TORONTO, ON--(Marketwired - May 31, 2017) - Gran Colombia Gold Corp. GCM announced today that the previously disclosed extension of a portion of its 2020 Debentures to 2024 (the "2024 Debentures") through a consent solicitation process (the "Consent Solicitation") has been completed this morning.

The Company entered into a supplemental indenture with its trustee on May 12, 2017 to implement the amendments as described in the Consent Solicitation. The supplemental indenture was subsequently filed and is available on the Company's SEDAR profile and website. The 2024 Debentures will be issued to holders who elected to extend through the Consent Solicitation and the first monthly interest payment on the 2024 Debentures will be paid on June 30, 2017 based on an annual rate of 8%.

The Company has received listing approval from the Toronto Stock Exchange for the listing of 2024 Debentures and it is anticipated that the 2024 Debentures will also be posted today for trading under the symbol "GCM.DB.X".

The Company also announced today that it used funds available in the sinking fund for the 2020 Debentures GCM to complete a block purchase earlier this month under its normal course issuer bid of US$1,036,000 aggregate principal amount of 2020 Debentures, which were subsequently cancelled. The table below summarizes the Company's capital structure following this cancellation and the issuance of the 2024 Debentures on May 31, 2017:

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 its 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 the anticipated timing in respect of listing of the 2024 Debentures. 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 30, 2017, 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.