Apollo Gold shareholder sells close to 16 million shares

By Lisa Kerner

Charlotte, N.C., Feb. 6 - St. Andrew Goldfield Ltd. sold 15,926,534 shares of Apollo Gold Corp. between Jan. 15 and Feb. 4 for a total of $2.99 million, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The investor beneficially owns 1.2 million shares of Apollo common stock issuable upon the exercise of warrants, which are exercisable until July 24, 2011 at an exercise price of $0.53 per share.

St. Andrew Goldfield, now with a 0.5% ownership interest in the Denver gold exploration company, sold the shares as part of its overall investment strategy and due to the recent weakening of the commodities markets and the global economy in general, the filing said.

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