TORONTO, April 10, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, GCM.WT, GCM.WT.A) announces that, since the blackout period ended on April 2, 2012 following the release of the Company's 2011 financial results, co-chairman, Serafino Iacono, has bought a total of 2,022,890 shares in the company at an average price of $0.367 per share.

The purchases bring Iacono's total holdings of common shares of Gran Colombia to 7,256,416 or 1.90 percent of the outstanding common shares of the Company.

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. In addition, Gran Colombia is advancing a project to develop a large-scale, gold and silver mine at its Marmato operations, and has an advanced stage property in Venezuela.

Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.