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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