APOLLOGOLD CORPORATION 5655 S.Yosemite Street, Suite 200 GreenwoodVillage, CO 80111 January 8, 2010

5655 S. Yosemite Street, Suite 200

Greenwood Village, CO 80111

	January 8, 2010

 

Elkhorn Goldfields LLC

P.O. Box 370657

Denver, CO  80237

Attention:  Patrick W.M. Imeson, Chairman

Dear Pat:

Re:	Letter of Intent (the “Letter of Intent”) dated December 9, 2009 among Elkhorn Goldfields LLC (“Elkhorn”), Apollo Gold Corporation (“Apollo”), Calais Resources, Inc. and Calais Resources Colorado, Inc., as amended December 30, 2009

The parties agree that this letter amends the Letter of Intent by replacing the date “January 8, 2010” in each instance that it appears in Section 7 of the Letter of Intent with “January 15, 2010”.  Except as otherwise amended by this letter, all of the other terms and conditions of the Letter of Intent remain in full force and effect.  This letter may be signed in one or more counterparts (by original or facsimile or electronic signature), each of which when so executed shall be deemed to be an original, and such counterparts together shall constitute one and the same instrument.

The above proposal is hereby accepted this 8th day of January, 2010.

Per:	/s/ Patrick W.M. Imeson
	Patrick W.M. Imeson, Chairman

Accepted and agreed to this 8th day of January, 2010.

and