Mr. Mike Davies reports

GRAN COLOMBIA SIGNS LETTER OF INTENT TO INVEST IN A SOLAR PROJECT IN COLOMBIA WITH INSTALLED CAPACITY OF 11.2 MW OF POWER; ANNOUNCES DETAILS FOR THE FORTHCOMING FIRST QUARTER 2020 RESULTS WEBCAST

Gran Colombia Gold Corp. has signed a letter of intent (LOI) with Renergetica Colombia SAS, a subsidiary of Renergetica SpA, a developer in the field of renewable energy and of the smart grid worldwide and an independent power producer and asset manager for third party investors. The LOI encompasses Gran Colombia's acquisition, through its Segovia operations, of a solar project with a total installed capacity of 11.2 megawatts of power called Suarez, located in the Tolima region, Colombia.

Lombardo Paredes, chief executive officer of Gran Colombia, said: "As the leading gold and silver producer in Colombia, we focus our ESG programs on health, education, community and the environment in the areas in which we live and operate. We see the opportunity to invest in renewable energy initiatives, such as the Suarez project, as the next step in doing our part to combat global warming. With the new Suarez plant, approximately 10,300 tons of CO2 per year will not be released into the environment. We look forward to partnering with Renergetica to make this solar project a reality."

The Suarez project is the first project of a pipeline under development by Renergetica in Colombia. Expected to have a 30-year life, the Suarez project will connect to the Colombian National Electric System and will become operational later in 2020. The capital cost of the Suarez project, expected to total approximately $8-million, may be financed by up to 70 per cent through local banks involved in green financing and will benefit from special tax incentives in Colombia on investments in renewable energy.

First quarter 2020 results webcast

Gran Colombia also announced today that it will release its financial results for the first quarter 2020 after market close on Friday, May 15, 2020, and will host a conference call and webcast, together with Caldas Gold Corp., on Tuesday, May 19, 2020, at 9:30 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows.

Live event link:  available on-line

International:  1-514-841-2157

North America toll-free:  1-866-215-5508

Colombia toll-free:  01-800-9-156-924

Conference ID:  49673039

A replay of the webcast will be available at the company's website from Tuesday, May 19, 2020, until Friday, June 19, 2020.

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 high-grade Segovia operations.

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