Document:

EXHIBIT
      10.2

     

    CERTIFICATE
      OF

    AGENTS
      COMPENSATION OPTIONS TO PURCHASE 

    UNITS
      OF

    APOLLO
      GOLD CORPORATION

     

    
      	No.
              CW-2008-002	
              734,517 
                Options

            

    

     

    THIS
      CERTIFIES that, for value received, Blackmont Capital Inc. 181 Bay Street,
      Brookfield Place, Suite 900, Toronto ON M5J 2T3 (the “Agent”),
      is
      the registered holder of 734,517 Agent
      Compensation Options (the “Options”),
      each
      Option entitling the holder, subject to the terms and conditions set forth
      in
      this Certificate, to purchase from Apollo Gold Corporation (the “Company”)
      one
      unit (an “Agent
      Unit”
and
      collectively the “Agent
      Units”),
      with
      each Agent Unit being comprised of one Common Share (as defined below) (an
      “Agent Unit
      Share”)
      and
      one-half of one Common Share purchase warrant (an “Agent
      Unit Warrant”),
      at a
      price of CDN.$0.60 per Agent Unit (the "Exercise
      Price")
      any
      time commencing on the date hereof and continuing up to 5:00 p.m. (Toronto
      time)
      (the “Time
      of Expiry”)
      on
      July 24, 2012 (the “Expiry
      Date”).
      The
      certificate representing the form of the Agent Unit Warrants is attached hereto
      as Schedule “A”. Each whole Agent Unit Warrant is exercisable for one Common
      Share (an “Agent
      Unit Warrant
      Share”)
      any
      time commencing on the date hereof and continuing up to the Time of Expiry
      on
      the Expiry Date on payment of CDN.$0.78 per Agent Unit Warrant Share. The number
      of Agent Units which the Agent is entitled to acquire upon exercise of the
      Options and the Exercise Price are subject to adjustment as hereinafter
      provided.

     

    For
      the
      purposes of this certificate, the term "Common
      Share"
      means a
      common share in the capital of the Company.

     

    
      	
              1.

            	
              Exercise
                of Agent Options

            

    

     

    
      	 	
              (a)

            	
              Notice
                of Exercise.
                The rights evidenced by this Certificate may be exercised by the
                Agent in
                whole or part and in accordance with the provisions hereof by delivery
                of
                a Notice of Exercise in substantially the form attached hereto as
                Schedule
                “B” (the “Notice
                of Exercise”),
                properly completed and executed, together with payment of the Exercise
                Price by certified cheque, bank draft or money order payable to the
                order
                of the Company for the number of Agent Units specified in the Notice
                of
                Exercise at the principal office of the Company, at its head office
                or
                such other address as may be notified in writing by the Company (the
                “Company
                Office”).
                In the event that the rights evidenced by this Certificate are exercised
                in part, the Company shall, contemporaneously with the issuance of
                the
                Agent Units issuable on the exercise of the Options so exercised,
                issue to
                the Agent a certificate on identical terms in respect of that number
                of
                Options in respect of which the Agent has not exercised the rights
                evidenced by this Certificate.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Exercise.
                The Company shall, on the date it receives a duly executed Notice
                of
                Exercise and the Exercise Price for the number of Agent Units specified
                in
                the Notice of Exercise (the “Exercise Date”), issue that number of Agent
                Unit Shares and Agent Unit Warrants specified in the Notice of Exercise,
                and such Agent Unit Shares shall be issued as fully paid and
                non-assessable common shares in the capital of the
                Company.

            

    

     

    
      	 	
              (c)

            	
              Certificates.
                As promptly as practicable after the Exercise Date and, in any event,
                within three (3) business days of receipt of the Notice of Exercise
                and
                the Exercise Price for the number of Agent Units specified in the
                Notice
                of Exercise, the Company shall issue and deliver or cause to be issued
                and
                delivered to the Agent, registered in such name or names as the Agent
                may
                direct or, if no such direction has been given, in the name of the
                Agent
                described above, a certificate or certificates for the number of
                Agent
                Unit Shares and Agent Unit Warrants specified in the Notice to Exercise.
                To the extent permitted by law, such exercise shall be deemed to
                have been
                effected as of the close of business on the Exercise Date, and at
                such
                time the rights of the Agent with respect to the number of Options
                which
                have been exercised as such shall cease, and the person or persons
                in
                whose name or names any certificate or certificates for Agent Unit
                Shares
                and Agent Unit Warrants shall then be issuable upon such exercise
                shall be
                deemed to have become the holder or holders of record of the Agent
                Unit
                Shares and Agent Unit Warrants represented
                hereby.

            

    

     

    
      	 	
              (d)

            	
              Not
                a Shareholder.
                Nothing contained in this Certificate shall be construed as conferring
                upon the Agent any right or interest whatsoever as a holder of common
                shares of the Company or any other right or interest except as herein
                expressly provided.

            

    

     

    
      	 	
              (e)

            	
              Fractional
                Shares or Warrants.
                No fractional Agent Unit Shares or Agent Unit Warrants shall be issued
                upon exercise of any Options and no payment or adjustment shall be
                made
                upon any exercise on account of any cash dividends on the Agent Unit
                Shares issued upon such exercise. If the number of Agent Unit Shares
                and
                Agent Unit Warrants to which the Agent would otherwise so be entitled
                upon
                exercise of any Options is not a whole number, then the number of
                Agent
                Unit Shares or Agent Unit Warrants to be issued shall be rounded
                down to
                the next whole number.

            

    

     

    
      	 	
              (f)

            	
              Lock-Up.
                The Options shall not be exercisable for a period of 180 days from
                July
                24, 2008. Additionally, the Options and the securities underlying
                the
                Options may not be sold, transferred, assigned, pledged or hypothecated,
                or be the subject of any hedging, short sale, derivative, put or
                call
                transaction that would result in the effective economic disposition
                of the
                Options or the underlying securities by any person for a 180-day
                period
                from July 24, 2008. 

            

    

    
      
        
        

      

      
        2.

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Adjustment
                to Subscription Rights

            

    

     

    
      	 	
              (a)

            	
              The
                rights of the Agent hereunder, including the number of Agent Units
                issuable upon the exercise of the Options, will be adjusted from
                time to
                time in the events and in the manner provided in, and in accordance
                with
                the provisions of, this Section 2.

            

    

     

    
      	 	
              (b)

            	
              The
                Exercise Price in effect at any date from the date hereof to the
                Time of
                Expiry on the Expiry Date (the “Adjustment
                Period”)
                will be subject to adjustment from time to time as
                follows:

            

    

     

    
      	 	
              (i)

            	
              Share
                Reorganization:
                If
                and whenever at any time during the Adjustment Period, the Company
                shall
                (A) subdivide, redivide or change the outstanding Common Shares into
                a
                greater number of Common Shares, (B) consolidate, combine or reduce
                the
                outstanding Common Shares into a lesser number of Common Shares,
                or (C)
                fix a record date for the issue of Common Shares or securities convertible
                into or exchangeable for Common Shares to all or substantially all
                of the
                holders of Common Shares by way of a stock dividend or other distribution,
                then, in each such event, the Exercise Price shall, on the record
                date for
                such event or, if no record date is fixed, the effective date of
                such
                event, be adjusted so that it will equal the rate determined by
                multiplying the Exercise Price in effect immediately prior to such
                date by
                a fraction, of which the numerator shall be the total number of Common
                Shares outstanding on such date before giving effect to such event,
                and of
                which the denominator shall be the total number of Common Shares
                outstanding on such date after giving effect to such event. Such
                adjustment shall be made successively whenever any such event shall
                occur.
                Any such issue of Common Shares by way of a stock dividend shall
                be deemed
                to have been made on the record date for such stock dividend for
                the
                purpose of calculating the number of outstanding Common Shares under
                paragraphs 2(b)(i) and (ii)
                hereof.

            

    

    
      
        
        

      

      
        3.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              Rights
                Offering:
                If
                and whenever at any time during the Adjustment Period, the Company
                shall
                fix a record date for the issue of rights, options or warrants to
                all or
                substantially all of the holders of Common Shares entitling the holders
                thereof, within a period expiring not more than 45 days after the
                record
                date for such issue, to subscribe for or purchase Common Shares (or
                securities convertible into or exchangeable for Common Shares) at
                a price
                per share (or having a conversion or exchange price per share) less
                than
                95% of the Current Market Price (as defined below) on such record
                date,
                then the Exercise Price shall be adjusted immediately after such
                record
                date so that it will equal the rate determined by multiplying the
                Exercise
                Price in effect on such record date by a fraction, of which the numerator
                shall be the total number of Common Shares outstanding on such record
                date
                plus the number of Common Shares equal to the number arrived at by
                dividing the aggregate price of the total number of additional Common
                Shares so offered for subscription or purchase (or the aggregate
                conversion or exchange price of the convertible or exchangeable securities
                so offered) by such Current Market Price, and of which the denominator
                shall be the total number of Common Shares outstanding on such record
                date
                plus the total number of additional Common Shares so offered for
                subscription or purchase (or into or for which the convertible or
                exchangeable securities so offered are convertible or exchangeable).
                Any
                Common Shares owned by or held for the account of the Company or
                any
                subsidiary of the Company shall be deemed not to be outstanding for
                the
                purpose of any such computation. Such adjustment shall be made
                successively whenever such a record date is fixed, provided that
                if two or
                more such record dates referred to in this paragraph 2(b)(ii) are
                fixed
                within a period of 25 business days, such adjustment will be made
                successively as if each of such record dates occurred on the earliest
                of
                such record dates. To the extent that any such rights, options or
                warrants
                are not exercised prior to the expiration thereof, the Exercise Price
                shall then be readjusted to the Exercise Price which would then be
                in
                effect based upon the number of Common Shares (or securities convertible
                into or exchangeable for Common Shares) actually issued upon the
                exercise
                of such rights, options or warrants, as the case may
                be.

            

    

    
      
        
        

      

      
        4.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iii)

            	
              Distribution:
                If and whenever at any time during the Adjustment Period, the Company
                shall fix a record date for the making of a distribution to all or
                substantially all of the holders of Common Shares of (A) shares of
                any
                class other than Common Shares whether of the Company or any other
                corporation, (B) rights, options or warrants to acquire Common Shares
                or
                securities exchangeable for or convertible into Common Shares or
                property
                or other assets of the Company (other than rights, options or warrants
                exercisable by the holders thereof within a period expiring not more
                than
                45 days after the record date for such issue or distribution to acquire
                Common Shares or securities exchangeable for or convertible into
                Common
                Shares at a price per share, or at an exchange or conversion price
                per
                share in the case of securities exchangeable for or convertible into
                Common Shares, of at least 95% of the Current Market Price of the
                Common
                Shares on such record date), (C) evidences of indebtedness, or (D)
                cash,
                securities or other property or assets then, in each such case and
                if such
                distribution does not fall under clauses (i) or (ii) above, the Exercise
                Price will be adjusted immediately after such record date so that
                it will
                equal the rate determined by multiplying the Exercise Price in effect
                on
                such record date by a fraction, of which the numerator shall be the
                total
                number of Common Shares outstanding on such record date multiplied
                by the
                Current Market Price on the earlier of such record date and the date
                on
                which the Company announces its intention to make such distribution,
                less
                the aggregate fair market value (as determined by the directors,
                acting
                reasonably and in good faith, at the time such distribution is authorized)
                of such shares or rights, options or warrants or evidences of indebtedness
                or cash, securities or other property or assets so distributed, and
                of
                which the denominator shall be the total number of Common Shares
                outstanding on such record date multiplied by such Current Market
                Price.
                Any Common Shares owned by or held for the account of the Company
                or any
                subsidiary of the Company shall be deemed not to be outstanding for
                the
                purpose of any such computation. Such adjustment shall be made
                successively whenever such a record date is fixed, provided that
                if two or
                more such record dates or record dates referred to in this paragraph
                2(b)(iii) are fixed within a period of 25 business days, such adjustment
                will be made successively as if each of such record dates occurred
                on the
                earliest of such record dates. To the extent that any such rights,
                options
                or warrants so distributed are not exercised prior to the expiration
                thereof, the Exercise Price shall then be readjusted to the Exercise
                Price
                which would then be in effect based upon such rights, options or
                warrants
                or evidences of indebtedness or cash, securities or other property
                or
                assets actually distributed or based upon the number or amount of
                securities or the property or assets actually issued or distributed
                upon
                the exercise of such rights, options or warrants, as the case may
                be.

            

    

     

    
      	 	
              (c)

            	
              Reclassifications:
                If and whenever at any time during the Adjustment Period, there is
                (A) any
                reclassification of or amendment to the outstanding Common Shares,
                any
                change of the Common Shares into other shares or any other reorganization
                of the Company (other than as described in subsection 2(b) hereof),
                (B)
                any consolidation, amalgamation, arrangement, merger or other form
                of
                business combination of the Company with or into any other corporation
                resulting in any reclassification of the outstanding Common Shares,
                any
                change of the Common Shares into other shares or any other reorganization
                of the Company, or (C) any sale, lease, exchange or transfer of the
                undertaking or assets of the Company as an entirety or substantially
                as an
                entirety to another corporation or entity, then, in each such event,
                the
                holder of this Option which is thereafter exercised shall be entitled
                to
                receive, and shall accept, in lieu of the number of Common Shares
                to which
                such holder was theretofore entitled upon such exercise, the kind
                and
                number or amount of shares or other securities or property which
                such
                holder would have been entitled to receive as a result of such event
                if,
                on the effective date thereof, such holder had been the registered
                holder
                of the number of Common Shares to which such holder was theretofore
                entitled upon such exercise. If necessary as a result of any such
                event,
                appropriate adjustments will be made in the application of the provisions
                set forth in this subsection with respect to the rights and interests
                thereafter of the Agent to the end that the provisions set forth
                in this
                subsection will thereafter correspondingly be made applicable, as
                nearly
                as may reasonably be, in relation to any shares or other securities
                or
                property thereafter deliverable upon the exercise of this Option.
                Any such
                adjustments will be made by and set forth in an instrument supplemental
                hereto approved by the directors, acting reasonably, and shall for
                all
                purposes be conclusively deemed to be an appropriate
                adjustment.

            

    

    
      
        
        

      

      
        5.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              If
                at any time during the Adjustment Period any adjustment or readjustment
                in
                the Exercise Price shall occur pursuant to the provisions of subsection
                2(b) of this Agent Compensation Option certificate, then the number
                of
                Agent Unit Shares purchasable upon the subsequent exercise of the
                Options
                shall be simultaneously adjusted or readjusted, as the case may be,
                by
                multiplying the number of Agent Unit Shares purchasable upon the
                exercise
                of the Options immediately prior to such adjustment or readjustment
                by a
                fraction which shall be the reciprocal of the fraction used in the
                adjustment or readjustment of the Exercise
                Price.

            

    

     

    
      	
              3.

            	
              Rules
                Regarding Calculation of Adjustment of Exercise
                Price:

            

    

     

    
      	 	
              (a)

            	
              The
                adjustments provided for in Section 2 are cumulative and will be
                made
                successively whenever an event referred to therein occurs, subject
                to the
                following subsections of this Section
                3.

            

    

     

    
      	 	
              (b)

            	
              No
                adjustment in the Exercise Price is required to be made unless such
                adjustment would result in a change of at least 1% in the prevailing
                Exercise Price and no adjustment in the Exercise Price is required
                unless
                such adjustment would result in a change of at least one one-hundredth
                of
                a Agent Unit Share; provided, however, that any adjustments which,
                except
                for the provisions of this subsection, would otherwise have been
                required
                to be made, will be carried forward and taken into account in any
                subsequent adjustments.

            

    

     

    
      	 	
              (c)

            	
              No
                adjustment in the Exercise Price will be made in respect of any event
                described in Section 2 if the Agent is entitled to participate in
                such
                event on the same terms, mutatis mutandis, as if the Agent had exercised
                this Option prior to or on the effective date or record date of such
                event.

            

    

     

    
      	 	
              (d)

            	
              If
                at any time a question or dispute arises with respect to adjustments
                provided for in Section 2, such question or dispute will be conclusively
                determined by the auditor of the Company or, if they are unable or
                unwilling to act, by such other firm of independent chartered accountants
                as may be selected by action of the directors of the Company and
                any such
                determination, subject to regulatory approval and absent manifest
                error,
                will be binding upon the Company and the Agent. The Company will
                provide
                such auditor or chartered accountant with access to all necessary
                records
                of the Company.

            

    

    
      
        
        

      

      
        6.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              In
                case the Company after the date of issuance of this Option takes
                any
                action affecting the Common Shares, other than action described in
                Section
                2, which in the opinion of the board of directors of the Company
                would
                materially adversely affect the rights of the Agent, the Exercise
                Price
                and/or the number of Common Shares issuable on the exercise of the
                Options, as applicable, will be adjusted in such manner, if any,
                and at
                such time, by action of the directors of the Company in their sole
                discretion, acting reasonably and in good faith, determines to be
                equitable to the Agent but subject in all cases to any necessary
                regulatory approval. Failure of the taking of action by the directors
                of
                the Company so as to provide for an adjustment on or prior to the
                effective date of any action by the Company affecting the Common
                Shares
                will be conclusive evidence that the board of directors of the Company
                has
                determined that it is equitable to make no adjustment in the
                circumstances.

            

    

     

    
      	 	
              (f)

            	
              If
                the Company sets a record date to determine the holders of the Common
                Shares for the purpose of entitling them to receive any dividend
                or
                distribution or sets a record date to take any other action and,
                thereafter and before the distribution to such shareholders of any
                such
                dividend or distribution or the taking of any other action, decides
                not to
                implement its plan to pay or deliver such dividend or distribution
                or take
                such other action, then no adjustment in the Exercise Price will
                be
                required by reason of the setting of such record
                date.

            

    

     

    
      	 	
              (g)

            	
              In
                the absence of a resolution of the directors of the Company fixing
                a
                record date for any event which would require any adjustment to this
                Option, the Company will be deemed to have fixed as the record date
                therefor the date on which the event is
                effected.

            

    

     

    
      	 	
              (h)

            	
              As
                a condition precedent to the taking of any action which would require
                any
                adjustment to this Option, including the Exercise Price, the Company
                shall
                take any corporate action which may be necessary in order that the
                Company
                or any successor to the Company or successor to the undertaking or
                assets
                of the Company have unissued and reserved in its authorized capital
                and
                may validly and legally issue as fully paid and non-assessable all
                the
                shares or other securities which the Agent is entitled to receive
                on the
                full exercise hereof and thereof in accordance with the provisions
                hereof.

            

    

     

    
      	 	
              (i)

            	
              The
                Company will from time to time, immediately after the occurrence
                of any
                event which requires an adjustment or readjustment as provided in
                Section
                2, forthwith give notice to the Agent specifying the event requiring
                such
                adjustment or readjustment and the results thereof, including the
                resulting Exercise Price.

            

    

     

    
      	 	
              (j)

            	
              The
                Company covenants to and in favour of the Agent that so long as this
                Option remains outstanding, it will give notice to the Agent of the
                effective date or of its intention to fix a record date for any event
                referred to in Section 2 whether or not such action would give rise
                to an
                adjustment in the Exercise Price or the number and type of securities
                issuable upon the exercise of the Options, and, in each case, such
                notice
                shall specify the particulars of such event and the record date and
                the
                effective date for such event; provided that the Company shall only
                be
                required to specify in such notice such particulars of such event
                as have
                been fixed and determined on the date on which such notice is given.
                Such
                notice shall be given not less than 14 days in each case prior to
                such
                applicable record date or effective
                date.

            

    

    
      
        
        

      

      
        7.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (k)

            	
              In
                any case in which this Section shall require that an adjustment shall
                become effective immediately after a record date for, or an effective
                date
                of, an event referred to herein, the Company may defer, until the
                occurrence and consummation of such event, issuing to the Agent,
                if an
                Option is exercised after such record date or effective date and
                before
                the occurrence and consummation of such event, the additional Agent
                Unit
                Shares or other securities or property issuable upon such exercise
                by
                reason of the adjustment required by such event, provided, however,
                that
                the Company will deliver to the Agent an appropriate instrument evidencing
                the Agent’s right to receive such additional Agent Unit Shares or other
                securities or property upon the occurrence and consummation of such
                event
                and the right to receive any dividend or other distribution in respect
                of
                such additional Agent Unit Shares or other securities or property
                declared
                in favour of the holders of record of Common Shares or of such other
                securities or property on or after the Exercise Date or such later
                date as
                the Agent would, but for the provisions of this subsection, have
                become
                the holder of record of such additional Agent Unit Shares, Agent
                Unit
                Warrants or of such other securities or property.
                

            

    

     

    
      	 	
              (l)

            	
              Any
                and all adjustments in connection with the exercise price of the
                Agent
                Unit Warrants or the number or type of security issuable upon the
                exercise
                of the Agent Unit Warrants shall be made in accordance with the terms
                of
                the Agent Unit Warrant certificate attached hereto as Schedule “A”,
                whether or not those Agent Unit Warrants have been
                issued.

            

    

     

    
      	
              4.

            	
              Consolidation
                and Amalgamation:

            

    

     

    
      	 	
              (a)

            	
              The
                Company shall not enter into any transaction whereby all or substantially
                all or its undertaking, property and assets would become the property
                of
                any other corporation (herein called a “successor corporation”) whether by
                way of reorganization, reconstruction, consolidation, amalgamation,
                merger, transfer, sale, disposition or otherwise, unless prior to
                or
                contemporaneously with the consummation of such transaction the Company
                and the successor corporation shall have executed such instruments
                and
                done such things as the Company, acting reasonably, considers necessary
                or
                advisable to establish that upon the consummation of such
                transaction:

            

    

     

    
      	 	
              (i)

            	
              the
                successor corporation will have assumed all the covenants and obligations
                of the Company under this Agent Compensation Option certificate,
                and

            

    

    
      
        
        

      

      
        8.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (ii)

            	
              the
                Agent Compensation Option and the terms set forth in this Agent
                Compensation Option certificate will be a valid and binding obligation
                of
                the successor corporation entitling the Agent, as against the successor
                corporation, to all the rights of the Agent under this Agent Compensation
                Option certificate.

            

    

     

    
      	 	
              (b)

            	
              Whenever
                the conditions of subsection 4(a) shall have been duly observed and
                performed the successor corporation shall possess, and from time
                to time
                may exercise, each and every right and power of the Company under
                this
                Agent Compensation Option in the name of the Company or otherwise
                and any
                act or proceeding by any provision hereof required to be done or
                performed
                by any director or officer of the Company may be done and performed
                with
                like force and effect by the like directors or officers of the successor
                corporation.

            

    

     

    For
      the
      purpose of any computation under this Option certificate, the “Current
      Market Price”
at
      any
      date means the price per share equal to the volume weighted average trading
      price at which the common shares of the Company have traded on the Toronto
      Stock
      Exchange or the American Stock Exchange or,
      if
      the common shares of the Company are not then listed on the Toronto Stock
      Exchange or the American Stock Exchange, on such other Canadian or U.S. stock
      exchange as may be selected by the directors of the Company for such purpose
      or,
      if the common shares of the Company are not then listed on any Canadian or
      U.S.
      stock exchange, in the over-the-counter market, during the period of any 20
      consecutive trading days ending not more than five business days before such
      date; provided that the weighted average trading price shall be determined
      by
      dividing the aggregate sale price of all common shares of the Company sold
      on
      the said exchange or market, as the case may be, during the said 20 consecutive
      trading days by the total number of common shares of the Company so sold; and
      provided further that if the common shares of the Company are not then listed
      on
      any Canadian or U.S. stock exchange or traded in the over-the-counter market,
      then the Current Market Price shall be determined by a firm of independent
      chartered accountants selected by the directors of the Company.

     

    
      	
              5.

            	
              Replacement

            

    

     

    Upon
      receipt of evidence satisfactory to the Company of the loss, theft, destruction
      or mutilation of these Options and, if requested by the Company, upon delivery
      of a bond of indemnity satisfactory to the Company (or, in the case of
      mutilation, upon surrender of these Options) the Company will issue to the
      Option holder a replacement Certificate evidencing these Options (containing
      the
      same terms and conditions as this Certificate).

     

    
      	
              6.

            	
              Transfer
                of Options

            

    

     

    The
      Options represented by this Certificate and the rights thereunder may not be
      assigned or transferred.

     

    
      	
              7.

            	
              Expiry
                Date

            

    

     

    The
      Options shall expire and all rights to purchase Agent Units hereunder shall
      cease and become null and void at the Time of Expiry on the Expiry
      Date.

    
      
        
        

      

      
        9.

        
          

        

      

      
        
        

      

    

     

    
      	
              8.

            	
              Covenants
                of the Company

            

    

    

    The
      Company covenants with the Agent that so long as any of the Options remain
      outstanding that:

     

    
      	 	
              (a)

            	
              it
                is duly authorized to enter into and perform its obligations under
                this
                Certificate;

            

    

     

    
      	 	
              (b)

            	
              all
                things necessary have been done and performed to create the Options
                and to
                make the Options and this Certificate legal, valid and binding upon
                the
                Company with the benefits and subject to the terms of this
                Certificate;

            

    

     

    
      	 	
              (c)

            	
              it
                will at all times maintain its corporate
                existence;

            

    

     

    
      	 	
              (d)

            	
              the
                Company will, at all times during the Adjustment Period, use commercially
                reasonable efforts to preserve and maintain its status as (i) a "reporting
                issuer" or the equivalent thereof not in default under securities
                legislation of each of the jurisdictions where purchasers of units
                of the
                Company under the offering described in the agency agreement dated
                July 9,
                2008 among the Company, Haywood Securities Inc. and Blackmont Capital
                Inc.
                are located and any other jurisdiction in which the Company is required
                to
                file a prospectus, and (ii) a registrant required to file periodic
                reports
                under the U.S. Securities Exchange Act of 1934, as
                amended;

            

    

     

    
      	 	
              (e)

            	
              it
                will reserve and keep available a sufficient number of common shares
                for
                issuance upon the exercise of the Options and Agent Unit
                Warrants;

            

    

     

    
      	 	
              (f)

            	
              it
                will
                cause the Agent Unit Shares and Agent Unit Warrants from time to
                time
                subscribed for pursuant to the Options issued by the Company hereunder,
                in
                the manner herein provided, to be duly issued in accordance with
                the
                Options
                and the terms hereof and, in each case free from any and all taxes,
                liens
                and charges relating to the issuance
                thereof;

            

    

     

    
      	 	
              (g)

            	
              it
                will cause the certificates representing the Agent Unit Shares and
                Agent
                Unit Warrants from time to time to be acquired pursuant to the Options
                in
                the manner herein provided, to be duly issued and delivered in accordance
                with the terms
                hereof
                and the Agent Unit Warrant certificate, respectively;

            

    

     

    
      	 	
              (h)

            	
              all
                Agent Unit Shares
                that shall be issued by the Company upon exercise of the rights provided
                for herein shall be issued as fully paid and non-assessable common
                shares
                of the Company;

            

    

     

    
      	 	
              (i)

            	
              it
                will, at its expense and as expeditiously as possible, use its best
                efforts to cause all Agent Unit Shares issuable upon the exercise
                of the
                Options to be duly listed on the TSX and the American Stock Exchange
                (the
                "AMEX")(and/or
                any other stock exchange upon which the Shares of the Company may
                be then
                listed) prior to the issuance of such
                shares;

            

    

     

    
      
        
        

      

      
        10.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (j)

            	
              the
                Company
                will well and truly perform and carry out all the acts and things
                to be
                done by it as provided in this
                Certificate;

            

    

     

    
      	 	
              (k)

            	
              it
                will promptly advise the Agent in writing of any default under the
                terms
                of this Certificate;

            

    

     

    
      	 	
              (l)

            	
              if,
                in the opinion of counsel, any instrument is required to be filed
                with, or
                any permission,
                order or ruling is required to be obtained from, any securities
                administrator or any other step is required under any federal, provincial
                or state law of Canada or the United States before the Agent Unit
                Shares
                and Agent Unit Warrants may be issued or delivered to the Agent or
                resold
                by such Agent, the Company covenants that it will use its best efforts
                to
                file such instrument, obtain such permission, order or ruling or
                take all
                such other actions, at its expense, as is required or appropriate
                in the
                circumstances; and

            

    

     

    
      	 	
              (m)

            	
              it
                will do, execute, acknowledge and deliver or cause to be done, executed,
                acknowledged and delivered, all other acts, deeds, documents, and
                assurances in law as may be reasonably required for the better
                accomplishing and effecting of the intentions and provisions of this
                Certificate.

            

    

     

    
      	
              9.

            	
              Inability
                to Deliver Units 

            

    

     

    If
      for
      any reason, other than the failure or default of the Agent, the Company is
      unable to issue and deliver the Agent Units or other securities as contemplated
      herein to the Agent upon the proper exercise by the Agent of the right to
      purchase any of the Agent Units covered by this Certificate, the Company may
      pay, at its option and in complete satisfaction of its obligations hereunder,
      to
      the Agent, in cash, an amount equal to the difference between the Exercise
      Price
      and the fair market value of such Agent Units or other securities on the
      Exercise Date.

     

    
      	
              10.

            	
              Governing
                Law

            

    

     

    This
      Certificate shall governed by, and interpreted in accordance with, the laws
      of
      the Province of Ontario and federal laws of Canada applicable
      therein.

     

    
      	
              11.

            	
              Successors

            

    

     

    This
      Certificate shall enure to the benefit of and shall be binding upon the Agent
      and the Company and their respective successors.

     

    IN
      WITNESS WHEREOF the Company has caused this Certificate to be signed by its
      duly
      authorized officer.

    
      
        
        

      

      
        11.

        
          

        

      

      
        
        

      

    

     

    DATED
      as
      of the 24th day of July, 2008.

    

    
      	
              APOLLO
                GOLD CORPORATION

            
	 	 
	
              By:

            	/s/
              G. Michael Hobart
	 	
              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        12.EXHIBIT
      10.3

     

     

    WARRANTS
      TO PURCHASE 

    COMMON
      SHARES OF APOLLO GOLD CORPORATION

     

    
      	
              Warrant
                Certificate Number: _____

            	
              Number
                of Warrants: _____  

            

    

     

    THIS
      IS
      TO CERTIFY THAT for value received ●, [address]
      (the
      "Warrantholder") has the right to purchase in respect of each whole warrant
      ("Warrants") represented by this certificate or by a replacement certificate
      (in
      either case this "Warrant Certificate"), at any time up to 5:00 p.m. Toronto
      time, on July 24, 2012 (the "Expiry Time") one fully paid and non-assessable
      common share ("Common Shares" and which term shall include any shares or other
      securities to be issued in addition thereto or in substitution or replacement
      therefor as provided herein) of Apollo Gold Corporation (the "Corporation"),
      a
      corporation continued under the Business
      Corporations Act (Yukon),
      as constituted on the date hereof at a purchase price (the purchase price in
      effect from time to time being called the "Exercise Price") of CDN$0.78 per
      Common Share, subject to adjustment as provided herein.

     

    The
      Corporation agrees that the Common Shares purchased pursuant to the exercise
      of
      the Warrants shall be and be deemed to be issued to the Warrantholder as of
      the
      close of business on the date on which this Warrant Certificate shall have
      been
      surrendered and payment made for such Common Shares as aforesaid.

     

    Nothing
      contained herein shall confer any right upon the Warrantholder to subscribe
      for
      or purchase any Common Shares at any time after the Expiry Time and from and
      after the Expiry Time the Warrants and all rights under this Warrant Certificate
      shall be void and of no value.

     

    The
      above
      provisions are subject to the following:

     

    
      	
              1.

            	
              Exercise:

            

    

     

    In
      the
      event that the Warrantholder desires to exercise the right to purchase Common
      Shares conferred hereby, the Warrantholder shall (a) complete to the extent
      possible in the manner indicated and execute a subscription form in the form
      attached as schedule A to this Warrant Certificate, (b) surrender this Warrant
      Certificate to the Corporation in accordance with section 9 hereof, and (c)
      pay
      the amount payable on the exercise of such Warrants in respect of the Common
      Shares subscribed for by certified cheque, bank draft or money order in lawful
      money of Canada payable to the Corporation or by transmitting same day funds
      in
      lawful money of Canada by wire to such account as the Corporation shall direct
      the Warrantholder. Upon such surrender and payment as aforesaid, the
      Warrantholder shall be deemed for all purposes to be the holder of record of
      the
      number of Common Shares to be so issued and the Warrantholder shall be entitled
      to delivery of a certificate or certificates representing such Common Shares
      and
      the Corporation shall cause such certificate or certificates to be delivered
      to
      the Warrantholder at the address specified in the subscription form within
      three
      business days after such surrender and payment as aforesaid. No fractional
      Common Shares will be issuable upon any exercise of the Warrants and the
      Warrantholder will not be entitled to any cash payment or compensation in lieu
      of a fractional Common Share.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Partial
                Exercise:
                The Warrantholder may from time to time subscribe for and purchase
                any
                lesser number of Common Shares than the number of Common Shares expressed
                in this Warrant Certificate. In the event that the Warrantholder
                subscribes for and purchases any such lesser number of Common Shares
                prior
                to the Expiry Time, the Warrantholder shall be entitled to receive
                a
                replacement certificate representing the unexercised balance of the
                Warrants.

            

    

     

    
      	
              3.

            	
              Not
                a Shareholder:
                The holding of the Warrants shall not constitute the Warrantholder
                a
                shareholder of the Corporation nor entitle the Warrantholder to any
                right
                or interest in respect thereof except as expressly provided in this
                Warrant Certificate.

            

    

     

    
      	
              4.

            	
              Covenants,
                Representations and Warranties:
                The
                Corporation hereby represents and warrants that it is authorized
                to create
                and issue the Warrants and covenants and agrees that it will cause
                the
                Common Shares from time to time subscribed for and purchased in the
                manner
                provided in this Warrant Certificate and the certificate or certificates
                representing such Common Shares to be issued and that, at all times
                prior
                to the Expiry Time, it will reserve and there will remain unissued
                a
                sufficient number of Common Shares to satisfy the right of purchase
                provided for in this Warrant Certificate. The Corporation hereby
                further
                covenants and agrees that it will at its expense expeditiously use
                its
                best efforts to obtain the listing of such Common Shares (subject
                to issue
                or notice of issue) on each stock exchange or over-the-counter market
                on
                which the Common Shares may be listed from time to time. All Common
                Shares
                which are issued upon the exercise of the right of purchase provided
                in
                this Warrant Certificate, upon payment therefor of the amount at
                which
                such Common Shares may be purchased pursuant to the provisions of
                this
                Warrant Certificate, shall be and be deemed to be fully paid and
                non-assessable shares and free from all taxes, liens and charges
                with
                respect to the issue thereof. The Corporation hereby represents and
                warrants that this Warrant Certificate is a valid and enforceable
                obligation of the Corporation, enforceable in accordance with the
                provisions of this Warrant
                Certificate.

            

    

     

    
      	
              5.

            	
              Anti-Dilution
                Protection:

            

    

     

    
      	 	
              (1)

            	
              Definitions:
                For the purposes of this section 5, unless there is something in
                the
                subject matter or context inconsistent therewith, the words and terms
                defined below shall have the respective meanings specified therefor
                in
                this subsection 5(1):

            

    

     

    
      	 	
              (a)

            	
              "Adjustment
                Period" means the period commencing on the date of issue of the Warrants
                and ending at the Expiry Time;

            

    

     

    
      	 	
              (b)

            	
              "Current
                Market Price" of the Common Shares at any date means the price per
                share
                equal to the volume weighted average trading price at which the Common
                Shares have traded on the Toronto Stock Exchange or the American
                Stock
                Exchange or,
                if the Common Shares are not then listed on the Toronto Stock Exchange
                or
                the American Stock Exchange, on such other Canadian or U.S. stock
                exchange
                as may be selected by the directors of the Company for such purpose
                or, if
                the Common Shares are not then listed on any Canadian or U.S. stock
                exchange, in the over-the-counter market, during the period of any
                20
                consecutive trading days ending not more than five business days
                before
                such date; provided that the weighted average trading price shall
                be
                determined by dividing the aggregate sale price of all Common Shares
                sold
                on the said exchange or market, as the case may be, during the said
                20
                consecutive trading days by the total number of Common Shares so
                sold; and
                provided further that if the Common Shares are not then listed on
                any
                Canadian or U.S. stock exchange or traded in the over-the-counter
                market,
                then the Current Market Price shall be determined by a firm of independent
                chartered accountants selected by the directors of the
                Corporation.;

            

    

     

    
      
        
        

      

      
        2.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (c)

            	
              "director"
                means a director of the Corporation for the time being and, unless
                otherwise specified herein, a reference to action "by the directors"
                means
                action by the directors of the Corporation as a board or, whenever
                empowered, action by any committee of the directors of the Corporation;
                and

            

    

     

    
      	 	
              (d)

            	
              "trading
                day" with respect to a stock exchange or over-the-counter market
                means a
                day on which such stock exchange or market is open for
                business.

            

    

     

    
      	 	
              (2)

            	
              Adjustments:
                The Exercise Price and the number of Common Shares issuable to the
                Warrantholder upon the exercise of the Warrants shall be subject
                to
                adjustment from time to time in the events and in the manner provided
                as
                follows:

            

    

     

    
      	 	
              (a)

            	
              If
                at any time during the Adjustment Period the Corporation
                shall:

            

    

     

    
      	 	
              (i)

            	
              fix
                a record date for the issue of, or issue, Common Shares to the holders
                of
                all or substantially all of the outstanding Common Shares by way
                of a
                stock dividend;

            

    

     

    
      	 	
              (ii)

            	
              fix
                a record date for the distribution to, or make a distribution to,
                the
                holders of all or substantially all of the outstanding Common Shares
                payable in Common Shares or securities exchangeable for or convertible
                into Common Shares; 

            

    

     

    
      	 	
              (iii)

            	
              subdivide
                the outstanding Common Shares into a greater number of Common Shares;
                or

            

    

     

    
      	 	
              (iv)

            	
              consolidate
                the outstanding Common Shares into a lesser number of Common
                Shares,

            

    

     

    (any
      of
      such events in subclauses 5(2)(a)(i), 5(2)(a)(ii), 5(2)(a)(iii) and 5(2)(a)(iv)
      above being herein called a "Common Share Reorganization"), the Exercise Price
      shall be adjusted on the earlier of the record date on which holders of Common
      Shares are determined for the purposes of the Common Share Reorganization and
      the effective date of the Common Share Reorganization to the amount determined
      by multiplying the Exercise Price in effect immediately prior to such record
      date or effective date, as the case may be, by a fraction:

     

    
      	 	
              A.

            	
              the
                numerator of which shall be the number of Common Shares outstanding
                on
                such record date or effective date, as the case may be, before giving
                effect to such Common Share Reorganization;
                and

            

    

     

    
      	 	
              B.

            	
              the
                denominator of which shall be the number of Common Shares which will
                be
                outstanding immediately after giving effect to such Common Share
                Reorganization (including in the case of a distribution of securities
                exchangeable for or convertible into Common Shares the number of
                Common
                Shares that would have been outstanding had such securities been
                exchanged
                for or converted into Common Shares on such
                date).

            

    

     

    
      
        
        

      

      
        3.

        
          

        

      

      
        
        

      

    

     

    To
      the
      extent that any adjustment in the Exercise Price occurs pursuant to this clause
      5(2)(a) as a result of the fixing by the Corporation of a record date for the
      distribution of securities exchangeable for or convertible into Common Shares,
      the Exercise Price shall be readjusted immediately after the expiry of any
      relevant exchange or conversion right to the Exercise Price which would then
      be
      in effect based upon the number of Common Shares actually issued and remaining
      issuable after such expiry and shall be further readjusted in such manner upon
      the expiry of any further such right.

     

    
      	 	
              (b)

            	
              If
                at any time during the Adjustment Period the Corporation shall fix
                a
                record date for the issue or distribution to the holders of all or
                substantially all of the outstanding Common Shares of rights, options
                or
                warrants pursuant to which such holders are entitled, during a period
                expiring not more than 45 days after the record date for such issue
                (such
                period being the "Rights Period"), to subscribe for or purchase Common
                Shares or securities exchangeable for or convertible into Common
                Shares at
                a price per share to the holder (or in the case of securities exchangeable
                for or convertible into Common Shares, at an exchange or conversion
                price
                per share) at the date of issue of such securities of less than 95%
                of the
                Current Market Price of the Common Shares on such record date (any
                of such
                events being called a "Rights Offering"), the Exercise Price shall
                be
                adjusted effective immediately after the record date for such Rights
                Offering to the amount determined by multiplying the Exercise Price
                in
                effect on such record date by a
                fraction:

            

    

     

    
      	 	
              (i)

            	
              the
                numerator of which shall be the aggregate
                of

            

    

     

    
      	 	
              A.

            	
              the
                number of Common Shares outstanding on the record date for the Rights
                Offering, and

            

    

     

    
      	 	
              B.

            	
              the
                quotient determined by dividing

            

    

     

    
      	 	
              (1)

            	
              either
                (a) the product of the number of Common Shares offered during the
                Rights
                Period pursuant to the Rights Offering and the price at which such
                Common
                Shares are offered, or, (b) the product of the exchange or conversion
                price of the securities so offered and the number of Common Shares
                for or
                into which the securities offered pursuant to the Rights Offering
                may be
                exchanged or converted, as the case may be, by

            

    

     

    
      	 	
              (2)

            	
              the
                Current Market Price of the Common Shares as of the record date for
                the
                Rights Offering; and

            

    

     

    
      	 	
              (ii)

            	
              the
                denominator of which shall be the aggregate of the number of Common
                Shares
                outstanding on such record date and the number of Common Shares offered
                pursuant to the Rights Offering (including in the case of the issue
                or
                distribution of securities exchangeable for or convertible into Common
                Shares the number of Common Shares for or into which such securities
                may
                be exchanged or converted).

            

    

     

    
      
        
        

      

      
        4.

        
          

        

      

      
        
        

      

    

     

    If
      by the
      terms of the rights, options, or warrants referred to in this clause 5(2)(b),
      there is more than one purchase, conversion or exchange price per Common Share,
      the aggregate price of the total number of additional Common Shares offered
      for
      subscription or purchase, or the aggregate conversion or exchange price of
      the
      convertible or exchangeable securities so offered, shall be calculated for
      purposes of the adjustment on the basis of the lowest purchase, conversion
      or
      exchange price per Common Share, as the case may be. Any Common Shares owned
      by
      or held for the account of the Corporation shall be deemed not to be outstanding
      for the purpose of any such calculation. To the extent that any adjustment
      in
      the Exercise Price occurs pursuant to this clause 5(2)(b) as a result of the
      fixing by the Corporation of a record date for the issue or distribution of
      rights, options or warrants referred to in this clause 5(2)(b), the Exercise
      Price shall be readjusted immediately after the expiry of any relevant exchange,
      conversion or exercise right to the Exercise Price which would then be in effect
      based upon the number of Common Shares actually issued and remaining issuable
      after such expiry and shall be further readjusted in such manner upon the expiry
      of any further such right.

     

    
      	 	
              (c)

            	
              If
                at any time during the Adjustment Period the Corporation shall fix
                a
                record date for the issue or distribution to the holders of all or
                substantially all of the outstanding Common Shares
                of:

            

    

     

    
      	 	
              (i)

            	
              shares
                of the Corporation of any class other than Common
                Shares;

            

    

     

    
      	 	
              (ii)

            	
              rights,
                options or warrants to acquire Common Shares or securities exchangeable
                for or convertible into Common Shares (other than rights, options
                or
                warrants pursuant to which holders of Common Shares are entitled,
                during a
                period expiring not more than 45 days after the record date for such
                issue, to subscribe for or purchase Common Shares or securities
                exchangeable for or convertible into Common Shares at a price per
                share
                (or in the case of securities exchangeable for or convertible into
                Common
                Shares at an exchange or conversion price per share) at the date
                of issue
                of such securities to the holder of at least 95% of the Current Market
                Price of the Common Shares on such record
                date);

            

    

     

    
      	 	
              (iii)

            	
              evidences
                of indebtedness of the Corporation;
                or

            

    

     

    
      	 	
              (iv)

            	
              any
                property or assets of the
                Corporation;

            

    

     

    and
      if
      such issue or distribution does not constitute a Common Share Reorganization
      or
      a Rights Offering (any of such non-excluded events being herein called a
      "Special Distribution"), the Exercise Price shall be adjusted effective
      immediately after the record date for the Special Distribution to the amount
      determined by multiplying the Exercise Price in effect on the record date for
      the Special Distribution by a fraction:

     

    
      	 	
              A.

            	
              the
                numerator of which shall be the difference
                between

            

    

     

    
      
        
        

      

      
        5.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (1)

            	
              the
                product of the number of Common Shares outstanding on such record
                date and
                the Current Market Price of the Common Shares on such record date,
                and

            

    

     

    
      	 	
              (2)

            	
              the
                fair value, as determined by the directors of the Corporation, to
                the
                holders of Common Shares of the shares, rights, options, warrants,
                evidences of indebtedness or property or assets to be issued or
                distributed in the Special Distribution,
                and

            

    

     

    
      	 	
              B.

            	
              the
                denominator of which shall be the product obtained by multiplying
                the
                number of Common Shares outstanding on such record date by the Current
                Market Price of the Common Shares on such record
                date.

            

    

     

    Any
      Common Shares owned by or held for the account of the Corporation shall be
      deemed not to be outstanding for the purpose of such calculation. To the extent
      that any adjustment in the Exercise Price occurs pursuant to this clause 5(2)(c)
      as a result of the fixing by the Corporation of a record date for the issue
      or
      distribution of rights, options or warrants to acquire Common Shares or
      securities exchangeable for or convertible into Common Shares referred to in
      this clause 5(2)(c), the Exercise Price shall be readjusted immediately after
      the expiry of any relevant exercise, exchange or conversion right to the amount
      which would then be in effect based upon the number of Common Shares issued
      and
      remaining issuable after such expiry and shall be further readjusted in such
      manner upon the expiry of any further such right.

     

    
      	 	
              (d)

            	
              If
                at any time during the Adjustment Period there shall
                occur:

            

    

     

    
      	 	
              (i)

            	
              a
                reclassification or redesignation of the Common Shares, a change
                of the
                Common Shares into other shares or securities or any other capital
                reorganization involving the Common Shares other than a Common Share
                Reorganization;

            

    

     

    
      	 	
              (ii)

            	
              a
                consolidation, amalgamation or merger of the Corporation with or
                into
                another body corporate which results in a reclassification or
                redesignation of the Common Shares or a change of the Common Shares
                into
                other shares or securities;

            

    

     

    
      	 	
              (iii)

            	
              the
                transfer of the undertaking or assets of the Corporation as an entirety
                or
                substantially as an entirety to another corporation or
                entity;

            

    

     

    (any
      of
      such events being called a "Capital Reorganization"), after the effective date
      of the Capital Reorganization the Warrantholder shall be entitled to receive,
      and shall accept, for the same aggregate consideration, upon exercise of the
      Warrants, in lieu of the number of Common Shares to which the Warrantholder
      was
      theretofor entitled upon the exercise of the Warrants, the kind and aggregate
      number of shares and other securities or property resulting from the Capital
      Reorganization which the Warrantholder would have been entitled to receive
      as a
      result of the Capital Reorganization if, on the effective date thereof, the
      Warrantholder had been the registered holder of the number of Common Shares
      which the Warrantholders was theretofore entitled to purchase or receive upon
      the exercise of the Warrants. If necessary, as a result of any such Capital
      Reorganization, appropriate adjustments shall be made in the application of
      the
      provisions of this Warrant Certificate with respect to the rights and interests
      thereafter of the Warrantholder to the end that the provisions shall thereafter
      correspondingly be made applicable as nearly as may reasonably be possible
      in
      relation to any shares or other securities or property thereafter deliverable
      upon the exercise of the Warrants.

     

    
      
        
        

      

      
        6.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              If
                at any time during the Adjustment Period any adjustment or readjustment
                in
                the Exercise Price shall occur pursuant to the provisions of clause
                5(2)(a), 5(2)(b) or 5(2)(c) of this Warrant Certificate, then the
                number
                of Common Shares purchasable upon the subsequent exercise of the
                Warrants
                shall be simultaneously adjusted or readjusted, as the case may be,
                by
                multiplying the number of Common Shares purchasable upon the exercise
                of
                the Warrants immediately prior to such adjustment or readjustment
                by a
                fraction which shall be the reciprocal of the fraction used in the
                adjustment or readjustment of the Exercise
                Price.

            

    

     

    
      	 	
              (3)

            	
              Rules:
                The following rules and procedures shall be applicable to adjustments
                made
                pursuant to subsection 5(2) hereof:

            

    

     

    
      	 	
              (a)

            	
              Subject
                to the following clauses of this subsection 5(3), any adjustment
                made
                pursuant to subsection 5(2) hereof shall be made successively whenever
                an
                event referred to therein shall
                occur.

            

    

     

    
      	 	
              (b)

            	
              No
                adjustment in the Exercise Price shall be required unless such adjustment
                would result in a change of at least one per cent in the then Exercise
                Price and no adjustment shall be made in the number of Common Shares
                purchasable or issuable on the exercise of the Warrants unless it
                would
                result in a change of at least one one-hundredth of a Common Share;
                provided, however, that any adjustments which except for the provision
                of
                this clause 5(3)(b) would otherwise have been required to be made
                shall be
                carried forward and taken into account in any subsequent adjustment.
                

            

    

     

    
      	 	
              (c)

            	
              No
                adjustment in the Exercise Price or in the number or kind of securities
                purchasable upon the exercise of the Warrants shall be made in respect
                of
                any event described in section 5 hereof if the Warrantholder is entitled
                to participate in such event on the same terms mutatis
                mutandis
                as
                if the Warrantholder had exercised the Warrants prior to or on the
                record
                date or effective date, as the case may be, of such
                event.

            

    

     

    
      	 	
              (d)

            	
              No
                adjustment in the Exercise Price or in the number of Common Shares
                purchasable upon the exercise of the Warrants shall be made pursuant
                to
                subsection 5(2) hereof in respect of the issue from time to time
                of Common
                Shares pursuant to this Warrant Certificate or pursuant to any stock
                option, stock purchase or stock bonus plan in effect from time to
                time for
                directors, officers or employees of the Corporation and/or any subsidiary
                of the Corporation and any such issue, and any grant of options in
                connection therewith, shall be deemed not to be a Common Share
                Reorganization, a Rights Offering nor any other event described in
                subsection 5(2) hereof.

            

    

     

    
      
        
        

      

      
        7.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (e)

            	
              If
                at any time during the Adjustment Period the Corporation shall take
                any
                action affecting the Common Shares, other than an action described
                in
                subsection 5(2) hereof, which in the opinion of the directors would
                have a
                material adverse effect upon the rights of Warrantholders, either
                or both
                the Exercise Price and the number of Common Shares purchasable upon
                exercise of Warrants shall be adjusted in such manner and at such
                time by
                action by the directors, in their sole discretion, as may be equitable
                in
                the circumstances. Failure of the taking of action by the directors
                so as
                to provide for an adjustment prior to the effective date of any action
                by
                the Corporation affecting the Common Shares shall be deemed to be
                conclusive evidence that the directors have determined that it is
                equitable to make no adjustment in the
                circumstances.

            

    

     

    
      	 	
              (f)

            	
              If
                the Corporation shall set a record date to determine holders of Common
                Shares for the purpose of entitling such holders to receive any dividend
                or distribution or any subscription or purchase rights and shall,
                thereafter and before the distribution to such holders of any such
                dividend, distribution or subscription or purchase rights, legally
                abandon
                its plan to pay or deliver such dividend, distribution or subscription
                or
                purchase rights, then no adjustment in the Exercise Price or the
                number of
                Common Shares purchasable upon exercise of the Warrant shall be required
                by reason of the setting of such record
                date.

            

    

     

    
      	 	
              (g)

            	
              In
                any case in which this Warrant Certificate shall require that an
                adjustment shall become effective immediately after a record date
                for an
                event referred to in subsection 5(2) hereof, the Corporation may
                defer,
                until the occurrence of such event:

            

    

     

    
      	 	
              (i)

            	
              issuing
                to the Warrantholder, to the extent that the Warrants are exercised
                after
                such record date and before the occurrence of such event, the additional
                Common Shares or other securities issuable upon such exercise by
                reason of
                the adjustment required by such event;
                and

            

    

     

    
      	 	
              (ii)

            	
              delivering
                to the Warrantholder any distribution declared with respect to such
                additional Common Shares or other securities after such record date
                and
                before such event;

            

    

     

    provided,
      however, that the Corporation shall deliver to the Warrantholder an appropriate
      instrument evidencing the right of the Warrantholder upon the occurrence of
      the
      event requiring the adjustment, to an adjustment in the Exercise Price or the
      number of Common Shares purchasable upon the exercise of the Warrants and to
      such distribution declared with respect to any such additional Common Shares
      issuable on the exercise of the Warrants.

     

    
      	 	
              (h)

            	
              In
                the absence of a resolution of the directors fixing a record date
                for a
                Rights Offering, the Corporation shall be deemed to have fixed as
                the
                record date therefor the date of the issue of the rights, options
                or
                warrants issued pursuant to the Rights
                Offering.

            

    

     

    
      	 	
              (i)

            	
              If
                a dispute shall at any time arise with respect to adjustments of
                the
                Exercise Price or the number of Common Shares purchasable upon the
                exercise of the Warrants, such disputes shall be conclusively determined
                by the auditors of the Corporation or if they are unable or unwilling
                to
                act, by such other firm of independent chartered accountants as may
                be
                selected by the directors and any such determination shall be conclusive
                evidence of the correctness of any adjustment made pursuant to subsection
                5(2) hereof and shall be binding upon the Corporation and the
                Warrantholder.

            

    

     

    
      
        
        

      

      
        8.

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (j)

            	
              As
                a condition precedent to the taking of any action which would require
                an
                adjustment pursuant to subsection 5(2) hereof, including the Exercise
                Price and the number or class of Common Shares or other securities
                which
                are to be received upon the exercise thereof, the Corporation shall
                take
                any action which may, in the opinion of counsel to the Corporation,
                be
                necessary in order that the Corporation may validly and legally issue
                as
                fully paid and non-assessable shares all of the Common Shares or
                other
                securities which the Warrantholder is entitled to receive in accordance
                with the provisions of this Warrant
                Certificate.

            

    

     

    
      	 	
              (4)

            	
              Notice:
                At least 21 days prior to the earlier of the record date or effective
                date
                of any event which requires or might require an adjustment in any
                of the
                rights of the Warrantholder under this Warrant Certificate, including
                the
                Exercise Price or the number of Common Shares which may be purchased
                under
                this Warrant Certificate, the Corporation shall deliver to the
                Warrantholder a certificate of the Corporation specifying the particulars
                of such event and, if determinable, the required adjustment and the
                calculation of such adjustment. In case any adjustment for which
                a notice
                in this subsection 5(4) has been given is not then determinable,
                the
                Corporation shall promptly after such adjustment is determinable
                deliver
                to the Warrantholder a certificate providing the calculation of such
                adjustment. The Corporation hereby covenants and agrees that the
                register
                of transfers and share transfer books for the Common Shares will
                be open,
                and that the Corporation will not take any action which might deprive
                the
                Warrantholder of the opportunity of exercising the rights of subscription
                contained in this Warrant Certificate, during such 21 day
                period.

            

    

     

    
      	
              6.

            	
              Further
                Assurances:
                The
                Corporation hereby covenants and agrees that it will do, execute,
                acknowledge and deliver, or cause to be done, executed, acknowledged
                and
                delivered, all and every such other act, deed and assurance as the
                Warrantholder shall reasonably require for the better accomplishing
                and
                effectuating of the intentions and provisions of this Warrant
                Certificate.

            

    

     

    
      	
              7.

            	
              Time
                of Essence:
                Time
                shall be of the essence of this Warrant
                Certificate.

            

    

     

    
      	
              8.

            	
              Governing
                Laws:
                This
                Warrant Certificate shall be construed in accordance with the laws
                of the
                Province of Ontario and the federal laws of Canada applicable
                therein.

            

    

     

    
      	
              9.

            	
              Notices:
                All notices or other communications to be given under this Warrant
                Certificate shall be delivered by hand or by telecopier and, if delivered
                by hand, shall be deemed to have been given on the delivery date
                and, if
                sent by telecopier, on the date of transmission if sent before 5:00
                p.m.
                on a business day or, if such day is not a business day, on the first
                business day following the date of
                transmission.

            

    

     

    Notices
      to the Corporation shall be addressed to:

     

    Apollo
      Gold Corporation

    5655
      South Yosemite Street, Suite 200

    Greenwood
      Village, Colorado

    80111-3220

     

    
      
        
        

      

      
        9.

        
          

        

      

      
        
        

      

    

    

    Attention:    
      R.
      David
      Russell

    Telecopier:   
      303-524-3280

     

    Notices
      to the Warrantholder shall be addressed to the address of the Warrantholder
      set
      out on the face page of this Warrant Certificate.

     

    The
      Corporation and the Warrantholder may change its address for service by notice
      in writing to the other of them specifying its new address for service under
      this Warrant Certificate.

     

    
      	
              10.

            	
              Lost
                Certificate:
                If this Warrant Certificate or any replacement hereof becomes stolen,
                lost, mutilated or destroyed, the Corporation shall, on such terms
                as it
                may in its discretion impose, acting reasonably, issue and deliver
                a new
                certificate, in form identical hereto but with appropriate changes,
                representing any unexercised portion of the subscription rights
                represented hereby to replace the certificate so stolen, lost, mutilated
                or destroyed.

            

    

     

    
      	
              11.

            	
              Successors:
                This
                Warrant Certificate shall enure to the benefit of the Warrantholder
                and
                the successors thereof and shall be binding upon the Corporation
                and the
                successors thereof.

            

    

     

     

    
      
        
        

      

      
        10.

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed
      by an authorized officer as of the _____ day of ___________,
      200<>.

     

    
      	
              APOLLO
                GOLD CORPORATION

            
	 
	
              By:

            	 
	 	
              Name:

              Title:

            

    

    

    
      
        
        

      

      
        11.

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