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Gran Colombia Resources Inc. (The "Company") Announces Additional Results From Its Ongoing Drill Program On Its Marmato Gold Property In Colombia .

TORONTO--(BUSINESS WIRE)--April 10, 1997--Gran Colombia Resour(TSE GRM. ) A total of 14 holes have been completed during this period, amounting to 2,516 metres drilled. The additional results from this drilling not only support the potential for a large bulk mineable deposit, but have also revealed high-grade mineralization within the area. This high-grade mineralization is associated with a highly altered shear zone occurring within an andesitic porphyry and lies parallel to the contact with a second porphyritic unit of dacitic composition .

The following table presents intersections related to the high-grade mineralization, including some reported in the January news release: -0-
Hole No. Depth Depth Thickness AU Au cut
 From To (m) (g/t) (70g/t)

M-6 43.00 45.70 2.70 2.14 2.14
M-7 59.73 61.60 1.87 27.76 27.76
M-14 104.50 106.75 2.25 67.72 31.62
M-15 181.60 184.60 3.00 6.64 6.64
M-22 108.00 111.00 3.00 107.69 28.89
M-23 62.60 65.41 2.81 5.17 5.17
M-24 78.60 80.75 2.15 5.33 5.33
M-26 106.00 109.74 3.74 3.65 3.65

Average 2.70 27.77 12.78


Hole Ag Ag cut AuE AuE
No. (g/t) (1400 g/t) (g/t) cut (g/t)

M-6 29.60 29.60 2.44 2.44
M-7 1057.30 509.70 38.34 32.86
M-14 532.00 532.00 73.04 36.94
M-15 974.00 937.0 16.38 16.01
M-22 391.40 391.40 111.03 32.23
M-23 41.10 41.10 5.58 5.58
M-24 34.72 34.72 5.67 5.67
M-26 310.80 310.80 6.76 6.76

Aver-
 age 404.41 346.61 31.81 116.25


-0-

The high-grade mineralization has been intersected in two sections spaced 50m apart, 150m down plunge and over a distance of 150m horizontally. It is open in all directions. It appears that the mineralization drapes around the dome-like structure of the dacitic porphyry with peak values in the hinge line of the structure where a value of 306g/t over one meter was found in drill hole M-22.

The importance of this mineralized zone is that it could further enhance the potential of the Enchandia property at Marmato, where a large open pit operation could be developed in conjunction with a bonanza grade underground mine.

Given the importance of the high-grade mineralized zone, future drilling will be separated into two programs: one to focus on outlining the full extent of the high grade mineralization and to better define its geological model, and the other to continue investigating the potential for a large, bulk mineable deposit.

The table below presents intersections related to the disseminated mineralization, including some of the drill holes presented in the high-grade mineralization table. -0-
Hole No. Depth Depth Length Au Ag AuE
 From To (m) (g/t) (g/t)(g/t)

M-20 19.6 61.6 42.00 0.87 48.5 1.35
M-20 99.2 125.95 26.75 0.88 45.7 1.34
M-21 108.4 116 7.60 0.49 108.4 1.57
M-22 0.00 276.45 276.45 0.91 24.7 1.16
includ-
 ing 108.00 117.00 9.00 13.67 304.1 15.91
includ-
 ing 180.69 204.62 23.93 1.92 49.6 2.42
M-23 0.00 11.6 11.6 0.62 2.8 0.65
M-23 62.6 67.41 4.81 3.39 33.1 3.72
M-23 95.6 107.16 11.56 0.57 44.00 1.01
M-24 13.12 53.76 40.64 0.25 27.4 0.52
M-24 77.6 80.75 3.15 3.70 26.1 3.96
MU-8C 103.73 138.26 34.53 0.47 6.30 0.54
MU-10B 67 84.73 17.73 0.81 16.8 0.98
MU-10B 31.78 46.82 15.04 0.75 33.1 1.08
MU-11A 9.93 32.72 22.79 0.85 45.2 1.30
MU-13C 12.98 34.04 21.06 1.86 6.40 1.93
including 31.6 34.04 2.44 9.94 22.2 10.17


-0-

The Company believes that the Marmato project has now been developed sufficiently to justify an independent study on the results of all drilling to date, both from a geological and engineering standpoint. The study will assist the Company in establishing preliminary parameters for use in directing future development plans. Elsewhere, the Company has signed an option agreement on a new gold property in the Buritica gold district located in the western part of Antioquia Department, some 90 km from the town of Medellin.

The Buritica district is one of the oldest and, along with Marmato, one of the most famous gold producing districts in Colombia. The geological model of the property's mineralization consists of both vein and disseminated mineralization. Initial reconnaissance sampling has returned grades of up to 2g/t in chip samples on surface, an average of 1.5g/t over 25m in continuous channel samples inside an old adit, and grades of up to 45g/t in vein material.

A detailed sampling program is now underway over a wide zone of hydrothermal alteration of almost one sq. km and systematic sampling is being carried out in the old underground workings.

The Company expects that drilling targets at Buritica will be established for follow-up by the second quarter of this year. -0- No Stock Exchange, Securities Commission Or Other Regulatory Authority Has Approved Or Disapproved The Information Contained Herein.

CONTACT: Gran Colombia Resources Inc.

Mauro Coppola, 416/955-4554

416/955-1206 (FAX)

or

Steven A. Dawson, 416/955-4554

416/955-1206 (FAX)
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Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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