Segovia Operations Continue With Strong Performance

TORONTO - Serafino Iacono, Executive Chairman of Gran Colombia Gold Corporation said, “We are very pleased to begin 2019 with another strong quarter of operating performance. At our flagship Segovia Operations, our investment in the expansion of our mines has increased our daily tonnes processed in the first quarter of 2019 from the company-operated areas by 11% compared with the annual average for 2018. The expansion of the Maria Dama plant to 1,500 tpd is on track for completion in the second quarter this year, so we will have additional capacity available to handle our expected near term growth. Our first quarter 2019 gold production has also benefitted from higher grades at both our Providencia and El Silencio mines, reaffirming our confidence in the high-grade nature of our mining title as we proceed to accelerate our exploration campaign for the next two years following the completion of the bought deal private placement last week. We were also pleased to see an improvement in the mining rate at the Marmato mine in March, raising its monthly production by 22% compared with the average for the first two months of 2019 and getting its quarterly performance back on track with our expectations for this year. We will be reporting our financial results for the first quarter of 2019 on or about May 15, 2019.”

The Segovia Operations had another solid month in March with gold production of 18,970 ounces bringing the total for the first quarter of 2019 to a new quarterly record of 54,386 ounces, up 17% over the first quarter of 2018. Gran Colombia processed an average of 1,112 tonnes per day (“tpd”) at its Segovia Operations in the first quarter of 2019, up 19% from the first quarter last year, with an average head grade of 18.8 g/t, up from 16.1 g/t in the first quarter of 2018. The key driver was a 36% increase in high-grade material from the company-operated areas at the Providencia mine which contributed 21% of the total tonnes processed in the first quarter of 2019 at an average head grade of 34.8 g/t, up from 25.4 g/t in the first quarter last year. The Company’s mine development and mechanization in the Company-operated areas of the El Silencio mine have also helped to increase both the tonnes mined and the average head grades from this mine in the first quarter of 2019 compared with the first quarter last year. This brings Segovia’s trailing 12 months’ total gold production at the end of March 2019 to 200,964 ounces, up 4% over 2018’s annual production.

At the Marmato Operations, March’s gold production of 2,355 ounces reflected the impact of some recent development work which increased tonnes processed to 1,090 tpd at an average head grade of 2.5 g/t. This brings Marmato’s total production for the first quarter of 2019 to 6,215 ounces, on par with the first quarter of 2018, and its trailing 12 months’ total gold production at the end of March 2019 to 24,966 ounces, also on par with 2018’s annual production.