Gran Colombia Gold Announces Details of Proposed Board Nominees and a Management Change

TORONTO, ON--(Marketwired - December 14, 2015) - Gran Colombia Gold Corp. (GCM.TO)(OTC PINK: TPRFF) announced today that, if the Company is successful in completing its debt restructuring as previously announced, immediately upon completion it will increase the size of its board of directors from six to eight and will appoint Rodney Lamond, Mark Ashcroft and Mark Wellings to its Board of Directors, subject to formal approval and meeting the necessary qualifications for election of a director pursuant to the British Columbia Business Corporations Act.

Mr. Lamond is a Professional Mining Engineer with over 27 years of operational experience in the mining industry across several continents. From 2013 to 2015 he was President and Chief Executive Officer of Crocodile Gold. Earlier, he was the Group General Manager responsible for the exploration and mine development strategies for Nyrstar. Prior to the acquisition by Nyrstar, he was Vice President of Operations and General Manager of Gold Hawk Resources. Mr. Lamond has also held several senior mine operational and management roles for Breakwater Resources, Royal Oak Mines, and Denison. Mr. Lamond holds a Bachelor's degree in Mining Engineering from Laurentian University in Sudbury, Ontario.

Mr. Ashcroft has been involved in various capacities in the global mining industry and the North American and European debt and equity markets since 1990. Mr. Ashcroft served as President and Chief Executive Officer and a Director of Stonegate Agricom Ltd. from August 2008 to September 2014 and, Executive Vice President, Corporate Development of Canada Lithium Corp. from September 2009 to April 2010. From 2007 to 2008, Mr. Ashcroft worked at Versant Partners, where he was responsible for successfully developing a mining finance business for that firm in sales, trading and corporate finance. Prior to joining Versant Partners, Mr. Ashcroft had been employed since 2003 with Toll Cross Securities Inc., a boutique institutional firm in Toronto where he became Managing Director and Head of Investment Banking. From 2001 to 2003, Mr. Ashcroft was a member of the Mining and Metals Team at Standard Bank's New York office where he was responsible for providing metals trading and project financing solutions to mid-tier developers and producers in Canada and Latin America. From 1999 to 2000, he was a member of the Mining and Metals Team of Barclays Capital, a leading provider of project finance to the mining industry. From 1996 to 1998, he worked in Mines Technical Services at Inco Limited's Ontario Division, where he qualified as a Professional Engineer in Ontario. From 1990 to 1996, through his undergraduate studies, Mr. Ashcroft worked in various operating roles in North and South America and Australia. Mr. Ashcroft holds his Bachelor of Engineering (Mining) from Laurentian University and a Master's of Science (Finance, Regulation and Risk Management) from the ISMA Centre of the University of Reading.

Mr. Wellings is a mining professional with over 25 years international experience in both the mining industry and mining finance sector and is currently a Director and the Chief Executive Officer of Eurotin Inc. From 1988-2004 Mr. Wellings worked in the industry with a variety of companies and roles including Derry, Michener, Booth & Wahl, Arimco N.L., Inco Ltd. and Watts Griffis McOuat, acquiring valuable hands-on experience in exploration, development and production. In 1996, Mr. Wellings joined the investment dealer GMP Securities L.P. where he co-founded the firm's corporate finance mining practice. During his 18 years at GMP, Mr. Wellings was responsible for, and advised on, some of the Canadian mining industry's largest transactions, both in equity financing and M&A. Mr. Wellings is a Professional Engineer and holds a master of business administration degree and a Bachelor of Applied Science degree in Geological Engineering.

Furthermore, to secure the approval for the debt restructuring from certain significant Noteholders, within seven days following the successful completion of its previously announced debt restructuring, the Company will call an additional meeting of its common shareholders to seek approval to increase the size of its Board of Directors from eight to ten. At that time, two additional directors will be nominated, one of whom shall be a nominee of 683 Capital Management, LLC. These appointments will bring further financial and mining expertise and experience to the Company's Board of Directors.

The Company also announced today that Maria Consuelo Araujo has provided notice to the Company of her resignation as President, effective December 15, 2015. Ms. Araujo has resigned to accept a position in the cabinet of the new mayor of Bogota, as Secretary of Social Affairs.

Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold Corp., said, "On behalf of the Company, I would like to thank Ms. Araujo for her excellent contributions and service to the Company since June 2010. We wish her all the best in her new endeavor."

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, proposed Directors of the Company and the expected timing for the meetings of holders of the Company's common shares. 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 31, 2015, 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.