Gran Colombia Gold : Announces Voting Results of the Annual General and Special Meeting of Shareholders Held Today

TORONTO - Gran Colombia Gold Corp.'s (TSX: GCM, OTCQX: TPRFF) Annual General and Special Meeting of Shareholders was held today.

Update on Gold X Acquisition

Gran Colombia is also pleased to announce that, earlier today, the shareholders of both the Company and Gold X approved the proposed Arrangement under which the Company will acquire all of the issued and outstanding common shares of Gold X not already owned by the Company in exchange for Gran Colombia common shares on the basis of 0.6948 of a Gran Colombia share for each Gold X share.

Gold X expects to apply for a final order of the Supreme Court of British Columbia approving the Arrangement on or about June 1, 2021 (the 'Final Order'). Subject to receipt of the Final Order, as well as the satisfaction or waiver of other customary closing conditions, Gold X and the Company expect that the Arrangement will become effective at 12:01 a.m. on June 4, 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's portfolio includes equity positions in several listed companies advancing gold and silver projects including a 44.3% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia - Marmato; Canada - Juby), a 17.8% equity interest in Gold X Mining Corp. (TSX-V: GLDX) (Guyana - Toroparu), a 27.3% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Spain - Lomero; Colombia - Guia Antigua and Zancudo) and a 25.8% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut - Meadowbank).

Contact:

Mike Davies

Tel: (416) 360-4653

Email: investorrelations@grancolombiagold.com

Cautionary Statement on Forward-Looking Information

Certain of the information contained in this news release constitutes 'forward-looking information within the meaning of securities laws. Such forward-looking statements, including but not limited to statements relating to anticipated timing of the hearing of the application for the Final Order and the anticipated timing of completion of the Arrangement, involve numerous assumptions, including assumptions concerning the receipt, in a timely manner of the Final Order and the satisfaction of the other closing conditions to the Arrangement. Management believes that the expectations reflected in the forward-looking statements are based upon reasonable assumptions; however such forward-looking statements are also subject to various known and unknown risks, uncertainties and other factors which may cause the actual results or events to be materially different from those expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors include, among others, withdrawal or modification of previously obtained regulatory or other third party consents, material adverse effects on the business, properties and assets of Gold X and/or Gran Colombia and the ability to obtain, in a timely manner, or at all, the Final Order. Although Gran Colombia has attempted to identify important factors that could cause actual results or events to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Gran Colombia does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.