Mr. Mike Davies reports

GRAN COLOMBIA GOLD ANNOUNCES FIRST QUARTER 2017 PRODUCTION AND DISTRIBUTION OF MATERIALS FOR DEBT EXTENSION PROPOSAL

Gran Colombia Gold Corp. produced a total of 39,008 ounces of gold in the first quarter of 2017, up 24 per cent over the first quarter last year. With the trailing 12-month total gold production as of the end of March, 2017, increasing 5 per cent over 2016's annual production to 157,227 ounces, the company remains on track with its production guidance for the 2017 calendar year of a total of 150,000 to 160,000 ounces.

At the Segovia operations, a 19-per-cent increase in tonnes processed and improved mill recovery were the key drivers behind a 26-per-cent year-over-year increase in its first quarter 2017 gold production to 32,768 ounces. With the trailing 12-month total gold production as of the end of March, 2017, at Segovia increasing 5 per cent over its 2016 annual production to 133,030 ounces, the company continues to expect that Segovia's gold production will fall within its production guidance range for the 2017 calendar year of 126,000 to 134,000 ounces.

At the Marmato operations, gold production in the first quarter of 2017 was 6,240 ounces, up 14 per cent over the first quarter last year, driven by a 20-per-cent year-over-year increase in tonnes processed and improved mill recovery. This brings Marmato's trailing 12-month gold production at the end of March, 2017, to 24,197 ounces, up 3 per cent over its 2016 annual production and within its 2017 calendar year production guidance range of 24,000 to 26,000 ounces.

2020 debenture extension proposal

On April 7, 2017, the company used funds available in the sinking fund for the 2020 debentures to complete a block purchase at a discount under its normal course issuer bid of $450,000 aggregate principal amount of 2020 debentures for cancellation. As of today's date, the aggregate principal amount of the 2020 debentures issued and outstanding is $100,700,085.

The company also announced today that it has commenced distribution of the materials to holders of its 2020 debentures related to its proposal to voluntarily extend the maturity date on some or all of their debentures to Jan. 2, 2024. The company is seeking approval from holders of the 2020 debentures to amend the amended and restated indenture dated as of Jan. 20, 2016, through a consent solicitation process. The extended 2020 debentures will carry largely the same terms and conditions as the other 2020 debentures except that the maturity date will be extended, and interest will be paid monthly over the remaining term of the extended 2020 debentures at an annual rate of 8 per cent. The consent solicitation will expire at 5 p.m. Toronto time on May 11, 2017, unless extended at the sole discretion of the company. Eligible holders who desire to extend the maturity of their 2020 debentures pursuant the proposed indenture amendments, conditional on such amendments becoming effective, can also make their election at or prior to 5 p.m. Toronto time on May 11, 2017, unless extended at the sole discretion of the company. The consent solicitation materials, election form and an FAQ document can be found on the company's website and contain important information that should be read before any decision is made with respect to the consent solicitation. Holders may also contact Kingsdale Advisors for additional information or assistance in providing their consent or election by telephone at 1-877-659-1819 (North America toll-free) or by e-mail at contactus@kingsdaleadvisors.com.

The consent solicitation and the proposed indenture amendments are subject to certain conditions and approvals, including, but not limited to, the receipt of all necessary shareholder, regulatory and stock exchange approvals. Terms outlined herein may be amended as required to receive such approvals.

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 continuing an expansion and modernization project at its Segovia operations.

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