Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, purchases additional 540,500 shares of the Company

TORONTO, Sept. 13, 2012 /PRNewswire/ - Gran Colombia Gold Corp. (GCM.TO) announced today that its Executive Co-Chairman, Serafino Iacono, has purchased an aggregate of 540,500 common shares of the Company between August 29 and September 12, 2012 at an average price of CDN$0.33 per share, on the open market.

As at today's date, Mr. Iacono holds 13,749,416 shares of the Company (representing 3.6% of the issued and outstanding shares).

In addition, Augusto Lopez, member of the Board of Directors of the Company, has purchased an aggregate of 586,500 common shares of the Company on September 12, 2012 at an average price of CDN $0.348 per share, on the open market. As at today's date, Mr. Lopez holds 1,090,250 shares of the Company (representing 0.28% of the issued and outstanding shares).

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 atwww.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.