TORONTO, April 22, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM.TO - News) announced today that its Executive Co-Chairman, Serafino Iacono, has purchased an aggregate of 1,165,000 common shares of the Company (705,000 shares purchased on April 19, 2012 and 460,000 shares purchased on April 20, 2012) at an average price $0.427 per share, on the open market. As at today's date, Mr. Iacono holds 8,421,416 shares of the Company (representing 2.02% of the issued and outstanding shares).

Mr. Iacono commented, "My investment in Gran Colombia Gold reflects my commitment and confidence in the Company's strategy and our objective to expand the Maria Dama Mill at our Segovia Operations and develop the Marmato Project."

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 at its Segovia and Marmato operations. In addition, Gran Colombia is advancing a project to develop a large-scale, gold and silver mine at its Marmato operations.

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.