Gran Colombia Gold Provides Production Update and Details for the Third Quarter 2016 Results Webcast

TORONTO, ON--(Marketwired - October 18, 2016) - Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total of 39,111 ounces of gold in the third quarter of 2016, up 14% from the third quarter a year ago, bringing the total production for the first nine months of 2016 to 108,829 ounces of gold, up 25% over the first nine months of 2015. With the trailing 12 months' total gold production increasing to 138,879 ounces as of the end of September 2016, the Company remains on track with its production guidance for the 2016 calendar year of a total of 135,000 to 145,000 ounces.

At the Segovia Operations, third quarter 2016 gold production totalled 33,552 ounces, up 20% from the third quarter a year ago, despite some disruption to the Company's operations in the latter part of September due to a civil strike that impeded the ability of many of the Company's workers from safely reporting to work. Gran Colombia processed an average of 790 tonnes per day ('tpd") with head grades averaging 14.5 g/t at Segovia in the third quarter of 2016, an improvement from 599 tpd at an average head grade of 16.1 g/t in the third quarter a year ago. For the first nine months of 2016, gold production at the Segovia Operations totalled 91,435 ounces, up 32% from the first nine months last year. As of the end of September 2016, the trailing 12 months' gold production from the Segovia Operations totalled 115,303 ounces.

At the Marmato Operations, tonnes processed averaged 966 tpd in the third quarter of 2016, up 11% compared with the third quarter last year. This helped to partially mitigate the impact of lower head grades, which averaged 2.4 g/t in the third quarter this year, and lower mill recovery on gold production which amounted to 5,559 ounces in the third quarter of 2016, down 13% from the third quarter a year ago. For the first nine months of 2016, gold production at the Marmato Operations totalled 17,394 ounces, down 2% from the first nine months last year. As of the end of September 2016, the trailing 12 months' gold production from the Marmato Operations totalled 23,576 ounces.

Third Quarter 2016 Results Webcast

The Company announced today that it will release its financial results for the third quarter of 2016 after market close on Monday, November 14, 2016 and will host a conference call and webcast on Tuesday, November 15, 2016 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link: http://edge.media-server.com/m/p/d9fhybnu
Toronto & International: 1 (514) 841-2157
North America Toll Free: 1 (866) 215-5508
Colombia Toll Free: 01 800 9 156 924
Conference ID: 43623958

A replay of the webcast will be available at www.grancolombiagold.com from Tuesday, November 15, 2016 until Thursday, December 15, 2016.

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.

Contact

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com