Gran Colombia announces the purchase of 70,062,746 warrants by Sprott Asset Management LP and Flatiron Capital Management Partners

TORONTO, Oct. 19, 2012 /PRNewswire/ - Gran Colombia Gold Corp. (GCM.TO) announced today that pursuant to an Alternative Monthly Report filed by Sprott Asset Management LP and Flatiron Capital Management Partners, as of August 31, 2012, Sprott and Flatiron have purchased, on behalf of accounts fully managed by them, an aggregate of 70,062,746 of the Company's listed warrants (GCM-WT.TO) in the open market. As of today's date, Sprott and Flatiron hold approximately 44.5% of the total Warrants issued and outstanding. Assuming the exercise of these Warrants, Sprott and Flatiron would exercise control or direction over approximately 15.5 % of the issued and outstanding Common Shares of the Company (on a partially-diluted basis).

For further information, please see the Alternative Monthly Report dated September 10, 2012, filed by Sprott and Flatiron on the Company's SEDAR profile available at www.sedar.com.