SOURCE: Gran Colombia Gold Corp.

Gran Colombia Gold Corp.

January 25, 2016 08:14 ET

Gran Colombia Gold Announces Appointment of New Board Members and Provides an Update on 2015 Production

TORONTO, ON--(Marketwired - January 25, 2016) -   Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) announced today that, further to its press release on December 14, 2015, the Company has increased the size of its Board of Directors from six to eight. Effective January 22, 2016, Mr. Peter Volk has resigned from the Board of Directors and the Company has appointed Messrs. Rodney Lamond, Mark Ashcroft and Mark Wellings to fill the three new board positions.

Serafino Iacono, Executive Co-Chairman of Gran Colombia, said, "On behalf of the Company, I would like to welcome our new directors to the Board and we look forward to working with them as we continue to execute the Company's strategic plan."

The Company also announced today that it has formed a new Health, Safety, Environment and Technical Committee of the Board. Chaired by Mr. Ashcroft, the committee includes Messrs. Lamond and Wellings and Mr. Hernan Martinez. At its meeting on January 22, 2016, the Board also affirmed the existing members of its other two committees, the Audit Committee and the Compensation, Corporate Governance and Nominating Committee.

Furthermore, as part of its commitment to certain significant note holders, including 683 Capital Management, LLC, related to the recently completed debt restructuring, the Company has called a special meeting of its common shareholders to seek approval to increase the size of its Board of Directors from eight to ten and to elect the new directors. The special meeting is currently scheduled for March 14, 2016 and materials for the meeting, including details regarding the two nominees, will be distributed to shareholders in due course.

2015 Production Update

The Company announced today that its total gold production for the fourth quarter of 2015 was 30,051 ounces, up 3.5% from the fourth quarter last year. The Company produced a total of 23,869 ounces of gold and 37,740 ounces of silver from its underground mining operations at Segovia in the fourth quarter of 2015 despite operational disruptions related to external security challenges the Company faced in October and November of 2015 from a local criminal organization. At Marmato, the Company produced 6,182 ounces of gold and 8,754 ounces of silver during the fourth quarter of 2015. This brings the Company's annual gold production for 2015 to a total of 116,857 ounces of gold and 147,817 ounces of silver, up 18.5% and 17.4%, respectively, over the same period in 2014. For 2015, Segovia's annual gold production, approximately 83% of which was sourced from the contract mining operations, increased 24.7% over last year to a total of 92,894 ounces. At the Company's Marmato underground mine, total annual gold production for 2015 of 23,963 ounces was on par with 2014's production level. The Company expects to release its fourth quarter and full year 2015 financial results at the end of March 2016.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to the expected timing for the meetings of holders of the Company's common shares and financial results. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2015, which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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