Mr. Roy MacDonald reports

GRAN COLOMBIA FILES AMENDED AND RESTATED PRELIMINARY PROSPECTUS FOR EQUITY OFFERING

Gran Colombia Gold Corp. has filed an amended and restated preliminary short form prospectus in all of the provinces of Canada, except Quebec, which amends the prospectus filed on Nov. 19, 2013.

The amended and restated preliminary short form prospectus reflects the company's recent developments, as described in the press release dated Feb. 3, 2014. The amendments include a change in management and the company's intention to use a portion of the net proceeds of the offering to repay the previously announced bridge loan. The balance of the net proceeds will be used to maintain the financial flexibility of the company, including the financing of efforts to improve operating cash flow, grow production and expand its resources at the Segovia project.

As previously announced in the company press release dated Nov. 19, 2013, this amended and restated prospectus is filed in connection with a best efforts offering of a minimum of $7-million up to a maximum of $15-million of units of Gran Colombia at a price per unit to be determined in the context of the market. GMP Securities L.P. will act as the lead agent in respect of the offering.

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price to be agreed upon between the agent and the company. Warrants will expire five years following the closing of the offering. The warrants will be subject to an accelerated expiration date in certain circumstances, as more particularly described in the amended and restated preliminary short form prospectus.

The agent will also have the option to purchase from the company additional units up to a number equal to 15 per cent of the units issued under the offering during the 30-day period immediately following the closing date.

The closing of the offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the agent, receipt of all necessary regulatory and stock exchange approvals including the receipt of listing approval by the Toronto Stock Exchange.

The closing date will take place within 30 days of the receipt for the final short form prospectus in respect of the offering, or such other date agreed upon by the company and the agent. For more information, potential investors should read the amended and restated preliminary short form prospectus, together with the documents incorporated by reference therein, including the risk factors. A copy of the amended and restated preliminary short form prospectus will be available on SEDAR.

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