EXHIBIT 4.1


                             APOLLO GOLD CORPORATION
            (Incorporated under the laws of the Province of Ontario)
                                                                        SPECIMEN

     NUMBER                                                              SHARES

     THIS  IS  TO  CERTIFY  THAT         SPECIMEN            is  the  owner  of
                                 --------------------------
                                   fully  paid  and  nonassessable  shares  of
---------------------------------
Common Shares without nominal or par value  of
                             APOLLO GOLD CORPORATION
transferable  only on the register of transfers of the Corporation by the holder
hereof  in  person  or  by  Attorney upon surrender of this certificate properly
endorsed.

     This  certificate  is  not  valid until countersigned and registered by the
Transfer  Agent  and  Registrar  of  the  Corporation.

     In  Witness  Whereof,  the  Corporation  has  caused this Certificate to be
signed  by  its  duly  authorized  officers  this

                                           Countersigned and Registered
                                           CIBC MELLON TRUST COMPANY     Toronto
     President                             Transfer Agent and Registrar

                                           By:     SPECIMEN
                                               ---------------------------------
                                                              Authorized Officer

                              TRANSFERS  OF  THE  SHARES  REPRESENTED  BY  THIS
                              CERTIFICATE MAY BE EFFECTED AT THE PRINCIPAL STOCK
                              TRANSFER  OFFICE  OF  CIBC MELLON TRUST COMPANY IN
                              TORONTO,  CANADA
     Secretary



     For  Value Received,     SPECIMEN     hereby sell, assign and transfer unto
                          ----------------

                             PLEASE INSERT SOCIAL INSURANCE NUMBER OF TRANSFEREE


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            PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE

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                                                                          Shares
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Of  the  Capital  Stock  represented  by  the  within Certificate, and do hereby
irrevocably  constitute  and  appoint


                                                                        Attorney
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to  transfer  the  said Stock on the Books of the within named Corporation, with
full  power  of  substitution  in  the  premises.


Dated


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In presence of

       SPECIMEN

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