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Gran Colombia Gold Completes Acquisition of Approximately 15% Interest in Sandspring Resources Ltd.
July 26, 2018
TORONTO, July 26, 2018 (GLOBE NEWSWIRE) --

Gran Colombia Gold Corp. (TSX:GCM) announced today that it has completed
its previously announced acquisition of an investment in
Sandspring Resources Ltd. (TSX-V:SSP) (OTCQX:SSPXF) (“Sandspring”) (the
“Transaction”).
Sandspring is a Canadian junior mining company currently moving toward
a feasibility study for the multi-million-ounce Toroparu Project in the
emerging western Guyana gold district.
In connection with the Transaction, Lombardo Paredes Arenas, Chief
Executive Officer of Gran Colombia, has been appointed to the board of
Sandspring, effective immediately.

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Completes-Acquisition-of-Approximately-15-Interest-in-Sandspring-Resources-Ltd/default.aspx

Through completion of the Transaction, Gran Colombia has received
15,000,000 common shares of Sandspring in consideration for its 30%
carried participating interest in the Chicharron Project located within
its Segovia mining title.
Gran Colombia has acquired a further 16,000,000 Units of Sandspring at
CA$0.25 per Unit in connection with Sandspring’s CA$10.25 million
private placement of 41,000,000 Units completed today.
Following completion of the Transaction and the private placement,
Gran Colombia now has control and direction over an aggregate of
31,000,000 common shares and 16,000,000 share purchase warrants of
Sandspring.
Each share purchase warrant entitles Gran Colombia to purchase one
additional share of Sandspring at CA$0.40 for a period of sixty (60)
months.
The securities acquired in connection with the private placement are
subject to a four-month-and-one-day statutory hold period.
The common shares controlled by Gran Colombia represent approximately
14.78% of the outstanding common shares of Sandspring. Assuming
exercise of just the warrants controlled by Gran Colombia, when
combined with its existing ownership, Gran Colombia would have control
and direction over 47,000,000 common shares representing approximately
20.83% of the then outstanding common shares of Sandspring.

Serafino Iacono, Executive Co-Chairman of Gran Colombia, commented,
“We are pleased to have closed this investment in Sandspring.
From our previous experience in the Guiana Shield and the work we have
completed in our due diligence process, we see opportunity in their
Toroparu Project and we look forward to assisting management in taking
this project to the next level.”

Gran Colombia has acquired the securities of Sandspring for investment
purposes and has no present intention to acquire further securities of
Sandspring, although Gran Colombia may in the future acquire or dispose
of securities of Sandspring, through the market, privately or
otherwise, as circumstances or market conditions warrant.

Copies of the early warning report filed by Gran Colombia in connection
with completion of the Transaction and the private placement are
available under Sandspring’s profile on SEDAR (www.sedar.com) or by
contacting Gran Colombia directly.

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.
Gran Colombia is continuing to focus on exploration, expansion and
modernization activities at its high-grade Segovia Operations.

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

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may
include----the reader is cautioned not to place undue reliance on
forward-looking statements.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
[phone]
[e-mail]

Primary Logo

Source: Gran Colombia Gold

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2018/Gran-Colombia-Gold-Completes-Acquisition-of-Approximately-15-Interest-in-Sandspring-Resources-Ltd/default.aspx

God Bless