TORONTO, ON--(Marketwired - December 09, 2016) - Gran Colombia Gold Corp.
(TSX: GCM) announced today that it produced a total of 12,973 ounces of gold in November 2016
bringing the eleven months' total production to 134,893 ounces of gold, up 28% over the same period last year. The Company
expects that its total gold production for 2016 will reach the upper half of its latest guidance for the full year of 144,000 to
150,000 ounces.
At the Segovia Operations, November's gold production of 10,870 ounces reflected improved head grades in material from the
Company-operated area within the Providencia mine where development activity has reached an expected high grade section of the
resource. This brings the year-to-date total gold production at Segovia to 113,479 ounces, up 35% from the same period last year
and for the full year, the Company continues to expect that Segovia's gold production will reach the upper end of its latest
guidance of 120,000 to 126,000 ounces.
At the Marmato Operations, head grades and mill recovery showed some improvement compared with results in previous months and
the mine produced 2,103 ounces in November, bringing the year-to-date total gold production to 21,415 ounces, on par with the
same period last year. The mine is expected to produce close to 24,000 ounces again this year.
2020 Debenture Repurchase and Cancellation
On December 6, 2016, the Company used the approximately $1.1 million balance of funds available in the sinking fund for the
2020 Debentures to complete a block purchase under its normal course issuer bid of $1,290,000 aggregate principal amount of 2020
Debentures for cancellation. As of today's date, the aggregate principal amounts of the 2018 and 2020 Debentures issued and
outstanding are $49.7 million and $101.2 million, respectively.
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.