Drilling on the Las Aves Vein System at the Segovia Property confirms a strike length of 3,500 Metres

TORONTO,Jan. 24, 2012/CNW/ - Gran Colombia Gold Corp. (TSX:GCM.TO-News) is pleased to announce that it has completed a diamond drilling program consisting of 86 diamond holes totaling 32,470 metres as ofDecember 5, 2011during the first phase of exploration drilling at the Segovia Project. The first phase drilling campaign focused on defining new resources by following the downward-plunge extension of the ore shoot in the Providencia Mine, and tested a new vertical vein system which had never been drilled before, called the Las Aves Vein System, on the western side of the property. Bonanza gold grades were intersected on both vein systems with maximum grades of 161 g/t Au and greater than 100 grams per tonne ("g/t") Ag over 0.4 metres on theProvidencia Vein, and 249 g/t Au with 162 g/t Ag over 0.4 metres on the Silencio Sur Vein, part of the Las Aves vein system.

Maria Consuelo Araujo, Chief Executive Officer of the Company, commented: "The Las Aves Vein is a major new vein system that has never been drilled before. Although it is still very early in terms of our understanding of this vein system, we are very encouraged by these initial results, which confirm the presence of high grade mineralization in the system, and we expect this to add significant new resources to the Company."

Some of the vein intersections from the Providencia Mine and Las Aves Vein System drilling are tabulated as follows:

Note:Sample grades over 5.0 g/t Au reported. Grades are for quartz vein intersections and are mostly single samples, or in a few cases length-weighted composites. The length is the sample length and is not necessarily the true width of the vein. All gold and silver grades are uncut and are not diluted to a minimum mining width. Abbreviations: FW = foot wall vein, HW = hanging wall vein. The results for the holes marked * (ZC0004, ZC0005 and ZC0006) were previously published in a press release dated6 March 2011.

Drilling results from the Providencia Mine confirm the downward-plunge extension of the high grade ore shoot for a further 200 metres below Level 10, currently the deepest level. This ore shoot remains open and we believe it offers the potential for another significant phase of resource growth at our flagship mine in Segovia. Additional drilling is planned to define a second ore shoot discovered underground at the east end of Level 10 of the Providencia Mine.

Drilling on the Las Aves Vein System has confirmed a strike length of 3,500 metres and drilling was carried out to 400 metres below surface. The vein is still open at depth. Some parallel veins such as Poma Rosa were drilled, and in addition, there are a number of other veins parallel to the Las Aves Vein System which have yet to be drilled. The southern continuation of the Silencio Vein was also drilled near its intersection with Las Aves and returned grades up to 249.1 g/t Au over 0.4 metres.

A new mechanized mining operation, as announced by the Company onDecember 20, 2011, will extract ore from the Las Aves and Providencia vein systems, starting mid-2013.

The 86 diamond holes totaling 32,470 metres were distributed among the following veins: (i) 10,646.1 metres in 25 holes on theProvidencia Vein; (ii) 18,661.8 metres in 49 holes on the Las Aves Vein System; and (iii) 3,162.1 metres in 12 holes on the south extension of the El Silencio Vein.

All of the results to date, together with a map showing the location of the drill holes, are available on the Company's website at www.grancolombiagold.com.

SRK (UK) Ltd. has been contracted to carry out a resource estimate for the Providencia and Las Aves Vein System based on the results of this drill program, which is expected in February, 2012.