TORONTO, ON--(Marketwired - September 16, 2016) - Gran Colombia Gold Corp. (the
"Company") (TSX: GCM) (OTC PINK: TPRFF) announced today that, in
light of current market conditions and the Company's improved operational and financial performance this year, it has engaged GMP
Securities L.P. as its exclusive financial advisor to conduct a strategic review process that will explore alternatives to
enhance shareholder value. The strategic review process will be broad and could include, but not be limited to, a strategic
investment in the Company by a third party, a business combination with another entity, a recapitalization of the Company, a
reduction of the principal outstanding under the Senior Secured Convertible Debentures due 2020, a sale of the Company, or some
combination of the foregoing.
At present, there can be no assurance as to what, if any, strategic alternatives might be pursued by the Company. The Company
does not intend to disclose further details with respect to its review of strategic alternatives unless and until the Board of
Directors has approved a specific transaction or otherwise determines that further disclosure is warranted.
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, potential strategies
for the Company's future. 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.