Gran Colombia Gold Receives Consent to Extend Maturity of US$47 Million of Senior Secured Convertible Debentures to 2024

TORONTO, ON --(Marketwired - May 12, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that its consent solicitation process (the "Consent Solicitation") concluded yesterday and holders of 77.4% of the total principal amount of the Company's issued and outstanding 2020 Debentures consented to the Company's proposal to amend the Amended and Restated Indenture dated as of January 20, 2016, as amended January 1, 2017, (the "Indenture") to provide holders the option to extend the maturity date of their 2020 Debentures to January 2, 2024 (the "Extended Debentures"). In addition, holders of a total of US$47.0 million of 2020 Debentures elected to extend their 2020 Debentures to 2024.

Commenting on the results of the Consent Solicitation, Serafino Iacono, Executive Co-Chairman of Gran Colombia said "we are very pleased with the strong support we have received from the holders of our 2020 Debentures in this process to improve our capital structure. As we move ahead, we will continue to execute our strategy and we remain committed to systematically reducing our issued and outstanding senior secured debt with our excess cash flow."

The Company expects to enter into a supplemental Indenture with its trustee shortly to implement the amendments described in the Consent Solicitation. It is also expected that the extension of the 2020 Debentures will be made effective May 31, 2017. Interest on the Extended Debentures will be paid monthly at an annual rate of 8% over the then remaining term of the Extended Debentures with the first full monthly interest payment to be paid on June 30, 2017.

The Company has received conditional listing approval from the Toronto Stock Exchange for the listing of Extended Debentures and it is anticipated that the Extended Debentures will be posted for trading under the symbol "GCM.DB.X", subject to satisfaction of the listing conditions.

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 continuing its expansion and modernization activities at its high-grade 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, statements with respect to anticipated business plans or strategies, the anticipated effects of the extension of the maturity of the 2020 Debentures, the anticipated timing in respect of the extension of the 2020 Debentures and the anticipated listing of the Extended Debentures . 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, 2017, 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.