Ms. Maria Araujo reports

GRAN COLOMBIA ANNOUNCES THIRD QUARTER 2011 RESULTS

Gran Colombia Gold Corp. has filed its interim condensed consolidated financial statements for the three and nine months ended Sept. 30, 2011, together with its management's discussion and analysis (MD&A) for the corresponding period. These documents will be posted on the company's website and under the company's SEDAR profile.

Maria Consuelo Araujo, chief executive officer of the company, commented: "We are pleased to see that our focus on increasing production and reducing costs in our Segovia operations is beginning to materialize in our operating and financial results. As we continue to implement the necessary mine and mill expansion initiatives at Segovia to reach our production target for 2012, we are also proceeding as planned with the development activities at the Marmato project, including completion of the studies and analysis required to commence activities associated with the move of the town of Marmato and to implement Colombia-based social programs related to the Marmato project. We will continue to provide timely updates on these initiatives as information becomes available."

                                   FINANCIAL AND OPERATING SUMMARY

                                                               Third quarter             Nine months      
                                                              2011      2010       2011         2010
Operating data                                                                                     
Gold produced (ounces)                                     21,990      1,987     54,764        1,987
Gold sold (ounces)                                         22,317      1,544     54,624        1,544
Average realized gold price ($/oz sold)                    $1,684     $1,255     $1,547       $1,255
Total cash costs ($/oz sold)                                1,368      1,652      1,352        1,652
Total production cost ($/oz sold)                           1,536      1,945      1,523        1,945
Financial data                                               
Total revenues (thousands)                                $38,779     $2,186    $87,288       $2,186
Gross margin (loss) (thousands)                             3,253     (2,028)     1,846       (2,028)
Net (loss) attributable to shareholders (thousands)        (3,881)   (33,368)   (31,622)     (34,195)
Basic and diluted (loss) per share                          (0.01)     (0.27)     (0.11)       (0.68)
Cash and cash equivalents (thousands)                      58,608     43,308     58,608       43,308
Total debt, including current portion (thousands)          78,557        500     78,557          500

Third quarter highlights

Gran Colombia is on track to produce 90,000 ounces of gold in 2011. Total gold production for the third quarter amounted to 21,990 ounces, bringing total gold production for the first nine months of 2011 to 62,785 ounces. A further 9,445 ounces of gold were produced in October.

Total revenues increased to $38.8-million in the third quarter on the strength of 22,317 ounces of gold sold at an average realized price of $1,684 per ounce. For the first nine months of 2011, revenues totalled $87.3-million.

The company took steps in September to significantly reduce costs at its Segovia operations leading to a $415-per-ounce improvement in its cash cost in October to $1,118 per ounce of gold sold.

Gross margin from the company's mining operations improved by $4.5-million to $3.3-million in the third quarter. Stronger realized gold prices and increased production in the third quarter combined with the $2.0-million of cost savings in the Segovia operations in the month of September positively impacted the profit contribution and cash flows from the company's mining operations.

In early September, Gran Colombia announced a 51-per-cent increase in measured and indicated gold resources to 10.0 million ounces at its Marmato project and an additional 2.4 million ounces of gold in the inferred category at a cut-off grade of 0.3 gram per tonne (g/t). In addition, there are an estimated 64 million ounces of silver in the measured and indicated categories and a further 11 million ounces of silver in the inferred category. The company filed a National Instrument 43-101 mineral resource estimate on Oct. 19, 2011, for its Marmato project.

Gran Colombia's cash position stood at $58.6-million at Sept. 30, 2011. The company completed an $80-million senior unsecured silver-linked notes offering in August, 2011. The net proceeds of the offering will be used by the company for the development of the Marmato project, Colombia-based social programs related to the Marmato project, the relocation of the town of Marmato and for general corporate purposes including improvements at its operating properties. Pursuant to a normal course issuer bid which commenced on Aug. 29, 2011, the company used proceeds from its third quarter silver sales to purchase for cancellation a total of 868 notes on the open market in September. There are currently 79,132 notes issued and outstanding.

Gran Colombia commenced a normal course issuer bid on Sept. 27, 2011, in respect of its common shares. To date, a total of 7,464,500 common shares have been purchased for cancellation at an average price of 65 cents per common share. There are currently 382,222,257 common shares issued and outstanding.

More details on the company's operational and financial results can be found in the MD&A.

Management will hold a conference call on Tuesday, Nov. 15, 2011, beginning at 11 a.m. Eastern Standard Time to discuss the third quarter 2011 results. Analysts and investors are invited to participate as follows:

Toronto and international:  647-427-7450

North America (toll-free):  1-888-231-8191

Colombia (toll-free):  01-800-518-0661

Conference ID:  26753968

A playback of this conference call will be available by dialling 416-849-0833 or 855-859-2056 with the above conference ID number until Nov. 29, 2011.

We seek Safe Harbor.