Gran Colombia Gold Surpasses Guidance and Sets Record in 2016 With 149,687 Ounces of Gold Produced

TORONTO, ON--(Marketwired - January 10, 2017) - Gran Colombia Gold Corp. (GCM.TO) announced today that it produced a total of 14,797 ounces of gold in December 2016, its best monthly total to date, bringing the total gold production for the fourth quarter to 40,858 ounces, up 36% over the fourth quarter of 2015. For the full year, 2016's production of 149,687 ounces of gold, up 28% over 2015, surpassed its initial production guidance and established a new annual record for the Company. The Company expects to release its fourth quarter and full year 2016 financial results at the end of March 2017.

During the fourth quarter of 2016, the Company produced a total of 34,802 ounces of gold from its Segovia Operations and 6,056 ounces of gold from its underground mine at Marmato. Total annual gold production for 2016 at the Segovia Operations increased 36% over 2015 to a total of 126,237 ounces. At Marmato, total annual gold production for 2016 of 23,450 ounces was on par with 2015's production level.

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.