Segovia Operations Produced 193,050 Ounces Of Gold In 2018

TORONTO, ON - Gran Colombia Gold Corp. reported that the Segovia Operations in Colombia continued to be the key catalyst for growth in Gran Colombia’s gold production with 48,809 ounces of gold produced in the fourth quarter of 2018, up 7% over the fourth quarter of 2017. In 2018, Gran Colombia processed an average of 1,015 tonnes per day (tpd) (2017 average was 762 tpd) with an overall average head grade of 17.1 g/t (2017 average was 16.2 g/t), benefitting from an increase in tonnes mined in 2018 from its high-grade Providencia mine. This brings the total gold production for the Segovia Operations for 2018 to 193,050 ounces, up 30% over 2017 and above initial guidance for 2018. For 2019, Gran Colombia expects total gold production for the year from the Segovia Operations will range between 186,000 and 199,000 ounces.

At the Marmato Operations in Colombia, gold production in the fourth quarter of 2018 amounted to 6,451 ounces, up 6% over the fourth quarter of 2017. This brings the full year total for 2018 to 24,951 ounces, almost on par with total production in 2017 and within its guidance range for 2018. For 2019, Gran Colombia expects total gold production for the year from the Marmato Operations will range between 24,000 and 26,000 ounces.

The company produced a total of 55,260 ounces of gold in the fourth quarter of 2018, up 7% over the fourth quarter of 2017. This brings the total annual gold production for 2018 to 218,001 ounces, up 25% over 2017 and surpassing the Company’s initial guidance for 2018. Serafino Iacono, Executive Co-Chairman said, “We are very pleased to report another strong year of operating performance for 2018. Our exploration, mine development and capital investment programs at our high-grade Segovia Operations are continuing to pay dividends. We have established a solid foundation of internally-generated operating cash flow to fund our ongoing programs, including another 20,000 meters of exploration currently planned for 2019 at Segovia. The 2019 campaign will focus more on step-out drilling at El Silencio, Providencia and Sandra K along with brownfield drilling on the Cogote vein system as we increasingly shift our attention toward the blue-sky potential within our Segovia mining title. At this level of production, we are also comfortably meeting our obligations with respect to servicing the Gold Notes, with the aggregate principal amount outstanding decreasing to US$83.4 million following the quarterly payment coming up at the end of January. In addition, we have continued to strengthen our cash position, which stood at US$33.0 million at December 31, 2018. For 2019, we are expecting another solid year with total annual gold production ranging between 210,000 and 225,000 ounces.”

The company’s address is 401 Bay Street, Suite 2400, Toronto, ON M5H 2Y4, (416) 360-4653, www.grancolombiagold.com.