2020 Debenture Extension Proposal

As announced in its May 12, 2017 press release, the Company concluded its consent solicitation process on May 11, 2017 and holders of 77.4% of the total principal amount of the issued and outstanding 2020 Debentures consented to the Company's proposal to amend the 2020 Debenture Indenture to provide holders the option to extend the maturity date of their 2020 Debentures to January 2, 2024 (the "Extended Debentures"). In addition, holders of a total of US$47.0 million of 2020 Debentures elected to extend their 2020 Debentures to 2024.

It is expected that the extension of the 2020 Debentures will be made effective May 31, 2017. Interest on the Extended Debentures will be paid monthly at an annual rate of 8% over the then remaining term of the Extended Debentures with the first full monthly interest payment to be paid on June 30, 2017.

The Company has received conditional listing approval from the Toronto Stock Exchange for the listing of Extended Debentures and it is anticipated that the Extended Debentures will be posted for trading under the symbol "GCM.DB.X", subject to satisfaction of the listing conditions.

The following are materials related to the 2020 Debenture Extension:

For access to all of our SEDAR filings click here.

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Head Office
333 Bay Street, Suite 1100 Toronto, Ontario M5H 2R2
Telephone: (416) 360-4653
Fax: (416) 360-7783

Colombia Operations Office
Calle 4 Sur No 43A-195 Centro Ejecutivo, oficina 230B Medellin, Colombia
Telephone: +57(4) 448 5220

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investorrelations@grancolombiagold.com

Resumes
talento.humano@grancolombiagold.com.co