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Gran Colombia GOLD Continues to Repurchase 2020 Debentures and Provides Details FOR Its First Quarter 2017 Results Webcast

Debt & Credit Facilities Financials

GRAN COLOMBIA GOLD CORP.

333 BAY ST., SUITE 1100, TORONTO, CANADA M5H 2R2

T: (416) 360-4653 F: (416) 360-7783

NEWS RELEASE

GRAN COLOMBIA GOLD CONTINUES TO REPURCHASE 2020 DEBENTURES AND PROVIDES

DETAILS FOR ITS FIRST QUARTER 2017 RESULTS WEBCAST

TORONTO, CANADA, Tuesday, Ma y 2 , 2017 – Gran Colombia Gold Corp. (TSX: GCM) announced

today that it used funds available in the sinking fund for the 2020 Debentures (TSX: GCM.DB.V) to

complete a block purchase at a discount under its n ormal course issuer bid of US$246,831 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 US$100,463,254.

First Quarter 2017 Results Webcast

The Company also confirmed today that it will release its financial results for the first quarter of 2017 after

market close on Monday, May 15, 2017 and will host a conference call and webcast on Tuesday, May 16,

2017 at 9:30 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link: http://edge.media-server.com/m/p/5m34rv2o

Toronto & International: 1 (514) 841-2157

North America Toll Free: 1 (866) 215-5508

Colombia Toll Free: 01 800 9 156 924

Conference ID: 44833416

A replay of the webcast will be available at www.grancolombiagold.com from Tuesday May 16, 2017 until

Thursday, June 15, 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 Se govia and Marmato

Operations. Gran Colombia is continuing an expansion and modernization project at its 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.

For Further Information, Contact:

Mike Davies

Chief Financial Officer

(416) 360-4653

[email protected]