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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM&#160;8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section&#160;13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of Report (Date of earliest event reported):</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>October
        17, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>APOLLO
        GOLD CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Yukon
                  Territory, </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Canada</strong></font></div>
              </td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-31593</strong></font></div>
              </td>
              <td align="left" valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Not
                  Applicable</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of incorporation or organization)</font></div>
              </td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                  Number)</font></div>
              </td>
              <td align="left" valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer Identification Number)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>5655
                  South Yosemite Street, Suite 200</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Greenwood
                  Village, Colorado</strong></font></div>
              </td>
              <td valign="bottom" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>80111-3220</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                  of principal executive offices)</font></div>
              </td>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                  Code)</font></div>
              </td>
            </tr>

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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
        telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(720)&#160;886-9656</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>No
        Change</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address, if changed since last report)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
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        </div>
      </div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
          <div>&#160;</div>
          <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
            the
            appropriate box below if the Form 8-K filing is intended to simultaneously
            satisfy the filing obligation of the registrant under any of the following
            provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
            General
            Instruction A.2. below):</font></div>
          <div align="left">&#160;</div>
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                    <td align="left" style="WIDTH: 27pt"><font style="FONT-FAMILY: Wingdings">o</font></td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                        communications pursuant to Rule 425 under the Securities
                        Act (17 CFR
                        230.425) </font></div>
                    </td>
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              </table>
            </div>
            <div>&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top" style="LINE-HEIGHT: 1.25">
                    <td align="left" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
                    <td align="left">
                      <div><font size="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                        material pursuant to Rule 14a-12 under the Exchange Act (17
                        CFR
                        240.14a-12) </font></font></div>
                    </td>
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                <div>
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                    <div>&#160;</div>
                    <div>
                      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                          <tr valign="top" style="LINE-HEIGHT: 1.25">
                            <td align="left" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
                            <td align="left">
                              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                                communications pursuant to Rule 14d-2(b) under the
                                Exchange Act (17 CFR
                                240.14d-2(b))
</font></div>
                            </td>
                          </tr>

                      </table>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
          <div align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            <div>
              <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

                  <tr valign="top" style="LINE-HEIGHT: 1.25">
                    <td align="left" style="WIDTH: 27pt"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></td>
                    <td align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                        communications pursuant to Rule 13e-4(c) under the Exchange
                        Act (17 CFR
                        240.13e-4(c)) </font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
        1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br>&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
          October 17, 2005, Apollo Gold Corporation, a Yukon territory corporation
          (&#8220;Apollo&#8221;) and Apollo Gold, Inc., a Delaware corporation (&#8220;Seller&#8221;) entered into
          a Stock Purchase Agreement (the &#8220;SPA&#8221;) with Jipangu Inc., a Japanese corporation
          (&#8220;Jipangu&#8221;) and Jipangu International Inc., a Delaware corporation, a wholly
          owned subsidiary of Jipangu (&#8220;Buyer&#8221;) for the sale by the Seller of all of the
          outstanding shares of each of Florida Canyon Mining, Inc., a Delaware
          corporation, Standard Gold Mining, Inc., a Delaware corporation, and Apollo
          Gold
          Exploration, Inc., a Delaware corporation (collectively, the &#8220;Nevada
          Subsidiaries&#8221;), to the Buyer for US$14.0 million, subject to certain conditions
          (the &#8220;Mines Purchase&#8221;). </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, Apollo and Jipangu entered into a Subscription Agreement on October
          17, 2005 (the &#8220;Subscription Agreement&#8221;) for a US$3.5 million private placement
          (the &#8220;Private Placement&#8221;) under which Jipangu would purchase up to 11,650,000
          units priced at Cdn$0.35 per unit, with each unit consisting of one common
          share
          of Apollo and 0.17167 of a warrant (for a total of up to 2,000,000 warrants),
          with each whole warrant exercisable for two years at Cdn$0.39 for one common
          share of Apollo. Apollo expects to rely on Regulation S promulgated under
          the
          Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) as the basis for
          exemption from registering the sale and issuance of the shares and warrants
          under the Private Placement under the Securities Act. Apollo and Jipangu
          also
          entered into a Registration Rights Agreement on October 17, 2005 (the
&#8220;Registration Rights Agreement&#8221;), pursuant to which Apollo has agreed to file a
          resale registration statement for the common shares and the common shares
          issuable upon exercise of the warrants issued pursuant to the Subscription
          Agreement. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
          the
          Private Placement were completed and the warrants were exercised, Jipangu
          would
          own in the aggregate 19.7% of Apollo&#8217;s common shares, based on 106,556,449
          common shares outstanding as of October 17, 2005. Jipangu presently holds
          9.4%
          of Apollo&#8217;s common shares. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          closing of the Mines Purchase under the SPA is subject to certain customary
          conditions. In addition, Jipangu has the right to terminate the SPA if
          the
          excess of the aggregate assets of the Nevada Subsidiaries over the aggregate
          liabilities of the Nevada Subsidiaries at closing is less than $12,500,000.
          The
          stock purchase agreement contemplates that the Mines Purchase will close
          on
          November 15, 2005. If the Mines Purchase does not close by December 1,
          2005,
          either Apollo or Jipangu may terminate the agreement, provided that the
          terminating party has not breached the agreement in a manner that has prevented
          the closing. The US$3.5 million Private Placement is conditional upon the
          completion of the Mines Purchase, and would not close until the 61</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>st</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          day
          after the closing of the Mines Purchase. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also,
          on
          October 17, 2005, pursuant to the SPA, Jipangu advanced Apollo US$2.5 million
          and Apollo issued Jipangu a US$2.5 million promissory note due June 1,
          2006 (the
&#8220;Note&#8221;), unless Apollo or any of its subsidiaries makes an assignment for the
          benefit of creditors; enters into bankruptcy, insolvency, reorganization,
          or
          liquidation proceedings; defaults in any payment to a third party in an
          aggregate amount in excess of $500,000; or other similar events, at which
          time
          the Note and any accrued interest would become immediately due and payable
          to
          Jipangu. The Note is non-interest bearing through December 1, 2005, after
          which
          the Note will bear interest at 7.3% per annum. At the closing of the Mines
          Purchase, the US$2.5 million advance would be credited toward the US$14
          million
          purchase price in full satisfaction of the indebtedness evidenced by the
          Note.
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
          the
          Mines Purchase is not completed and the SPA is terminated by Apollo due
          to
          Jipangu&#8217;s failure to meet its obligations under the agreement, Apollo would have
          the right, but not the obligation, to apply the US$2.5 million advance
          to the
          subscription price for units of Apollo in connection with the Private Placement
          described above. If Apollo were to exercise this right, Jipangu would have
          the
          right, but not the obligation, to increase the total amount of its Private
          Placement investment to US $3.5 million. If the Mines Purchase is not completed
          and the SPA is terminated for any other reason, Jipangu would have the
          right,
          but not the obligation, to apply the US$2.5 million advance to the Private
          Placement subscription price for units of Apollo. If Jipangu were to exercise
          this right, Jipangu would also have the right, but not the obligation,
          to
          increase the total amount of its Private Placement investment to US$3.5
          million.</font></div>
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          OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          disclosure in Item 1.01 regarding the Note, which is a direct financial
          obligation, is incorporated herein.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
          2.06 MATERIAL IMPAIRMENTS.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          a
          result of the sale of Florida Canyon Mining, Inc., Standard Gold Mining,
          Inc.,
          and Apollo Gold Exploration, Inc. (collectively the &#8220;Nevada Assets&#8221;), as
          contemplated in the SPA described in Item 1.01 above, Apollo concluded
          on
          October 17, 2005 it would have to record an additional impairment of $4.3
          million for the period ended September 30, 2005, resulting in Apollo recording
          a
          total impairment of $8.9 million for the Nevada Assets at September 30,
          2005. At
          this time, Apollo is unable to estimate the amount of the impairment charge
          that
          will result in future cash expenditures, if any.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ITEM
          3.02 UNREGISTERED SALES OF EQUITY SECURITIES.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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          disclosure in Item 1.01 regarding the Subscription Agreement, which contemplates
          an unregistered sale of equity securities, is incorporated herein.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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        duly authorized.</font></div>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>APOLLO
                GOLD CORPORATION</strong></font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;October
                21, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;MELVYN
                WILLIAMS</font></td>
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              <td>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Melvyn
                  Williams</font></div>
                <div><font size="2">Senior Vice President &#8211; Finance and
                  Corporate</font></div>
                <div><font size="2">Development and Chief Financial
                  Officer</font></div>
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              <td>&#160;</td>
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{"company-data": {"conformed-name": "APOLLO GOLD CORP", "cik": "0000938113", "assigned-sic": "1040", "irs-number": "911724754"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31593", "film-number": "051150186"}, "business-address": {"street1": "5655 SOUTH YOSEMITE STREET, SUITE 200", "city": "GREENWOOD VILLAGE", "state": "CO", "zip": "80111", "phone": "720-886-9656"}, "mail-address": {"street1": "5655 SOUTH YOSEMITE STREET, SUITE 200", "city": "GREENWOOD VILLAGE", "state": "CO", "zip": "80111"}, "former-company": {"former-conformed-name": "INTERNATIONAL PURSUIT CORP", "date-changed": "19950215"}}
Unassociated Document
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM 8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934
Date
        of Report (Date of earliest event reported):
October
        17, 2005
APOLLO
        GOLD CORPORATION
(Exact
        name of registrant as specified in its charter)
Yukon
                  Territory,
Canada
1-31593
Not
                  Applicable
(State
                  or other jurisdiction of incorporation or organization)
(Commission
File
                  Number)
(I.R.S.
                  Employer Identification Number)
5655
                  South Yosemite Street, Suite 200
Greenwood
                  Village, Colorado
80111-3220
(Address
                  of principal executive offices)
(Zip
                  Code)
Registrant's
        telephone number, including area code:
(720) 886-9656
No
        Change
(Former
        name or former address, if changed since last report)
Check
            the
            appropriate box below if the Form 8-K filing is intended to simultaneously
            satisfy the filing obligation of the registrant under any of the following
            provisions (
see
General
            Instruction A.2. below):
o
Written
                        communications pursuant to Rule 425 under the Securities
                        Act (17 CFR
                        230.425)
o
Soliciting
                        material pursuant to Rule 14a-12 under the Exchange Act (17
                        CFR
                        240.14a-12)
o
Pre-commencement
                                communications pursuant to Rule 14d-2(b) under the
                                Exchange Act (17 CFR
                                240.14d-2(b))
o
Pre-commencement
                        communications pursuant to Rule 13e-4(c) under the Exchange
                        Act (17 CFR
                        240.13e-4(c))
ITEM
        1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On
          October 17, 2005, Apollo Gold Corporation, a Yukon territory corporation
          ("Apollo") and Apollo Gold, Inc., a Delaware corporation ("Seller") entered into
          a Stock Purchase Agreement (the "SPA") with Jipangu Inc., a Japanese corporation
          ("Jipangu") and Jipangu International Inc., a Delaware corporation, a wholly
          owned subsidiary of Jipangu ("Buyer") for the sale by the Seller of all of the
          outstanding shares of each of Florida Canyon Mining, Inc., a Delaware
          corporation, Standard Gold Mining, Inc., a Delaware corporation, and Apollo
          Gold
          Exploration, Inc., a Delaware corporation (collectively, the "Nevada
          Subsidiaries"), to the Buyer for US$14.0 million, subject to certain conditions
          (the "Mines Purchase").
In
          addition, Apollo and Jipangu entered into a Subscription Agreement on October
          17, 2005 (the "Subscription Agreement") for a US$3.5 million private placement
          (the "Private Placement") under which Jipangu would purchase up to 11,650,000
          units priced at Cdn$0.35 per unit, with each unit consisting of one common
          share
          of Apollo and 0.17167 of a warrant (for a total of up to 2,000,000 warrants),
          with each whole warrant exercisable for two years at Cdn$0.39 for one common
          share of Apollo. Apollo expects to rely on Regulation S promulgated under
          the
          Securities Act of 1933, as amended (the "Securities Act") as the basis for
          exemption from registering the sale and issuance of the shares and warrants
          under the Private Placement under the Securities Act. Apollo and Jipangu
          also
          entered into a Registration Rights Agreement on October 17, 2005 (the
"Registration Rights Agreement"), pursuant to which Apollo has agreed to file a
          resale registration statement for the common shares and the common shares
          issuable upon exercise of the warrants issued pursuant to the Subscription
          Agreement.
If
          the
          Private Placement were completed and the warrants were exercised, Jipangu
          would
          own in the aggregate 19.7% of Apollo's common shares, based on 106,556,449
          common shares outstanding as of October 17, 2005. Jipangu presently holds
          9.4%
          of Apollo's common shares.
The
          closing of the Mines Purchase under the SPA is subject to certain customary
          conditions. In addition, Jipangu has the right to terminate the SPA if
          the
          excess of the aggregate assets of the Nevada Subsidiaries over the aggregate
          liabilities of the Nevada Subsidiaries at closing is less than $12,500,000.
          The
          stock purchase agreement contemplates that the Mines Purchase will close
          on
          November 15, 2005. If the Mines Purchase does not close by December 1,
          2005,
          either Apollo or Jipangu may terminate the agreement, provided that the
          terminating party has not breached the agreement in a manner that has prevented
          the closing. The US$3.5 million Private Placement is conditional upon the
          completion of the Mines Purchase, and would not close until the 61
st
day
          after the closing of the Mines Purchase.
Also,
          on
          October 17, 2005, pursuant to the SPA, Jipangu advanced Apollo US$2.5 million
          and Apollo issued Jipangu a US$2.5 million promissory note due June 1,
          2006 (the
"Note"), unless Apollo or any of its subsidiaries makes an assignment for the
          benefit of creditors; enters into bankruptcy, insolvency, reorganization,
          or
          liquidation proceedings; defaults in any payment to a third party in an
          aggregate amount in excess of $500,000; or other similar events, at which
          time
          the Note and any accrued interest would become immediately due and payable
          to
          Jipangu. The Note is non-interest bearing through December 1, 2005, after
          which
          the Note will bear interest at 7.3% per annum. At the closing of the Mines
          Purchase, the US$2.5 million advance would be credited toward the US$14
          million
          purchase price in full satisfaction of the indebtedness evidenced by the
          Note.
If
          the
          Mines Purchase is not completed and the SPA is terminated by Apollo due
          to
          Jipangu's failure to meet its obligations under the agreement, Apollo would have
          the right, but not the obligation, to apply the US$2.5 million advance
          to the
          subscription price for units of Apollo in connection with the Private Placement
          described above. If Apollo were to exercise this right, Jipangu would have
          the
          right, but not the obligation, to increase the total amount of its Private
          Placement investment to US $3.5 million. If the Mines Purchase is not completed
          and the SPA is terminated for any other reason, Jipangu would have the
          right,
          but not the obligation, to apply the US$2.5 million advance to the Private
          Placement subscription price for units of Apollo. If Jipangu were to exercise
          this right, Jipangu would also have the right, but not the obligation,
          to
          increase the total amount of its Private Placement investment to US$3.5
          million.
ITEM
          2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
          OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.
The
          disclosure in Item 1.01 regarding the Note, which is a direct financial
          obligation, is incorporated herein.
ITEM
          2.06 MATERIAL IMPAIRMENTS.
As
          a
          result of the sale of Florida Canyon Mining, Inc., Standard Gold Mining,
          Inc.,
          and Apollo Gold Exploration, Inc. (collectively the "Nevada Assets"), as
          contemplated in the SPA described in Item 1.01 above, Apollo concluded
          on
          October 17, 2005 it would have to record an additional impairment of $4.3
          million for the period ended September 30, 2005, resulting in Apollo recording
          a
          total impairment of $8.9 million for the Nevada Assets at September 30,
          2005. At
          this time, Apollo is unable to estimate the amount of the impairment charge
          that
          will result in future cash expenditures, if any.
ITEM
          3.02 UNREGISTERED SALES OF EQUITY SECURITIES.
The
          disclosure in Item 1.01 regarding the Subscription Agreement, which contemplates
          an unregistered sale of equity securities, is incorporated herein.
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
APOLLO
                GOLD CORPORATION
Date: October
                21, 2005
By:
/s/ MELVYN
                WILLIAMS
Melvyn
                  Williams
Senior Vice President – Finance and
                  Corporate
Development and Chief Financial
                  Officer