GRAN COLOMBIA GOLD TO GRADUATE TO THE TORONTO STOCK EXCHANGE

TORONTO, Dec. 22 /CNW/ - Gran Colombia Gold Corp. (TSX-V:  GCM) is pleased to announce that the Company has received final approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange and list its common shares and warrants (expiring August 24, 2015) on the TSX.  Trading of the Company's common shares and warrants will commence effective at the opening of the TSX on Wednesday, December 22, 2010 under the symbols "GCM" and "GCM.WT", respectively.

"We are extremely pleased to make this move to the Toronto Stock Exchange," says Maria Consuelo Araujo, Chief Executive Officer of the Company. "We believe this move will facilitate additional investment in Gran Colombia Gold from institutional investors, provide a significant benefit to our shareholders as a whole and provide us access to new capital."

About Gran Colombia Gold Corp.:

Gran Colombia Gold 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.

Additional information on the Gran Colombia Gold can be found on the Company's website at www.grancolombiagold.com and by reviewing the Company's profile on SEDAR at www.sedar.com.

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.

For further information:

Belinda Labatte
Investor Relations
[phone]