Gran Colombia Gold Announces Multiple High Grade Drill Results From the Ongoing 2019 Drilling Campaign at Its Segovia Operations

TORONTO, Aug. 13, 2019 - Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today the final assay results from 115 diamond drill holes (10,783 meters) included in the 2019 underground infill drilling program at its high-grade Segovia Operations and also the assay results from nine kick-off holes (2,527 meters) in the ongoing directional drilling program in the deep zone at the El Silencio mine.

Serafino Iacono, Executive Chairman of Gran Colombia, commented, “We are excited to see a continuation of the high grade gold and silver intercepts in the assay results from our ongoing drilling campaign at the Segovia Operations in the first half of 2019. In-fill drilling at each of our three core producing mines increases our confidence in the potential to add new mineral reserves and extend mine life at our flagship mining operation. The deep zone drilling at El Silencio has generated some very encouraging high grade results so far and we expect to complete the first phase of this drilling program by the end of this year. Our work to identify and prioritize step out and brownfield drilling targets at Segovia, aided by the application of machine learning by the geologists and data scientists at GoldSpot Discoveries Corp., is progressing well and we expect to further expand our drilling campaign, over and above what is already planned, later in the second half of this year."

Segovia Drilling Update

The key highlights and intercepts at Segovia since our February 25, 2019 press release are as follows:

• In-fill drilling at Providencia continued to test the Providencia vein system to the west of the current mine development. Multiple high gold grades were intersected from 56 holes (5,324 meters) drilled from underground stations on the main vein system with maximum grades of 46.72 g/t Au and 16.9 g/t Ag over 0.48 meters on the Providencia Vein (PV-IU-201). Drilling was successful in extending and better delineating a second high-grade zone outlined by past drilling located further to the west of the high-grade orebody that is currently in production, with maximum grades of 27.35 g/t Au and 12.1 g/t Ag over 0.54 meters (PV-IU-200) on the Providencia Vein. Both zones offer the potential for another phase of resource growth and the high-grade gold mineralized intercepts associated with these two new zones confirm the higher-grade mineralization at depth, which could have a positive impact, increasing both production and mine life. Gran Colombia is planning to complete another approximately 3,400 meters of infill drilling by the end of 2019 to ensure that the 2019 production will be replaced and to add new mineral reserves to the existing ones.
  
• In-fill drilling at Sandra K continued to delineate and further extend down-plunge the main ore-shoot outlined by mining within the upper levels of the existing operation and past drilling, located approximately 300 meters to the north of the main decline. This orebody remains open at depth and offers the potential for additional resource growth. Multiple high gold grades were intersected from 32 holes (3,111 meters) drilled from underground on the main vein system with maximum grades of 238.96 g/t Au with 377.4 g/t Ag over 0.65 meters on the Sandra K Techo Vein (SK-IU-084), and 135.55 g/t Au with 519.0 g/t Ag over 0.49 meters on the 6640 Vein (SK-IU-076). This high-grade vein occurs about 15 meters above the Sandra K Techo Vein and has been intercepted for over 150 meters along strike. Gran Colombia is planning another approximately 4,000 meters of infill drilling to be completed by the end of 2019 to extend down-plunge the ore-shoots located to the north of the main one.
  
• Infill drilling at El Silencio completed a first phase of testing on the 1040 Vein, which is a splay off the Manto Vein, and also tested a portion of the mine where the Manto and Piso veins merge into a main structure. Multiple high gold grades were intersected from 27 holes (2,348 meters) drilled from underground stations on the main vein system with maximum grades of 64.87 g/t Au and 60.2 g/t Ag over 0.80 meters on the Manto Vein (ES-IU-065), 20.00 g/t Au and 32.7 g/t Ag over 0.91 meters on the Piso Vein (ES-IU-061), and 39.22 g/t Au and 23.5 g/t Ag over 0.31 meters on the 1040 Vein (ES-IU-063). Infill drilling on the 1040 Vein was successful in extending the continuity of the structure down-dip, and in outlining a mining stope on the Manto and Piso veins that could have a positive impact on the short-term mine plan.
  
• The ongoing directional drilling program on the deep zone at El Silencio has been successful in extending the north and the middle ore-shoots down-plunge by approximately 150 meters and 100 meters, respectively, below the currently delineated mineral resource. Drilling has intercepted narrow veins containing high-grade gold with maximum grades including: 47.62 g/t Au and 81.5 g/t Ag over 0.30 meters on the Manto Vein in the north ore-shoot (ES-MH01-03), and 13.60 g/t Au and 11.4 g/t Ag over 0.82 meters on the Manto Vein in the middle ore-shoot (ES-MH02A-01-A). There are still about 4,400 meters remaining to be drilled from the planned program which is scheduled to be completed by the end of the year.

The table below lists the key intercepts from the 2019 drilling program since the last press release issued on February 25, 2019:

Please refer also to the attached illustrative maps showing the Providencia, Sandra K and El Silencio drilling programs.

Gran Colombia currently has five diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition within the underground developments of the Providencia, Sandra K and El Silencio mines, and two drill rigs operating at Campo Alegre targeting the down-plunge extension of the north and central ore-shoots of the El Silencio mine, one from surface and one from underground.

Qualified Person

Dr. Stewart D. Redwood, PhD, FIMMM, FGS, Senior Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared or reviewed the preparation of the scientific and technical information in this press release. Verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.

Quality Assurance and Quality Control

The Segovia samples were prepared and assayed by SGS Laboratories Ltd (ISO 9001:2008) at their laboratory in Medellin, Colombia. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (“AAS”) finish. Samples above the upper detection limit of 10.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish. Silver samples above 500 g/t were re-assayed by aqua regia or multiacid digestion with AAS finish for ore grades. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, 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, including exploration programs and mineral resources and reserves. 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 27, 2019 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.

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

Attachment 1 - Providencia Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e53d6cec-6507-477d-8d3a-989a45b19192

Attachment 2 – Sandra K 6640 Vein Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/efb6e0c9-b72b-4f7e-b754-dd4eb89e0f07

Attachment 3 – Sandra K Techo Vein Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6a372112-8164-456b-880a-6420da5851b0

Attachment 4 – El Silencio Infill Drilling Grade Intercepts is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/84e067ed-f76a-4a76-93b9-0777058ff219