GRAN COLOMBIA GOLD ANNOUNCES THE CONSOLIDATION OF ITS LISTED WARRANTS

TORONTO, Dec. 1 /CNW/ -- 
TORONTO, Dec. 1 /CNW/ - Gran Colombia Gold Corp. (TSX-V: GCM) today
 announced that effective the opening of the market on Wednesday
 December 1, 2010, its issued and outstanding listed warrants (TSX-V:
 GCM.WT) will be consolidated on a one-for-four basis, with the result
 that each consolidated warrant will now entitle its holder to acquire
 one common share in the capital of the Company at an exercise price
 equal to four times its original exercise price, or $2.60.  No
 fractional warrants will be issued.  Any fractional warrants resulting
 from the consolidation will be rounded up to the next whole number of
 warrants.


The Company's issued and outstanding common shares were previously
 consolidated effective November 11, 2010.  There will be no change in
 the Company's trading symbol as a result of the consolidation.


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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pBelinda Labattebr/ Investor Relationsbr/ [phone]/p

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