Apolo Gold & Energy, Inc. — APLL
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Apolo Gold & Energy Inc. (OTCBB: APLL) has entered into a Memorandum of Understanding with Yingchang Gold Ore of Pingwu, Sichuan, Republic of China regarding the possible purchase of Yingchang’s rights to mine gold deposits in Pingwu, Sichuan, China.
Yingchang has granted Apolo an exclusive period of 90 days to review miningdata and conduct whatever testing Apolo feels is necessary to assess the potential of the property which is located about 100 miles north of Chengdu, the capital city in Sichuan. This is an 8.5 square kilometer concession, whose deposit was discovered in 1993 with operations starting in 2004. Located about 8,500 feet above sea level, production in 2004 amounted to one (1) tonne of gold and in 2005 amounted to three (3) tonnes of gold. Each tonne contains approximately 32,000 ounces of gold. Total production for 2005 was approximately 96,000 ounces.
Geologically, the ore is in brecciated sediments along an east west near vertical structure and is an open pit mine with heap leaching of the ores. It is a seasonal operation and currently operates about 3,000 tonnes per day and in 2005 mined 900,000 tonnes of ore. The mining grade is reportedly 4.6 grams of gold per tonne. Mining equipment includes blasthole drills, hydraulic excavators and a fleet of 130 dump trucks. There are approximately 400 employees at the site and the property is supplied with grid power, even though it is located at the head of a remote valley.
The President of Apolo Gold & Energy Inc., Peter Bojtos P.Eng, and a consulting geologist visited the site in March 2006 and spent some time observing the current operation and meeting with the owner and mine personnel. After reviewing several other opportunities, this project was determined to be of greatest interest. The visit to various properties in China in March 2006 was arranged by Apolo Gold Inc’s newest director Mr. David Yu, of Hong Kong, who also became a significant investor.
After completion of its due diligence and completion of its internal report, the Company will advise Yingchang as to its intention regarding a definitive agreement. Yingchang have indicated that up to 100% ownership will be available to Apolo should it decide to proceed. Mr. Bojtos states that “this is a large producing property that has exciting exploration potential for the future and Apolo will have the option of owning the property in its entirety.”
On July 17, 2006, the Company and Dutchess Private Equity Fund II, LP agreed to terminate the investment agreement between them. An 8-K has been filed regarding this termination and the Company is in the process of filing a Registration Withdrawal Statement with the SEC.
Website: http://www.apologold.com
Safe Harbor Statement: All statements contained herein, as well as oral statements that may be made by the Company or by officers, directors or employees of the Company acting on the Company’s behalf, that are not statements of historical fact, constitute “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the Company’s Annual Report on Form 10-K for 2005 as filed with the Securities and Exchange Commission. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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