TORONTO, May 10 /PRNewswire-FirstCall/ – Gran Colombia Gold Corp. (TSX: GCM) and Medoro
Resources Ltd. (TSX: MRS) announced today that each company has filed
with securities regulators in Canada the Joint Information Circular
(the “Circular“), which sets out the details of the June 7, 2011 meetings to approve
matters relating to the merger of the two companies. The Circular is
available on the SEDAR website (www.sedar.com) and the websites of each of the companies (www.grancolombiagold.com and www.medororesources.com, respectively).

The Circular will be mailed to holders of Gran Colombia common shares of
record as at April 25, 2011, and holders of Medoro common shares,
warrants and options of record as at May 9, 2011, each of which is
entitled to vote on certain matters relating to the merger.

The Circular includes the notices of the meetings, information on how to
vote and how Medoro securityholders will be able to participate in the
merger. Also included in the Circular is information about the merger
as previously announced by the companies on April 13, 2011 and pro forma financial and other information about the combined company, including
the proposed board of directors and executive officers and certain
information about each company individually.

The Circular includes an amended and restated version of the Arrangement
Agreement. The amendments include certain non-material clarifications
to the Plan of Arrangement.

The Annual General and Special meetings of Gran Colombia shareholders
and Medoro securityholders will be held on June 7, 2011 at the Hilton
Hotel, 145 Richmond Street West, in Toronto. The Medoro securityholders
meeting will commence at 9:00 a.m. (EDT) and the Gran Colombia
shareholders meeting will commence at 10:30 a.m. (EDT). All
shareholders and securityholders, as applicable, are encouraged to vote
in person or by proxy.

Completion of the proposed merger is conditional on: (i) approval by
Gran Colombia shareholders and Medoro securityholders; (ii) approval by
the Supreme Court of Yukon; and (iii) satisfaction of other customary
conditions, including regulatory and stock exchange approvals. It is
expected that the merger will be completed in the week following the
securityholder meetings.

Gran Colombia and Medoro have retained Kingsdale Shareholder Services
Inc. to act as proxy solicitation agent and to respond to inquiries
from securityholders. Kingsdale may be contacted at 1-888-518-1563
toll-free in North America, at (416) 867-2272 outside of North America
or by email at contactus@kingsdaleshareholder.com.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based gold and silver exploration and
development company focused on acquiring, developing and operating
properties of merit in Colombia. Gran Colombia holds 95% of the former
Frontino Gold Mines Ltd. (“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. Gran Colombia 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 Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.

About Medoro Resources Ltd.

Medoro is a gold exploration, development and mining company with its
primary focus being the development of a large-scale, open-pit mine at
Marmato in Colombia. Medoro also has a 5% interest in the former
Frontino properties in Colombia with an option to increase its interest
to 50%. Medoro also holds a 100% interest in the Lo Increible 4A and 4B
concessions in Venezuela, as well as interests in gold exploration
properties in Mali.

Additional information on Medoro can be found on its website at www.medororesources.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, but is not limited to, statements with respect to the future
financial or operating performance of Medoro, Gran Colombia and their
respective 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 Medoro and 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 based on current expectations and beliefs and Medoro
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.

SOURCE Gran Colombia Gold Corp.