Gran Colombia Gold Announces The Approval Of The Consolidation Of Its Common Shares

November 10, 2010

TORONTO, Nov. 10 /CNW/ - Gran Colombia Gold Corp. (TSX-V: GCM), is pleased to announce the approval of the proposed consolidation of its issued and outstanding common shares on a one-for-four basis by its shareholders at a special meeting of the shareholders of the Company held on November 9, 2010.

Commencing at opening of trading on Thursday, November 11, 2010, the common shares in the capital of the Company will trade on a post-consolidation basis on the TSX Venture Exchange. Gran Colombia's name and trading symbol will remain unchanged. The following table summarizes the Company's capital structure following the consolidation of its common shares (all dollar amounts expressed in Canadian dollars):

    Table 1 - Gran Colombia capital structure (post-consolidation)

        Common shares                 211,956,379 (TSX-V: GCM)

        Stock options                 10,362,500 stock options vested and
                                      exercisable at $1.60 per share expiring
                                      between August 20 and October 14, 2015.

        Broker options                1,350,000 broker options. Each broker
                                      option enables the holder to acquire
                                      one common share at $1.00 per share
                                      until April 27, 2012.

                                      10,312,500 broker options. Each broker
                                      option, exercisable at $1.60 per unit
                                      until August 24, 2012, entitles the
                                      holder to acquire one common share and
                                      one-half share purchase warrant. Each
                                      whole share purchase warrant is
                                      exercisable at $2.60 per share until
                                      August 24, 2015.

        Warrants                      18,925,000 unlisted share purchase
                                      warrants. Each warrant entitles the
                                      holder to purchase 0.25 of a common
                                      share at $0.10 per warrant until
                                      March 19, 2011. Therefore, warrant
                                      holders will require four (4) warrants
                                      and $0.40 to purchase one (1) common
                                      share of the Company.

                                      343,749,995 listed share purchase
                                      warrants (TSX-V: GCM.WT). Each warrant
                                      entitles the holder to purchase 0.25 of
                                      a common share at $0.65 per warrant
                                      until August 24, 2015. Therefore,
                                      warrant holders will require four (4)
                                      warrants and $2.60 to purchase one
                                      common share of the Company.

No fractional shares will be issued if, as a result of the consolidation, a registered shareholder would otherwise become entitled to a fractional common share by virtue of holding common shares that are not in a multiple of four. Any fractional shares resulting from the consolidation will be converted by the Company into whole shares on the basis that each fractional share that is less than half of a share will be cancelled and each fractional share that is at least half of a share will be changed to one whole common share.

About Gran Colombia Gold Corp.

Gran Colombia Gold Corp. is a Canadian-based gold and silver exploration and development company focused on acquiring, developing and operating properties of merit in Colombia. The Company holds 95% of the former Frontino gold and silver assets, including the largest underground gold and silver mining operation in Colombia. It also owns four more exploration projects in Colombia for total exploration acreage of approximately 21,400 hectares. The Company is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release

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For further information: Belinda Labatte, Investor Relations, (647) 436-2152


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Head Office
401 Bay Street, Suite 2400, PO Box 15
Toronto, ON M5H 2Y4
Telephone: (416) 360-4653
Fax: (416) 603-4653

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

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