Acquisition of 16,195,615 Common Shares of Gran Colombia Gold Corp.

TORONTO, ONTARIO--(Marketwired - Jan. 22, 2016) - Serafino Iacono, Executive Co-chairman of Gran Colombia Gold Corp. ("Gran Colombia") acquired approximately 16,195,615 common shares of Gran Colombia (the "Common Shares") pursuant to the debt restructuring completed by Gran Colombia on January 20, 2016 through a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

The Common Shares were acquired as Mr. Iacono elected to exchange his previously beneficially owned or controlled US$2,002,000 principal amount of 5% Senior Unsecured Notes (the "Silver Notes"), together with all corresponding accrued and unpaid interest and restructuring fees, into Common Shares at a conversion price of US$0.13 per share (equal to approximately CA$0.19 as of January 20, 2016), in accordance with the Arrangement. Furthermore, as a result of the Arrangement the US$5,000,000 principal amount of 10% Secured Gold-Linked Notes (the "Gold Notes") previously held by Mr. Iacono has been exchanged for approximately US$5,207,429 principal amount of Senior Secured Convertible debentures due 2020 (the "2020 Debentures"), convertible for approximately 40,057,144 Common Shares.

Prior to completion of the Arrangement, Mr. Iacono beneficially owned or controlled 599,897 Common Shares. This represented approximately 2.53% of the then issued and outstanding common shares of Gran Colombia. In addition, Mr. Iacono then beneficially owned or controlled US$5,000,000 principal amount of Gold Notes and US$2,002,000 principal amount of Silver Notes.

Following completion of the Arrangement, Mr. Iacono beneficially owns or controls approximately 16,795,512 Common Shares representing, on an undiluted basis, 14.79% of the issued and outstanding Common Shares and approximately US$5,207,429 principal amount of 2020 Debentures representing 5% of the principal amount of 2020 Debentures. In addition, Mr. Iacono beneficially owns or controls 50,000 Common Share purchase warrants, 90,000 Gran Colombia employee stock options representing approximately 1% and 10% respectively, which amounts have not changed as a result of the Arrangement.

The acquisition was a private transaction outside of any market or facility.

Mr. Iacono's election to convert Silver Notes to Common Shares was done for investment purposes. Mr. Iacono may, in the future, increase or decrease his ownership of securities in the Gran Colombia, directly or indirectly, from time to time depending upon the business and prospects of the Gran Colombia and future market conditions

An early warning report will also be filed by Mr. Iacono in connection with the acquisition above, pursuant to NI 62-103, a copy of which will be available on Gran Colombia's SEDAR profile at www.sedar.com.