Acquisition of 16,195,615 Common Shares of Gran Colombia Gold Corp.

TORONTO, ONTARIO--(Marketwired - Jan. 25, 2016) - Miguel de la Campa, Executive Co-chairman of Gran Colombia Gold Corp. ("Gran Colombia") has acquired approximately 8,089,715 common shares of Gran Colombia (the "Common Shares") pursuant to the debt restructuring completed by Gran Colombia on January 20, 2016 through a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

The Common Shares were acquired as Mr. de la Campa elected to exchange his previously beneficially owned or controlled US$1,000,000 principal amount of 5% Senior Unsecured Notes (the "Silver Notes"), together with all corresponding accrued and unpaid interest and restructuring fees, into Common Shares at a conversion price of US$0.13 per share (equal to approximately CA$0.19 as of January 20, 2016), in accordance with the Arrangement. Furthermore, as a result of the Arrangement the US$1,000,000 principal amount of 10% Secured Gold-Linked Notes (the "Gold Notes") previously held by Mr. de la Campa has been exchanged for approximately US$1,051,663 principal amount of Senior Secured Convertible debentures due 2020 (the "2020 Debentures"), convertible for approximately 8,011,428 Common Shares.

Prior to completion of the Arrangement, Mr. de la Campa beneficially owned or controlled 194,776 Common Shares and common share purchase warrants entitling Mr. de la Campa to acquire up to 10,000 Common Shares of Gran Colombia. Mr. de la Campa also holds Gran Colombia stock options entitling him to acquire up to 90,000 Common Shares of Gran Colombia. This represented approximately 1.24% of the then issued and outstanding common shares of Gran Colombia. In addition, Mr. de la Campa also beneficially owned or controlled US$1,000,000 principal amount of Gold Notes and US$1,000,000 principal amount of Silver Notes.

Following completion of the Arrangement, Mr. de la Campa beneficially owns or controls approximately 8,284,491 Common Shares, warrants entitling him to acquire up to 10,000 Common Shares, stock options entitling him to acquire up to 90,000 Common Shares and approximately US$1,051,663 principal amount of 2020 Debentures representing 1% of the principal amount of 2020 Debentures. These combined holdings represent 16,395,919 Common Shares or 13.47% of the outstanding Common Shares on a partially diluted basis taking into account the outstanding Common Shares and assuming the exercise of all of the warrants and stock options and conversion of all the securities over which Mr. de la Campa exercises control or direction and no others.

The acquisition was a private transaction outside of any market or facility.

Mr. de la Campa's election to convert Silver Notes to Common Shares was done for investment purposes. Mr. de la Campa may, in the future, increase or decrease his ownership of securities in the Gran Colombia, directly or indirectly, from time to time depending upon the business and prospects of the Gran Colombia and future market conditions

An early warning report will also be filed by Mr. de la Campa in connection with the acquisition above, pursuant to NI 62-103, a copy of which will be available on Gran Colombia's SEDAR profile at www.sedar.com.