GRAN COLOMBIA PROVIDES AN UPDATE ON COVID-19

TORONTO, March 23, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it is continuing to monitor the impact of the novel COVID-19 virus globally. To date, COVID-19 has not impacted production or product shipments at any of the Company’s sites nor has there been any significant negative impact on, or disruption of, the Company’s supply chain. However, the Company has activated its business continuity program at its mine sites in Colombia in response to a national quarantine announced on March 21, 2020 by the Colombian Government that is expected go into effect on March 25, 2020 and continue through to April 13, 2020.

Commenting on the situation, Lombardo Paredes, Chief Executive Officer of Gran Colombia, stated, “We have activated our business continuity programs at Segovia and Marmato in light of the forthcoming national quarantine. We expect that our mines will continue to operate during the quarantine period, leveraging stockpiled material and supported by a contingent of employees, both Company and contractor, who will remain isolated within the mine camps during the quarantine period to carry out mine, plant and other operations. Throughout this situation, we have been maintaining strict measures and we are leveraging the experience we gained during the 42-day civil disruption at Segovia in 2017 to ensure we keep our operations going. While we have a strong balance sheet, we have taken steps to slow down non-discretionary operating and capital expenditures to preserve our liquidity during this unusual situation. We are also working closely with the Mayors of Segovia, Remedios and Marmato to provide aid required by the local communities during the quarantine period.”

Gran Colombia will continue to monitor developments in the situation and revise its response plans accordingly.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 74% of Caldas Gold Corp., a Canadian mining company currently advancing a prefeasibility study for a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 21% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 20% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).

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 anticipated business plans or strategies. 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 27, 2019 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.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com