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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>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font><br></div>
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    <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>CURRENT
      REPORT</strong></font></div>
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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>Pursuant
      to Section&#160;13 or 15(d) of the Securities Exchange Act of
      1934</strong></font><br></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>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>December
      19, 2005</strong></font><br></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>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>
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                Territory,</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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>Canada</strong></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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 </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation
                or organization)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                Number)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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 </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                Number)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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: 9pt; 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>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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>
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              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; 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>
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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">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><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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      Change</strong></font></div>
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      name or former address, if changed since last report)</font><br></div>
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    <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="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">
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      Instruction A.2. below): </font></div>
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425) </font></div>
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                <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; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
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                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
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                <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; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font></font></div>
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                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <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="justify">&#160;</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
      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="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
      January 6, 2006, Apollo Gold Corporation (the &#8220;Company&#8221;) pledged the Company&#8217;s
      Black Fox Property (as defined below) to The Canada Trust Company (the &#8220;Secured
      Party&#8221;) as substitute collateral for the Company&#8217;s US$8.73 million principal
      amount Series B Convertible Debentures issued on November 4, 2004 (the
&#8220;Debentures&#8221;), which were previously secured by US$11.0 million cash (the
&#8220;Substitution&#8221;). The Secured Party is the trustee for the holders of the
      Debentures (the &#8220;Debentureholders&#8221;) pursuant to the Trust Indenture dated
      November 4, 2004, as amended by the First Supplemental Indenture dated December
      13, 2004 (the &#8220;Indenture&#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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the Substitution, the Company entered into a General Security
      Agreement (the &#8220;GSA&#8221;) in favor&#160;of the Secured Party as of January 4, 2006.
      The terms of the GSA are summarized below:</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Security
      Interest</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
      The
      performance by the Company of its obligations under the Indenture and the
      Debentures is secured by a security interest in all of the Company&#8217;s present and
      future undertaking, property, both real and personal, and assets located on
      or
      related to or used in connection with the Black Fox Property, as defined below
      (the &#8220;Collateral&#8221;). Black Fox Property has the meaning given to such term in the
      GSA.</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Covenants</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The GSA
      contains certain customary covenants that, among other things, limit the
      Company&#8217;s ability to create liens or otherwise encumber the Collateral without
      the prior written consent of the Secured Party.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Events
      of Default</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The GSA
      contains customary events of default, including, without limitation, failure
      to
      make required payments, failure to comply with certain agreements or covenants,
      and certain events of bankruptcy and insolvency. Pursuant to the GSA, and
      subject to the terms in the GSA and the Indenture, in the event of default,
      the
      Secured Party may declare the principal of an interest on the Debentures then
      outstanding and any other moneys payable under the GSA to be immediately due
      and
      payable together with any interest.</font></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing description is qualified in its entirety by reference to the GSA
      and
      the Indenture, which are incorporated by reference hereto as Exhibits 10.1
      and
      10.2, respectively to this Current Report on Form 8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE
      SHEET ARRANGEMENT OF A REGISTRANT.</strong></font></div>
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      2.03.</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>3.03
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    <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="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to a letter from the Company to each of the holders of the Debentures dated
      December 19, 2005 (the &#8220;Reduction Letter&#8221;), the Company agreed to reduce the
      exercise price&#160;on 5,013,600 of the special note warrants attached to the
      Debentures (the &#8220;Special Note Warrants&#8221;) from US$0.80 to US$0.40, subject to the
      completion of the Substitution. Each of the Special Note Warrants is exercisable
      into one Company common share. The reduction in the exercise price is effective
      January 16, 2006 and applies to all warrants attached to the Debentures except
      for those held by the Company&#8217;s insiders, which remain exercisable into one
      Company common share at US$0.80 per share. All other terms related to the
      Debentures, including the conversion price, remain the same. The Reduction
      Letter&#160;and the Form of Amendement to Warrants to Purchase Common Shares are
      incorporated herein by reference and&#160;are attached to this Current Report on
      Form 8-K as Exhibits 10.3 and 4.1, respectively.</font></div>
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                of Amendment to Warrants to Purchase Common Shares.</font></div>
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                Security Agreement by Apollo Gold Corporation as Debtor in favor
                of The
                Canada Trust Company, dated as of January 4, 2006.</font></div>
            </td>
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                Indenture by and among Apollo Gold Corporation, Apollo Gold, Inc.,
                and The
                Canada Trust Company, dated November 4, 2004, filed with the Securities
                and Exchange Commission as Exhibit 4.2 to Form 8-K on November 9,
                2004.</font></div>
            </td>
          </tr>
          <tr>
            <td width="2%">&#160;</td>
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              <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">10.3</font></div>
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            <td align="left" valign="middle" width="1%">&#160;</td>
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              <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">First
                Supplemental Indenture to the Trust Indenture by and among Apollo
                Gold
                Corporation, Apollo Gold, Inc., and The Canada Trust Company, dated
                December 13, 2004.</font></div>
            </td>
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            </td>
            <td align="left" valign="middle" width="1%">&#160;</td>
            <td align="left" valign="middle" width="90%">
              <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">Letter
                from Apollo Gold Corporation to the Debentureholders of the Series
                2004-B
                Convertible Secured Debentures, dated December 19,
                2005.</font></div>
            </td>
          </tr>

      </table>
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    <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">&#160;</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">SIGNATURE</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      January 12, 2006</font></div>
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      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>APOLLO
              GOLD CORPORATION</strong></font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td>&#160;</td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;MELVYN
              WILLIAMS</font></td>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Melvyn
              Williams</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Senior
                Vice President - Finance and Corporate </font></div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Development
                and
                Chief Financial Officer</font></div>
            </td>
          </tr>

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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": "06527949"}, "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"}}
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):
December
      19, 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
Effective
      January 6, 2006, Apollo Gold Corporation (the "Company") pledged the Company's
      Black Fox Property (as defined below) to The Canada Trust Company (the "Secured
      Party") as substitute collateral for the Company's US$8.73 million principal
      amount Series B Convertible Debentures issued on November 4, 2004 (the
"Debentures"), which were previously secured by US$11.0 million cash (the
"Substitution"). The Secured Party is the trustee for the holders of the
      Debentures (the "Debentureholders") pursuant to the Trust Indenture dated
      November 4, 2004, as amended by the First Supplemental Indenture dated December
      13, 2004 (the "Indenture").
In
      connection with the Substitution, the Company entered into a General Security
      Agreement (the "GSA") in favor of the Secured Party as of January 4, 2006.
      The terms of the GSA are summarized below:
·
Security
      Interest
:
      The
      performance by the Company of its obligations under the Indenture and the
      Debentures is secured by a security interest in all of the Company's present and
      future undertaking, property, both real and personal, and assets located on
      or
      related to or used in connection with the Black Fox Property, as defined below
      (the "Collateral"). Black Fox Property has the meaning given to such term in the
      GSA.
·
Covenants
.
      The GSA
      contains certain customary covenants that, among other things, limit the
      Company's ability to create liens or otherwise encumber the Collateral without
      the prior written consent of the Secured Party.
·
Events
      of Default
.
      The GSA
      contains customary events of default, including, without limitation, failure
      to
      make required payments, failure to comply with certain agreements or covenants,
      and certain events of bankruptcy and insolvency. Pursuant to the GSA, and
      subject to the terms in the GSA and the Indenture, in the event of default,
      the
      Secured Party may declare the principal of an interest on the Debentures then
      outstanding and any other moneys payable under the GSA to be immediately due
      and
      payable together with any interest.
The
      foregoing description is qualified in its entirety by reference to the GSA
      and
      the Indenture, which are incorporated by reference hereto as Exhibits 10.1
      and
      10.2, respectively to this Current Report on Form 8-K.
The
      disclosure in Item 3.03 is incorporated into this Item 1.01.
2.03
      CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE
      SHEET ARRANGEMENT OF A REGISTRANT.
The
      disclosure in Items 1.01 and 3.03 are incorporated into this Item
      2.03.
3.03
      MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS.
Pursuant
      to a letter from the Company to each of the holders of the Debentures dated
      December 19, 2005 (the "Reduction Letter"), the Company agreed to reduce the
      exercise price on 5,013,600 of the special note warrants attached to the
      Debentures (the "Special Note Warrants") from US$0.80 to US$0.40, subject to the
      completion of the Substitution. Each of the Special Note Warrants is exercisable
      into one Company common share. The reduction in the exercise price is effective
      January 16, 2006 and applies to all warrants attached to the Debentures except
      for those held by the Company's insiders, which remain exercisable into one
      Company common share at US$0.80 per share. All other terms related to the
      Debentures, including the conversion price, remain the same. The Reduction
      Letter and the Form of Amendement to Warrants to Purchase Common Shares are
      incorporated herein by reference and are attached to this Current Report on
      Form 8-K as Exhibits 10.3 and 4.1, respectively.
ITEM
      9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c)   Exhibits
Exhibit
No.
Description
4.1
Form
                of Amendment to Warrants to Purchase Common Shares.
10.1
General
                Security Agreement by Apollo Gold Corporation as Debtor in favor
                of The
                Canada Trust Company, dated as of January 4, 2006.
10.2
Trust
                Indenture by and among Apollo Gold Corporation, Apollo Gold, Inc.,
                and The
                Canada Trust Company, dated November 4, 2004, filed with the Securities
                and Exchange Commission as Exhibit 4.2 to Form 8-K on November 9,
                2004.
10.3
First
                Supplemental Indenture to the Trust Indenture by and among Apollo
                Gold
                Corporation, Apollo Gold, Inc., and The Canada Trust Company, dated
                December 13, 2004.
10.4
Letter
                from Apollo Gold Corporation to the Debentureholders of the Series
                2004-B
                Convertible Secured Debentures, dated December 19,
                2005.
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.
Date:
      January 12, 2006
APOLLO
              GOLD CORPORATION
By:
/s/ MELVYN
              WILLIAMS
Melvyn
              Williams
Senior
                Vice President - Finance and Corporate
Development
                and
                Chief Financial Officer