Gran Colombia Gold Announces Details of December 2015 Interest Payments on Senior Debt

TORONTO, ON--(Marketwired - December 08, 2015) - Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) announced today the details of the interest payments it will make on December 31, 2015 on its Senior Secured Gold-Linked Notes due 2017 and its Senior Unsecured Silver-Linked Notes due 2018.

Gold Noteholders of record as of December 21, 2015 will receive approximately US$8.49 per US$1,000 face value of the notes, leaving a balance of interest in arrears after the December payment of US$17.26 (approximately two months) per US$1,000 face value of the Gold Notes. Silver Noteholders of record as of December 21, 2015 will receive approximately US$4.25 per US$1,000 face value of the notes which will be applied against the interest in arrears from June 30, 2015, leaving a balance of US$4.25 per US$1,000 face value of Silver Notes after the December payment. These payment amounts are derived based on a 31-day period from December 1, 2015 through December 31, 2015, inclusive.

The interest payments are being made by the Company while we move forward on a revised comprehensive debt restructuring proposal as announced on November 30, 2015 and as further described in the supplemental management information circular dated November 30, 2015.

As a reminder, the meetings of Shareholders, Gold Noteholders and Silver Noteholders to approve the debt restructuring proposal are now scheduled for December 22, 2015 at 9:30 a.m., 10:30 a.m. and 11:30 a.m. (EST) respectively, at the offices of Norton Rose Fulbright Canada LLP at the Royal Bank Plaza, South Tower, 38th Floor, Toronto, Ontario. Materials for these meetings have been mailed to holders of record as of October 26, 2015 and are also available on the Company's SEDAR profile and website at www.grancolombiagold.com.

Your vote is important regardless of the number of notes or shares you own. Registered securityholders who are unable to attend the meetings in person are requested to complete their proxy form for use at the meetings or any adjournment or postponement thereof.

To be effective, your proxy form must be submitted using one of the following methods:

• delivery by facsimile to 416-595-9593;
• delivery by mail so as to reach or be deposited with the Secretary of the Corporation, c/o TMX Equity Transfer Services, at its offices at 200 University Avenue, Suite 300, Toronto, Ontario, Canada, M5H 4H1; or
• electronically at www.voteproxyonline.com

in each case by no later than the proxy cut-off time on December 18, 2015. Please refer to your proxy form for more details. Non-registered securityholders are advised to refer to the meeting materials and the voting instruction forms provided to them for relevant instructions.

Holders of the Gold Notes, Silver Notes or common shares who have not yet voted or who voted against the Company's original debt restructuring proposal should refer to the supplemental materials once received, and are encouraged to vote as soon as practicable, and in any event, no later than the proxy cut off on Friday, December 18, 2015.

Shareholders with questions about voting their shares should please contact the Company's proxy advisory and solicitation agent, Kingsdale Shareholder Services, at 1-866-581-0508 or by email at contactus@kingsdaleshareholder.com.

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, interest payments on senior debt, the debt restructuring proposal and the expected timing for the meetings of holders of the Gold Notes, the Silver Notes and the Company's common shares. 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.