Acquisition of US$4,165,943 2020 Debentures of Gran Colombia Gold Corp.

TORONTO, ONTARIO--(Marketwired - Jan. 25, 2016) - Blue Pacific Assets Corp. ("Blue Pacific") acquired approximately US$4,165,943 Senior Secured Convertible debentures due 2020 (the "2020 Debentures") of Gran Colombia Gold Corp. ("Gran Colombia"), which are convertible for approximately 32,045,715 common shares of Gran Colombia (the "Common Shares") at a conversion price of US$0.13 per share (equal to approximately CA$0.19 as of January 20, 2016) 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 2020 Debentures were acquired in exchange for the US$4,000,000 principal amount of 10% Secured Gold-Linked Notes (the "Gold Notes") previously held by Blue Pacific, pursuant to the Arrangement.

Prior to completion of the Arrangement, Blue Pacific beneficially owned or controlled 3,538,326 Common Shares and 1,167,953 common share purchase warrants entitling Blue Pacific to acquire up to 1,167,953 Gran Colombia Common Shares representing 18.92% of the issued and outstanding.

Following completion of the Arrangement, Blue Pacific beneficially owns or controls 3,538,326 Common Shares, warrants entitling Blue Pacific to acquire up to 1,167,953 Gran Colombia Common Shares and approximately US$4,165,943 principal amount of 2020 Debentures representing 4% of the principal amount of 2020 Debentures. These combined holdings represent 36,751,994 Common Shares or 25.04% 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 conversion of all of the 2020 Debentures over which Blue Pacific exercises control or direction and no others.

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

Blue Pacific's conversion of Gold notes to 2020 Debentures was done pursuant to the Arrangement. The securities continue to be held for investment purposes. Blue Pacific may, in the future, increase or decrease their 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 Blue Pacific 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.