Gran Colombia Gold Provides Update on Share Consolidation Proposal and Details for the Fourth Quarter and Year End 2016 Results Webcast

TORONTO, ON--(Marketwired - March 23, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that it will begin disseminating information tomorrow related to the Special Meeting of Shareholders to be held on April 24, 2017 to consider its proposal to consolidate its issued and outstanding common shares and to approve the proposed extension of the Company's Convertible Debentures due 2020, as further described in the Company press release dated March 6, 2017. The Company also announced that after further feedback from its stakeholders, it has revised the proposal such that the consolidation of the issued and outstanding common shares will now be on the basis of one post-consolidation share for every 15 pre-consolidation shares (1:15), subject to approval of the Toronto Stock Exchange.

Fourth Quarter and Year End 2016 Results Webcast

The Company announced today that it will release its financial results for the fourth quarter and full year 2016 after market close on Thursday, March 30, 2017 and will host a conference call and webcast on Friday, March 31, 2017 at 9:30 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link: http://edge.media-server.com/m/p/c6f8wgvn
Toronto & International: 1 (514) 841-2157
North America Toll Free: 1 (866) 215-5508
Colombia Toll Free: 01 800 9 156 924
Conference ID: 44631288

A replay of the webcast will be available at www.grancolombiagold.com from Friday, March 31, 2017 until Monday, May 1, 2017.

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 in the midst of an expansion and modernization project 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". 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 30, 2016, 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.