Mr. Serafino Iacono reports

GRAN COLOMBIA ANNOUNCES DISCOVERY OF NEW, DEEP MINERALIZATION AND ADDITIONAL DRILL RESULTS AT THE MARMATO PROJECT

Gran Colombia Gold Corp. has discovered a deep mineralization trend below the current, preliminary pit outline at its Marmato gold project in Colombia, further highlighting the geological upside of this project. Highlights from an additional 82 drill holes totalling 24,697 metres from the diamond drilling program include hole MT-1455A, which returned 1.4 grams per tonne gold and 6.4 g/t silver over 357 metres, and hole MT-1445, which returned 1.4 g/t gold and 2.3 g/t silver over 239 metres.

The current drilling has also produced a number of deep gold intersections, which include those highlighted above and which extend mineralization trends to approximately 300 metres below the limit of the current preliminary pit outline. The deep mineralization is still open at depth and in all directions except to the southwest. These deep intersections show that mineralization at the Marmato project extends for a vertical interval of more than 1,040 metres to the 560-metre level, and is open at depth.

Serafino Iacono, executive co-chairman of the company, commented: "While it is still very early days in terms of our understanding of this new deep mineralization, we are very excited as a result of the significant extension to the vertical range of the system at the Marmato project, as well as the recognition of a new style of gold occurrence at the Marmato project. This new zone remains wide open, and we believe it offers the potential for another significant phase of resource growth at our flagship project."

Significant results (greater than 20 gram metres) are summarized in the accompanying table.

Hole             From       To    Length   Au grade    Ag grade
                  (m)      (m)       (m)      (g/t)       (g/t)
MT-1407(1)        0.0     40.5      40.5        1.1         6.3
MT-1407         142.6    218.8      76.2        0.9         3.0
MT-1413(1)        0.0     70.0      70.0        0.9         2.1
MT-1413          79.3    106.0      26.7        1.0         4.3
MT-1413         305.0    334.0      29.0        0.8        11.3
MT-1413-A(1)      0.0     38.5      38.5        0.6         2.8
MT-1413-A        44.9    140.7      95.8        0.6         2.2
MT-1416(1)       78.8    117.6      38.8        0.7         2.4
MT-1416         131.8    210.0      78.2        0.4         1.9
MT-1416         221.0    267.0      46.0        0.6         2.3
MT-1416         288.0    353.0      65.0        0.7         2.0
MT-1417         169.5    261.0      91.5        0.6         8.4
MT-1417         269.5    356.0      86.5        0.5         3.1
MT-1417         392.0    527.3     135.3        0.8         5.0
MT-1418(1)        0.0    35.6.      35.6        0.7         4.7
MT-1418         124.4    202.3      77.9        1.0         3.7
MT-1421          70.1    118.0      47.9        1.0        28.6
MT-1423         127.3    145.4      18.1        1.4         8.3
MT-1423         176.0    316.0     140.0        1.0         3.7
MT-1424         478.0    579.0     101.0        0.4         2.2
MT-1427         210.4    271.3      60.9        0.8         5.4
MT-1427-A       188.3    297.2     108.9        0.6         5.0
MT-1427-B       206.0    308.0     102.0        0.6         3.8
MT-1428(1)        0.0     27.2      27.2        1.1         4.6
MT-1428         186.0    223.0      37.0        1.0         3.7
MT-1428         231.0    305.0      74.0        0.3         1.9
MT-1430          68.0    141.5      73.5        0.5         3.0
MT-1432(1)       14.7     23.0       8.3        2.6         4.6
MT-1433(1)        2.5     24.0      21.5        1.0         5.1
MT-1433          46.0    101.0      55.0        0.6         2.5
MT-1433         302.0    378.2      76.2        0.5         1.2
MT-1434         427.0    461.5      34.5        0.6        13.5
MT-1434         470.8    515.1      44.3        0.6         4.4
MT-1434         427.0    461.5      34.5        0.6        13.5
MT-1434         470.8    515.1      44.3        0.6         4.4
MT-1435-A(1)     94.0    123.5      29.5        1.1         4.4
MT-1435-A       376.9    457.1      80.2        1.1         2.7
MT-1436(1)        2.0    182.0     180.0        0.6         2.2
MT-1438(1)        0.0     74.0      74.0        0.6         4.7
MT-1438          83.5    130.3      46.8        0.7         3.7
MT-1439(1)        2.0     14.0      12.0        2.0         4.7
MT-1441(1)        0.0     65.4      65.4        0.5         4.7
MT-1444(1)        0.0     47.3      47.3        0.6         2.7
MT-1444          56.3     95.0      38.7        0.9         2.8
MT-1445(1)       68.5     83.0      14.5        1.7         4.3
MT-1445         275.0    300.0      25.0        0.9         5.3
MT-1445         429.4    668.4     239.0        1.4         2.3
MT-1450(1)       41.0     79.0      38.0        1.1         4.5
MT-1452(1)        0.0     90.2      90.2        0.7         3.2
MT-1453         108.0    128.4      20.4        1.8         9.9
MT-1453         146.3    165.0      18.7        1.7        12.4
MT-1455-A       164.0    183.6      19.6        1.4         5.8
MT-1455-A       284.0    327.0      43.0        0.6         2.5
MT-1455-A       424.0    483.0      59.0        0.6         3.0
MT-1455-A       491.0    848.1     357.1        1.4         1.3
MT-1460(1)       50.1     86.1      36.0        0.7         4.4
MT-1460         165.1    199.0      33.9        0.6         3.4
MT-1461          99.0    136.0      37.0        0.6        21.7
MT-1461         148.0    166.0      18.0        1.5        23.9
MT-1461         176.0    245.0      69.0        0.6         8,8
MT-1462(1)        0.0     63.0      63.0        0.6         2.2
MT-1462          69.0    266.0     197.0        0.5         3.1
MT-1464           0.0     37.5      37.5        0.7         6.5
MT-1464          53.0     91.0      38.0        0.6        42.0
MT-1464          99.0    126.8      27.8        1.6        68.1
MT-1465(1)        0.0    133.0     133.0        0.6         3.5
MT-1467         302.0    353.0      51.0        0.7         5.3
MT-1469A(1)       0.0    113.0     113.0        0.7         4.0
MT-1470(1)        2.0     30.0      28.0        1.2         4.9
MT-1470          47.1    105.0      57.9        0.4         3.3
MT-1472          16.0     63.0      47.0        3.3        35.3
MT-1472         142.0    166.0      24.0        1.1        44.2
MT-1473         102.0    211.8     109.8        0.7        14.3
MT-1473         605.0    639.8      34.8        1.1         5.6
MT-1473         711.2    725.4      14.2        4.2        21.1
MT-1474(1)      125.0    166.5      41.5        0.6         3.5
MT-1476(1)        2.0     98.0      96.0        1.5         5.9
MT-1477(1)        0.0     66.0      66.0        1.1         5.3
MT-1477-A(1)      0.0     73.1      73.1        1.2         5.7
MT-1477-A        79.8    118.6      38.8        0.8         3.1
MT-1478(1)        0.0     19.7      19.7        1.3         3.9
MT-1478          51.0    114.2      63.2        0.5         3.2
MT-1480(1)        4.0     71.0      67.0        0.6         4.1
MT-1481(1)        4.0    107.0     103.0        1.1         5.2
MT-1482         183.2    277.6      94.4        1.0        32.5
MT-1482         288.0    473.0     185.0        0.7         6.8
MT-1482         494.8    534.5      39.7        0.6         4.6
MT-1483(1)        0.0     61.0      61.0        0.7         2.7
MT-1483          73.0     98.0      25.0        0.9         3.7
MT-1483         241.0    309.8      68.8        0.3         1.7
MT-1483         431.1    508.0      76.9        0.5         1.3
MT-1484(1)        3.5     55.0      51.5        1.3         4.3
MT-1485(1)      176.0    210.0      34.0        0.9         4.7 

(1) This denotes underground drill holes. The surface drill holes 
    were inclined at minus 45 to minus 70 degrees from horizontal,
    and the underground holes were drilled at minus 65 to 78 
    degrees from the horizontal. Intersection lengths do not 
    represent true widths. Sample lengths are normally two metres,
    but may be varied for geological and recovery factors. 
    Intersections were calculated using a cut-off grade of 0.1 g/t 
    gold and no more than six metres of internal dilution. Gold 
    grades were capped at 20 g/t and silver grades at 500 g/t.

The main focus of the drilling program has been to upgrade the confidence of the mineral resource estimate.

Mineralization in the deep gold intersections is related to parallel veinlets of quartz-pyrrhotite-chalcopyrite. Gold appears to be related to the presence of chalcopyrite, and copper assays are awaited for these holes. The veinlets have a narrow halo of intermediate argillic alteration. The style of alteration and mineralization is similar to that seen throughout the Marmato deposit, and the grades of gold are higher (and copper is also expected to be higher). The structural style is different from the rest of the Marmato deposit, forming a deep, high-grade core, with no major veins. Further work is required by the company to investigate the depth and strike continuity of this deep mineralization.

Since January, 2010, the total number of metres drilled to date is 116,677 in 334 holes. Including all previous drilling, the total is 197,571 metres in 713 holes. The surface drilling program was completed in December, 2011, and samples from the final holes are at the laboratory and awaiting results. The final seven underground holes are planned to be completed this month, which will conclude the resource drilling campaign for the upcoming feasibility study. All of the results to date, together with a map showing the locations of the drill holes, are available on the company's website. Once all of the drilling results are received, an updated resource and reserve estimate will be made.

The Marmato project is the subject of a technical report prepared by SRK Consulting (UK) Ltd. announced on Sept. 4, 2011, showing a measured and indicated mineral resource of approximately 306.7 million tonnes at an average gold grade of one g/t containing 10 million ounces of gold, plus 68.3 million tonnes grading 1.1 g/t containing approximately 2.4 million ounces of gold classified as inferred resources, at a cut-off grade of 0.3 g/t. Measured and indicated silver resources amounted to 63.9 million ounces grading 6.5 g/t, plus a further 11.2 million ounces classified as inferred resources grading 5.1 g/t. The complete technical report is available on SEDAR and on the company's website.

SRK also completed a preliminary economic assessment in May, 2011, indicating that the preferred mining method is open pit with contractor mining. Based on processing 283 million tonnes of ore at a rate of 40,000 tonnes per day, production would average 340,000 ounces of gold and 1.3 million ounces of silver per year over a 21-year mine life. The cash operating cost is expected to be $525 per ounce of gold, net of silver credits. Assuming a life-of-mine capital cost of $550-million, total cost per ounce is estimated to be $643. Assuming gold and silver prices of $1,200 and $16 per ounce, respectively, this method resulted in a net present value of $1.1-billion, assuming a discount rate of 5 per cent. These estimates assume an average gold grade of 0.9 g/t, a stripping ratio of 3.3:1, and metallurgical recoveries of 88 per cent for gold and 60 per cent for silver. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The complete preliminary economic assessment is available on SEDAR and on the company's website.

Hatch has been retained to prepare a prefeasibility Study based on the Sept. 4, 2011, resource estimate, the results of which are expected at the end of the first quarter of 2012.

Segovia operations

The company will announce results of the 2011 drilling campaign at the Segovia operation within a couple of weeks. These results will be the subject of a National Instrument 43-101 resource estimate due for release next month.

Glorieux