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Press release from PR Newswire

Gran Colombia announces the purchase of 70,062,746 warrants by Sprott Asset Management LP and Flatiron Capital Management Partners

Friday, October 19, 2012

Gran Colombia announces the purchase of 70,062,746 warrants by Sprott Asset Management LP and Flatiron Capital Management Partners16:45 EDT Friday, October 19, 2012 TORONTO, Oct. 19, 2012 /PRNewswire/ - Gran Colombia Gold Corp. (TSX: GCM) announced today that pursuant to an Alternative Monthly Report filed by Sprott Asset Management LP and Flatiron Capital Management Partners, as of August 31, 2012, Sprott and Flatiron have purchased, on behalf of accounts fully managed by them, an aggregate of 70,062,746 of the Company's listed warrants (TSX: GCM.WT) in the open market.  As of today's date, Sprott and Flatiron hold approximately 44.5% of the total Warrants issued and outstanding.  Assuming the exercise of these Warrants, Sprott and Flatiron would exercise control or direction over approximately 15.5 % of the issued and outstanding Common Shares of the Company (on a partially-diluted basis). For further information, please see the Alternative Monthly Report dated September 10, 2012, filed by Sprott and Flatiron on the Company's SEDAR profile available at www.sedar.com. 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. In addition, Gran Colombia is advancing a project to develop a large-scale, gold and silver mine at its Marmato 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, statements with respect to the future financial or operating performance of the Company and its projects. 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. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaim, 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. SOURCE Gran Colombia Gold Corp.For further information: <p> Investor Relations<br/> (416) 360-4653 </p>