Gran Colombia Gold Announces Changes to Restructuring Proposal for the Gold-Linked and Silver-Linked Notes and New Date for Meetings - Seite 3

Voting Information for Securityholders

The Company will be providing supplemental information and materials regarding the postponed meetings to holders of the Gold Notes, Silver Notes and common shares in due course. Holders of the Gold Notes, Silver Notes or common shares who have voted for the Company's original debt restructuring proposal will not need to take any further action in order to have their votes counted in favour of the Revised Arrangement. Holders of the Gold Notes, Silver Notes or common shares who have not yet voted or who voted against the Company's original debt restructuring proposal should refer to the supplemental materials that will be sent by the Company in due course, and are encouraged to vote as soon as practicable, and in any event, no later than the proxy cut off on Friday, December 18, 2015. Holders of the Gold Notes, Silver Notes or common shares who have voted and would like to change their vote as it applies to the Revised Arrangement can do so by voting their revised form of proxy in accordance with the instructions provided therein once received.

For further information on this, please contact the Company's proxy advisory and solicitation agent, Kingsdale Shareholder Services, at 1-866-581-0508 or by email at [e-mail].

The Revised Arrangement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals including the receipt of approval by the Toronto Stock Exchange. Terms outlined herein may be amended as required to receive such approvals.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.

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, the proposed terms of the debt restructuring proposal, the Revised Arrangement and the expected timing for the meetings of the Gold Notes, the Silver Notes and the Company's common shares. 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 31, 2015, 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.