contract
      Price

                              (accrued
      to X)

                            	
                              =

                            	
                              Starting

                              Contract

                              Price

                            	
                              +

                            	
                              (
      Starting

                              (
      Contract

                              (
      Price

                            	
                              x

                            	
                              Forward
      Rate

                              (%)

                            	
                              x

                            	
                              Days from Effective
      Date to X     )

                                          
      Calculation
      Basis             )

                                                                                      
      )

                            

                    

                  

                

              

            

          

        

      

    

     

    On the
Next Reset Date, the Starting Contract Price will be adjusted to be an amount
equal to that day’s Contract Price and the Effective Date will be adjusted to be
the Next Reset Date.

    

    Notwithstanding
the terms of the Transaction, the Seller of Bullion may elect to deliver a
quantity of the Bullion to the Purchaser of Bullion at any time prior to the
Bullion Transaction Settlement Date at the prevailing Contract
Price.

    

    You
acknowledge and agree that MBL may vary any of the Forward Rate, the Next Reset
Date and the Bullion Transaction Settlement Date at any time during the
compounding period (from the Effective Date to and including the Bullion
Transaction Settlement Date).

     

    
      
        
        

      

      
        Page
7

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    SCHEDULE
B – NOVATED TRANSACTION

     

    
      Particulars
of each Transaction:

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  MBL
      Reference No:

                                                	 	
                                                  BU_1716685

                                                
	 	 	 
	
                                                  Trade
      Date:

                                                	 	
                                                  02
      FEB 2009

                                                
	 	 	 
	
                                                  Purchaser
      of Bullion:

                                                	 	
                                                  MBL

                                                
	 	 	 
	
                                                  Seller
      of Bullion:

                                                	 	
                                                  Counterparty

                                                
	 	 	 
	
                                                  Bullion:

                                                	 	
                                                  Gold

                                                
	 	 	 
	
                                                  Number
      of Ounces:

                                                	 	
                                                  80,177.317
      Ounces

                                                
	 	 	 
	
                                                  Contract
      Price:

                                                	 	
                                                  An
      amount determined in accordance with the Additional Terms set out
      below

                                                
	 	 	 
	
                                                  Starting
      Contract Price:

                                                	 	
                                                  908.00
      USD per Ounce, as adjusted in accordance with the Additional Terms set out
      below

                                                
	 	 	 
	
                                                  Effective
      Date:

                                                	 	
                                                  04
      FEB 2009, as adjusted in accordance with the Additional Terms set out
      below

                                                
	 	 	 
	
                                                  Forward
      Rate:

                                                	 	
                                                  -1.00
      %

                                                
	 	 	 
	
                                                  Next
      Reset Date:

                                                	 	
                                                  02
      MAR 2009

                                                
	 	 	 
	
                                                  Calculation
      Basis:

                                                	 	
                                                  360

                                                
	 	 	 
	
                                                  Bullion
      Transaction Settlement Date:

                                                	 	
                                                  02
      MAR 2009

                                                
	 	 	 
	
                                                  Settlement:

                                                	 	
                                                  Settlement
      by Delivery

                                                
	 	 	 
	
                                                  Delivery
      location:

                                                	 	
                                                  London

                                                
	 	 	 
	
                                                  Business
      Day Convention:

                                                	 	
                                                  Modified
      Following

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Additional
Terms:

    The
Contract Price will accrue on a daily basis, and will be determined in
accordance with the following formula (where “X” is the day of such
determination):

     

    
      
        
          
            
              
                
                  
                    
                      	
                              Contract
      Price

                              (accrued
      to X)

                            	
                              =

                            	
                              Starting

                              Contract

                              Price

                            	
                              +

                            	
                              (
      Starting

                              (
      Contract

                              (
      Price

                            	
                              x

                            	
                              Forward
      Rate

                              (%)

                            	
                              x

                            	
                              Days from Effective
      Date to X     )

                                           
      Calculation
      Basis           
      )

                                                                                       
      )

                            

                    

                  

                

              

            

          

        

      

    

     

    On the
Next Reset Date, the Starting Contract Price will be adjusted to be an amount
equal to that day’s Contract Price and the Effective Date will be adjusted to be
the Next Reset Date.

    

    Notwithstanding
the terms of the Transaction, the Seller of Bullion may elect to deliver a
quantity of the Bullion to the Purchaser of Bullion at any time prior to the
Bullion Transaction Settlement Date at the prevailing Contract
Price.

    

    You
acknowledge and agree that MBL may vary any of the Forward Rate, the Next Reset
Date and the Bullion Transaction Settlement Date at any time during the
compounding period (from the Effective Date to and including the Bullion
Transaction Settlement Date).

     

    
      
        
        

      

      
        Page
8

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    SCHEDULE
C – REMAINING TRANSACTION

     

    
      Particulars
of each Transaction:

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  MBL
      Reference No:

                                                	 	
                                                  to
      be advised

                                                
	 	 	 
	
                                                  Trade
      Date:

                                                	 	
                                                  the
      Novation Date

                                                
	 	 	 
	
                                                  Purchaser
      of Bullion:

                                                	 	
                                                  MBL

                                                
	 	 	 
	
                                                  Seller
      of Bullion:

                                                	 	
                                                  Counterparty

                                                
	 	 	 
	
                                                  Bullion:

                                                	 	
                                                  Gold

                                                
	 	 	 
	
                                                  Number
      of Ounces:

                                                	 	
                                                  159,822.683
      Ounces

                                                
	 	 	 
	
                                                  Contract
      Price:

                                                	 	
                                                  An
      amount determined in accordance with the Additional Terms set out
      below

                                                
	 	 	 
	
                                                  Starting
      Contract Price:

                                                	 	
                                                  908.00
      USD per Ounce, as adjusted in accordance with the Additional Terms set out
      below

                                                
	 	 	 
	
                                                  Effective
      Date:

                                                	 	
                                                  04
      FEB  2009, as adjusted in accordance with the Additional Terms
      set out below

                                                
	 	 	 
	
                                                  Forward
      Rate:

                                                	 	
                                                  -1.00
      %

                                                
	 	 	 
	
                                                  Next
      Reset Date:

                                                	 	
                                                  02
      MAR 2009

                                                
	 	 	 
	
                                                  Calculation
      Basis:

                                                	 	
                                                  360

                                                
	 	 	 
	
                                                  Bullion
      Transaction Settlement Date:

                                                	 	
                                                  02
      MAR 2009

                                                
	 	 	 
	
                                                  Settlement:

                                                	 	
                                                  Settlement
      by Delivery

                                                
	 	 	 
	
                                                  Delivery
      location:

                                                	 	
                                                  London

                                                
	 	 	 
	
                                                  Business
      Day Convention:

                                                	 	
                                                  Modified
      Following

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    Additional
Terms:

    The
Contract Price will accrue on a daily basis, and will be determined in
accordance with the following formula (where “X” is the day of such
determination):

     

    
      
        
          
            
              
                
                  
                    	
                            Contract
      Price

                            (accrued
      to X)

                          	
                            =

                          	
                            Starting

                            Contract

                            Price

                          	
                            +

                          	
                            (
      Starting

                            (
      Contract

                            (
      Price

                          	
                            x

                          	
                            Forward
      Rate

                            (%)

                          	
                            x

                          	
                            Days from Effective
      Date to X     )

                                         
      Calculation
      Basis           
      )

                                                                                     
      )

                          

                  

                

              

            

          

        

      

    

     

    On the
Next Reset Date, the Starting Contract Price will be adjusted to be an amount
equal to that day’s Contract Price and the Effective Date will be adjusted to be
the Next Reset Date.

    

    Notwithstanding
the terms of the Transaction, the Seller of Bullion may elect to deliver a
quantity of the Bullion to the Purchaser of Bullion at any time prior to the
Bullion Transaction Settlement Date at the prevailing Contract
Price.

    

    You
acknowledge and agree that MBL may vary any of the Forward Rate, the Next Reset
Date and the Bullion Transaction Settlement Date at any time during the
compounding period (from the Effective Date to and including the Bullion
Transaction Settlement Date).

     

    
      
        
        

      

      
        Page
9

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    Executed
as an agreement

     

    Retiring Party: MACQUARIE BANK
LIMITED

     

    
      
        
          	
                  By:

                	
                  /s/ Gavin Bradley

                	 
      	
                  By:

                	
                  /s/ Margot Branson

                
	 
      	 
      	 
      
	
                  Gavin Bradley

                	 
      	
                  Margot Branson

                
	
                  Name
      of Signatory

                	 
      	
                  Name
      of Signatory

                
	 	 	 
	
                  Executive Director

                	 
      	
                  Assistant Director, Legal Risk
      Management

                
	
                  Title

                	 
      	
                  Title

                

        

      

    

     

    
      
        
        

      

      
        Page
10

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    Continuing
Party:  APOLLO
GOLD CORPORATION

     

    
      
        
          
            
              
                
                  
                    	
                            By:

                          	
                            /s/ Melvyn Williams

                          	 
      	
                            By:

                          	 
      
	 
      	 
      	 
      
	
                            Chief Financial Officer

                          	 
      	 
      
	
                            Name
      of Signatory

                          	 
      	
                            Name
      of Signatory

                          
	 	 	 
	 
      	 
      	 
      
	
                            Title

                          	 
      	
                            Title

                          

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        Page
11

        
          

        

      

      
        
        

      

    

    
      
        

      

    

     

    Substitute Party: RMB AUSTRALIA HOLDINGS
LIMITED

     

    
      
        
          
            
              
                
                  	
                          By:

                        	
                          /s/ Michael P.C. Brogan

                        	 
      	
                          By:

                        	
                          /s/ Gregory Gay

                        
	 
      	 
      	 
      
	
                          Michael P.C. Brogan

                        	 
      	
                          Gregory Gay

                        
	
                          Name
      of Signatory

                        	 
      	
                          Name
      of Signatory

                        
	 	 	 
	
                          Director

                        	 
      	
                          Director

                        
	
                          Title

                        	 
      	
                          Title

                        
	 
      	 
      	 
      

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        Page
12

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"}]]