GRAN COLOMBIA PROVIDES STATEMENT ON COVID-19; INCREASES EQUITY POSITION IN CALDAS GOLD TO 74.4%

TORONTO, March 17, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it is diligently monitoring the impact of the novel COVID-19 virus globally and has activated its business continuity program to help ensure that head office functions are maintained while employees work remotely and travel restrictions have been put into place. To date, COVID-19 has not impacted production or product shipments at any of the Company’s sites. Nor, to date, has there been any significant negative impact on, or disruption of, the Company’s supply chain. Nonetheless, Gran Colombia is constantly monitoring the situation and is working with its critical suppliers, which the Company understands have mitigation plans in place, to minimize any potential supply chain disruptions that might emerge.

Commenting on the situation, Serafino Iacono, Executive Chairman of Gran Colombia, stated, “These are unprecedented times and the health and well-being of all of our employees and their families as well as those we work with in our various communities is of the utmost importance. As the markets have experienced tremendous upheaval over the last week, we have also received many inbound inquiries from our concerned investors. To the extent possible, recognizing current share prices are well below what we feel is a fair value, we are using our established normal course issuer bid to purchase our common shares in the market for cancellation. We have also been making purchases of common shares in Caldas Gold Corp. (“Caldas Gold”) to support our position in the Marmato Project."

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

Early Warning Report – Caldas Gold (TSX-V: CGC)

Gran Colombia has acquired an aggregate of 1,295,100 common shares of Caldas Gold at an average price of CA$1.89 per share in the open market during the period from February 28, 2020 through March 16, 2020, inclusive, for an aggregate amount of CA$2.4 million. This increases the common shares controlled by Gran Colombia to a total of 37,545,200, representing approximately 74.4% of the outstanding common shares of Caldas Gold, resulting in a 2.6% change to Gran Colombia’s shareholdings in Caldas Gold. Assuming exercise of the 7,500,000 Caldas Gold share purchase warrants at CA$3.00 per share owned by the Company, Gran Colombia would have control and direction over 45,045,200 common shares representing approximately 77.7% of the then outstanding common shares of Caldas Gold, after giving effect to the exercise of Gran Colombia’s warrants but assuming no exercise of any other outstanding warrants or options of Caldas Gold. This results in a 2.3% change to Gran Colombia’s shareholdings in Caldas Gold on a partially diluted basis. The common shares of Caldas Gold were acquired by Gran Colombia for investment purposes. Gran Colombia may from time to time in the future increase or decrease its ownership, control or direction over securities of the Caldas Gold, through market transactions, private agreements or otherwise.

Gran Colombia will file an early warning report pursuant to applicable securities laws in connection with these purchases, a copy of which will be available under Caldas Gold’s profile on SEDAR at www.sedar.com or by contacting Gran Colombia directly at the address below.

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