Gran Colombia Gold Corporation - (GCM)

[Tommy]

Serafino Iacono, Executive Co-Chairman of Gran Colombia Gold, purchases 260,000 shares of the company

http://www.grancolombiagold.com/Newsroom/News-Releases/News-Releases-Page/News-Releases-Details/2012/Serafino-Iacono-Executive-Co-Chairman-of-Gran-Colombia-Gold-purchases-260000-shares-of-the-company1129528/default.aspx

TORONTO, May 16, 2012 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM) announced today that its Executive Co-Chairman, Serafino Iacono, has purchased an aggregate of 260,000 common shares of the Company on May 16, 2012 at an average price $0.39 per share, on the open market. As at today's date, Mr. Iacono holds 8,681,416 shares of the Company (representing 2.27% of the issued and outstanding shares).

Mr. Iacono commented, "I am very encouraged by the recent exploration results at the Company's flagship project at Marmato. As disclosed in the Company's May 14, 2012 press release, the ongoing deep drilling has produced the best results to date and indicates the presence of a deep zone mineralization that is open at depth and shows increasing grades with depth."