Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, Purchases 1,000,000 Shares of the Company

TORONTO , June 12, 2012 /CNW/ - Gran Colombia Gold Corp. (GCM.TO) announced today that its Executive Co-Chairman, Serafino Iacono, has purchased an aggregate of 1,000,000 common shares of the Company between June 8 and June 11, 2012 at an average price CDN$0.336 per share, on the open market. As at today's date, Mr. Iacono holds 9,681,416 shares of the Company (representing 2.53% of the issued and outstanding shares). Mr. Iacono also purchased 100,000 units of the Company's Silver Linked Notes (GCM-NTU.TO) at an average price of US$77.00 per unit.

Mr. Iacono commented, "My latest investment in Gran Colombia reflects my continued confidence in the Company's strategy and ability to realize the full value of its world class projects at Segovia and Marmato."

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.