TORONTO - Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today high-grade intercepts from the latest 71 diamond drill holes, totaling 10,634 meters, from the 2020 in-mine and near-mine drilling programs at its Segovia Operations.

The Company also announced the assay results from five additional kick-off diamond drill holes (2,208 meters) from the ongoing directional drilling program at the El Silencio Deep Zone, which led to the discovery of a new high-grade vein named the 450 Vein located in the hanging-wall of the Nacional Vein.

Significant high-grade intercepts from the latest drill results include: Providencia: 51.22 g/t Au and 1.9 g/t Ag over 1.91 meters on the Providencia Vein (PV-IU-276); Sandra K: 63.92 g/t Au and 458.4 g/t Ag over 0.63 meters on the Sandra K Techo Vein (SK-IU-158); El Silencio: 162.70 g/t Au and 77.0 g/t Ag over 0.51 meters on the 450 Vein (ES-MH07-05); El Silencio: 87.40 g/t Au and 13.4 g/t Ag over 0.56 meters on the Manto Vein (ES-MH07-04) and Carla: 100.30 g/t Au and 59.3 g/t Ag over 1.26 meters on the Gran Colombia Vein-HW1 (CA-ES-019).

Serafino Iacono, Executive Chairman of Gran Colombia, commented, 'Our Segovia Operations were recently acknowledged again as one of the top five highest-grade underground gold operations globally. Our 2020 drilling program in Segovia is continuing to provide us with outstanding results, providing further confirmation that the Segovia Operations are a world-class gold system. With the discovery of a third high-grade vein at depth in the El Silencio Mine, we remain confident that we will be able to expand mineral resources and add to the mine life for this operation. At Providencia, drilling has led to the discovery of a new orebody at Level 14 which is now being developed and remains open at depth. Drilling at the northernmost end of the Sandra K mine showed that the mineralization is still open along strike and at depth. At Carla, our fourth mine which recently started production, drilling intercepted additional high-grade mineralization well below the existing underground mine development. These new discoveries continue to confirm that our mines currently in production remain under-explored and have the potential to be larger than what we understand today. In addition, we commenced our regional drilling campaign in October focused on the other 24 known veins we are not currently mining. 2021 is shaping up as an exciting year for our ongoing exploration programs at our Segovia Operations.'

The planned 2020 in-mine and near-mine infill drilling campaigns commenced in early January with six diamond drill rigs operating from purpose-built underground and surface drill stations and comprises a total of 159 drill holes totaling approximately 31,400 meters, or about 70% of the total drilling program for this year. The execution of the planned drilling programs was somewhat hampered by the restrictions resulting from the COVID-19 pandemic that resulted in logistical difficulties and schedule disruptions earlier in the year. However, approximately 80% of the total in-mine and near-mine infill drilling program for 2020 was completed by the end of October and the remaining 20%, distributed amongst the three main mines, will be completed by early 2021.

The other 30% of the planned drilling campaign for 2020 is focused on the regional exploration targets encompassing the 24 veins within the Segovia mining title that are not currently in production. As a result of COVID-19 limitations to access these areas, this portion of the program only commenced in-mid October and the Company expects to complete approximately 15% of its original plan for these targets in 2020. The regional program will continue in 2021.

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 53.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing 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, currently in the process of being spun out to ESV Resources Ltd. (TSX-V: ESV.H) together with an approximately 18% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana - Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc.

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, including exploration programs and mineral resources and reserves. 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 30, 2020 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.

Contact:

Mike Davies

Tel: (416) 360-4653

Email: investorrelations@grancolombiagold.com

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