Colombia: An Emerging Gold Mining Jurisdiction

Zurich Gold Conference – November 2010

Bulk TonnageOperation

With Big Ounces

High GradeUndergroundGold DepositColombia

Source: Metal Economics Group

VanguardiaCerro Negro

Esquel

Don SixtoMinera Florida

MaricungaAndacollo

GualcamayoFamatinaCerro Casale

VeladeroPasqua Lama

Lobo Marte La PepaVolcan La Coipa

Jeronimo

El PenonLindero

Aruntani San Antonio de Poto

Choquelimpie AmayapampaAchachucani

VictoriaOrcopampa Winicocha

ChanapeInvicta

Arenas Auriferas ChimuLagunas NorteTres Cruces La Arena

YanacochaCerro Corona Conga

ShahuindoTambo Grande

JerusalemCondorPapa

GrandeGabi Nambija Gowanda

Torrecillas

Marmato Titiribi

AngosturaGramalote

Frontino

Gold Deposits > 1 mm oz

South American Mine Development

• Colombia is a vastly underexplored region with

limited modern mine development

Most recent large-scale mine development

was the Cerro Matoso nickel mine in 1978

Political stabilization and implementation of

pro-business policy regime

Improved security climate resulting in

increased investment and exploration

• New mines and/or development projects along

Andean belt since 1978:

Chile: 106

Peru: 47

Bolivia: 14

Argentina: 12

Ecuador: 7

• Proven gold producer – one of the world’s largest

gold producers until 1937

• Mature Democratic Government – pro-

investment and development

• Strong health and educational systems

• Modern, established Mining Law

• Security of property title

• Clear environmental approval system

• Established independent legal system

• Stable fiscal regime

• History and understanding of mining

• Good infrastructure – roads, water, power and

labour

• Significantly improved security environment

Colombia Today

Medoro Projects

Gran Colombia Projects

Other Projects

Colombia

Marmato

Carla Gran ColombiaFrontino

La Y (Minera)

La Colosa (AngloGold Ashanti)

Angostura (Greystar)

Mazamorras

ProvidenciaEl Zancudo

Bulk Tonnage Operation With Big Ounces

5

FORWARD LOOKING STATEMENTS & CAUTIONARY STATEMENT REGARDING RESOURCES

This presentation may include certain “forward-looking statements”. All statements, other than statements of historical fact, included inthis presentation, including, without limitation, statements regarding potential mineralization and reserved, exploration results, andfuture plans and objectives of Medoro Resources Ltd., are forward-looking statements that involve various risks and uncertainties.There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materiallyfrom those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’sexpectations are disclosed under the heading “Risk Factors” and elsewhere in documents filed from time to time with the Canadiansecurities regulators and other regulatory authorities. Management disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, estimates or opinions, future events or otherwise, except as required by law. Allfinancial figures are in Canadian dollars unless otherwise stated.

This presentation uses the terms “measured”, “indicated”, and/or “inferred” mineral resources. United States investors are advised thatwhile such terms are recognized by Canadian regulations, the United States Securities and Exchange Commission does not recognizethem. Unites States investors are cautioned not to assume that all or any part of mineral resources will ever be converted into mineralreserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legalfeasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. UnderCanadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United Statesinvestors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

NI 43-101 Disclosure - Qualified Persons

Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado, prepared the Marmato Project resource estimates and alsoprepared the Technical Report, entitled “Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic ofColombia” dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101 and has prepared or reviewedthe preparation of the information which forms the basis of the scientific and technical disclosure in respect of the Marmato Projectproperties contained in this press release. He is a Certified Professional Geologist and member of the American Institute ofProfessional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy andExploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. For detailedinformation on the key assumptions, parameters and methods used to estimate the mineral resources, along with other informationabout the Marmato Project, please refer to the Technical Report.

6

MEDORO SNAPSHOT: A MINE PLAN FOR MARMATO

Serafino Iacono now interim President & CEO to focus the Company on developing a mine at Marmato

Retained SRK Consulting to look at mining options and related mineable resource estimate

Objective is to ensure mineable ounces for a defined and specific mine plan for the mountain

Targeting a bulk tonnage open pit mine

Drilling focus shifting from discovery to reserve definition at Marmato

CURRENT OPERATIONS

7

THE MARMATO PROJECT TODAY:

• Marmato is the primary focus. Intend to develop large scale open pit gold mine.

• Access to infrastructure & experienced mining culture

• NI 43-101 report from SRK for the purpose of reviewing resource estimate in the context of potential mining scenarios; will carry out a Preliminary Economic Assessment immediately following 43-101

• Exploration and in-fill drilling now in process to expand and upgrade already significant gold resources into a defined mineable project.

• Over 40,000 metres drilled to date. Targeted completion date: Mid-2011.

• Mineros Nacionales, currently producing, provides standing in the community, underground drill access and cash flow.

8

MARMATO PROPERTIES PRE-CONSOLIDATION

PRE-CONSOLIDATION POST CONSOLIDATION

MEDORO OWNS PROLIFIC MARMATO GOLD DISTRICT

Consolidated an unconsolidated district into one mineable district - Marmato is the result of a consolidation of 2,700 individual properties into a single mining asset base.

SIGNIFICANT GOLD RESOURCE

9

Scott Wilson of Scott E. Wilson Consulting, Inc. of Englewood, Colorado prepared the Marmato Project resource estimates and also prepared the Technical Report, entitled “Technical Report Medoro Resources Ltd. Marmato Project, Department of Caldas, Republic of Colombia” dated March 5, 2010. Mr. Wilson is an independent qualified person as defined by NI 43-101 and has prepared or reviewed the preparation of the information which forms the basis of the scientific and technical disclosure in respect of the Marmato Project properties contained in this presentation. He is a Certified Professional Geologist and member of the American Institute of Professional Geologists (CPG No.10965) and a Registered Member (No.4025107) of the Society of Mining and Metallurgy and Exploration, Inc., a professional association and designation recognized by the Canadian regulatory authorities. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Marmato Project, please refer to the Technical Report.

MARMATO MEASURED AND INDICATED GOLD AND SILVER MINERAL RESOURCES – March 5, 2010

MEASURED RESOURCES

Gold Silver

Cutoff grade g/t Au Tonnes (000s) Grade g/t Au Ounces (000s) Grade g/t Ag Ounces (000s)

0.30 37,222 1.04 1,242 7.99 9,559

INDICATED RESOURCES

Gold Silver

Cutoff grade g/t Au Tonnes (000s) Grade g/t Au Ounces (000s) Grade g/t Ag Ounces (000s)

0.30 207,887 0.93 6,249 5.75 38.398

TOTAL MARMATO MEASURED AND INDICATED RESOURCES

Gold Silver

Cutoff grade g/t Au Tonnes (000s) Grade g/t Au Ounces (000s) Grade g/t Ag Ounces (000s)

0.30 245,109 0.95 7,490 6.09 47,956

TOTAL MARMATO INFERRED MINERAL RESOURCES – March 5, 2010

Gold Silver

Cutoff grade g/t Au Tonnes (000s) Grade g/t Au Ounces (000s) Grade g/t Ag Ounces (000s)

0.30 75,810 0.92 2,232 5.51 13,432

10

MARMATO GEOLOGY – CROSS SECTION 3600

• Porphyry-related mineralization. Epithermal intermediate sulfidation

• Mineralization in parallel, sheeted, and anastamozing veinlets with regional structural control. Sheeted sulphide veinlets associated with alterated porphyriticdacites in Zona Alta & porphyriticdacites and andesites at Echandia

• 80 separate veins identified with low-grade gold between veins not currently being mined

• Gold is associated with sulfides & is mostly free gold

• Deposit dimensions: 1,600 metres long NS X 1,000 metres wide X 800 metres vertical & open to the SE & NW & to depth

• Turning a patchwork of small mining claims into a singular world-class deposit

11

CONCEPTUAL DEVELOPMENT PLAN

MARMATO PROJECT SITE PLANNED OPEN PIT

12

DELIVERING DRILLING RESULTS

The full set of Medoro’s drilling results from the Marmato Project are available on our website at www.medororesources.com

Note: gold grades cut to 20.0 g/t

Hole (MT) From (m) To (m) Length (m) Au g/t Ag g/t

1214 146.0 314.3 168.3 1.4 4.6

1214A 163.0 343.0 180.0 1.0 4.0

1216A 99.8 140.2 40.4 3.0 3.7

1218 187.3 367.0 179.9 0.9 4.4

1239 451.5 550.0 98.5 1.2 5.3

1248 21.0 117.1 96.1 1.3 8.6

1249 127.0 328.6 201.6 0.8 8.7

1262 72.6 130.5 57.9 2.2 11.6

1262 354.7 430.0 75.3 1.4 5.1

1272 344.5 465.0 120.5 1.0 7.2

1282 180.4 395.9 215.5 1.0 4.9

1283A 259.0 296.2 37.2 3.9 8.2

• A total of 82 drill holes completed and reported on for a total of 27,946 metres of drilling

• Excellent results over significant widths from first 82 drill holes completed at Marmato

• Results to date confirm assumptions in block model & indicate significant upside potential

Drill highlights:

13

INTEGRATION & DEVELOPMENT AT MARMATO

MARMATO – SMALL SCALE MINING PLANNED DEVELOPMENT & MODERNIZATION

SOCIAL INVESTMENT STRATEGY AT MARMATO

OLD TOWN – MARMATO

14

• Following a landslide in 2006, regional & local government commenced the relocation of approximately 1,300 residents of Marmato town to the nearby El Llano Town, approximately 1.5 kilometres away, for health and safety reasons.

• Relocation in process - 179 homes occupied, primary school & bank already constructed

• Estimated investment by Medoro to relocate balance of town: Approximately US$20 million

• New town offers better quality of living from old town – residents supportive of the concept

• Relocation in progress with full support of regional & local government

NEW TOWN – EL LLANO

15

MORE EXPLORATION POTENTIAL OUTSIDE MARMATO

Five highly prospective targets (total area 16,571 Hectares) near Marmato

16

FRONTINO OPTION

Frontino Facts:

• Produced 55,000 oz Au in 2009 with average grade of 10.2 g/t, processing ~450 tpd

• Three operating high-grade underground gold mines: El Silencio – average grade 8.0 g/t Au Providencia – average grade 12.0 g/t Au Sandra K – average grade 6.0 g/t Au

• Produced over 4.5 million oz Au over past 155 years using relatively unsophisticated technology

• No exploration since 1989

• Significant potential to expand resources & increase production

• In joint venture with Gran Colombia Gold: 95% owned by Gran Colombia Gold and 5% owned by Medoro through a carried interest To exercise its back in right to achieve 45% ownership in Zandor (the joint venture), Medoro

needs to fund 50% of acquisition costs and 50% of exploration capital committed in 12 months plus a 25% premium of that combined amount

17

CAPITAL STRUCTURE TSX: MRS

CAPITALIZATION

Market Cap (as of Nov. 8, 2010)

$300.4 million

Share Price (as of Nov. 8, 2010)

$2.14

Issued & Outstanding Shares (as of Nov. 10, 2010)

140,606,603

Fully Diluted Shares (as of Nov. 10, 2010)

181,842,881

Cash $20 million

Debt Nil

18

POSITIONED FOR SIGNFICANT PRODUCTION IN COLOMBIA

• Excellent assets

• Targeting large scale open pit mine

• Extensive expansion & upgrade drilling program

• Producing underground gold mine & mill

• Highly prospective regional exploration properties

19

DIRECTORS AND MANAGEMENT

DIRECTORS

• Robert Metcalfe – Canada, Non-Executive Chairman

• Miguel de la Campa – Colombia

• Jaime Branger Perez – Colombia

• Robert Doyle – Canada

• Serafino Iacono – Colombia• Augusto Lopez – Colombia• Randall Martin – USA

• Courtney Neeb – Venezuela

SENIOR MANAGEMENT

• Serafino Iacono – Interim President & CEO

• Miguel de la Campa – Executive Director

• Carlos Pinglo* – CFO

• Juan Manuel Pelaez – President, Colombian Operations

• Peter Volk* – VP and General Counsel

• Vicente Mendoza – VP Exploration

* In Toronto

High Grade Underground Gold Deposit

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Information contained herein is subject to completion or amendment. This presentation does not constitute an offer to sell or the solicitation of an offer to buy, norshall there be any sale of these securities in any jurisdiction in which that offer, solicitation or sale would be unlawful prior to registration or qualification under thesecurities laws of that jurisdiction.

This presentation is confidential and is not to be disclosed, reproduced or disseminated to any person without the prior express consent of Gran Colombia Gold Corp.(“Gran Colombia Gold” or the “Company”). This presentation is intended to provide a general overview of Gran Colombia Gold’s assets and undertakings and thereforedoes not purport to be complete. All of the information contained or referred to herein has been prepared solely by Gran Colombia Gold and GMP Securities L.P.(“GMP”), as agent of Gran Colombia Gold, and Gran Colombia Gold and GMP expressly disclaim any responsibility therefore or liability to third parties in respectthereto and may not have independently verified the information contained therein.

This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United Stated federal securities laws.Forward-looking information includes, but is not limited to, information with respect to the Company's acquisition of the assets of Frontino Gold Mines Ltd., intendeduse of proceeds of the net proceeds from its subscription receipt financing transaction, future exploration and development plans, the adequacy of the Company'sfinancial resources, business plans and strategy and other events or conditions that may occur in the future. Generally, forward-looking information can be identifiedby the use of forward- looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends","anticipates", or "does not anticipate", or "believes" or 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 information is subject to known and unknown risks, uncertainties and other factors that maycause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, futurecommodity prices, obtaining financing, market conditions, changes in interest rates, actual results of current exploration activities, government regulation, political oreconomic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities,personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources and reserves;contests over title to properties, and changes in project parameters as plans continue to be refined. Forward-looking information is based on the reasonableassumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expecteddevelopments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, butwhich may prove to be incorrect. Assumptions have been made regarding, among other things: the Company's ability to successfully acquire mineral properties, carryon its exploration and development activities, the timely receipt of any required approvals, the price of gold, the ability of the Company to obtain qualified personnel,equipment and services in a timely and cost-efficient manner, the ability of the Company to operate in a safe, efficient and effective manner, the ability of theCompany to obtain financing on acceptable terms, the accuracy of the Company's resources estimates and geological, operational and price assumptions on whichthese are based and the regulatory framework regarding environmental matters. Readers are cautioned that the foregoing list is not exhaustive of all factors andassumptions which may have been used. The Company believes that this information reasonably reflects the expected operating results of the Company. Although theCompany has attempted to identify important factors that could cause actual results of the Company to differ materially from those contained in forward-lookinginformation, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will proveto be accurate, as actual results and future events could differ materially from those anticipated, expressed or implied in such information. Accordingly, readers shouldnot place undue reliance on forward-looking information. The Company has no intention or obligation to update or revise any forward-looking statements, whether asa result of new information, future events or otherwise, except as required by law.

DISCLAIMERFORWARD-LOOKING STATEMENTS

22

GRAN COLOMBIA GOLDINVESTMENT HIGHLIGHTS

Extensive portfolio of producing, near-term producing and exploration-stage assets focused in prolific gold regions of Colombia

Immediate gold production and cash flow from the Frontino gold mine, with 155 years of gold production history

Produce in excess of 100,000 ounces of gold in 2011 from high-grade mining operations at Frontino and El Zancudo

Advanced exploration portfolio covering over 150km2 in Colombia with proven gold mineralization including near-term development prospects at Mazamorras and Concepción

Colombia: A pro-business environment that hosts some of the richest gold deposits in the world

Strong board and management team with an excellent track record of generating shareholder value

Strong production growth driven by the development of a gold mining district

23

Portfolio of 5 mining properties in Colombia with significant production growth as well as large development and exploration potential

Antioquia is the largest gold producing region in Colombia, (over 1 million ounces of gold production in 2009)

The Nariño Gold district is a relatively unexplored region showing impressive resource potential

Gran Colombia properties are:

1) Frontino Gold Mines (“Frontino”)

2) El Zancudo (Titiribi)

3) Carla Gran Colombia

4) Providencia (Concepcion)

5) Mazamorras (Nariño)

GRAN COLOMBIA GOLDCOLOMBIA’S TOP MINING REGION

24

FRONTINO GOLD MINES (95% interest1):

High-grade vein system with three currently operating underground mines

Production of 58,106 oz Au in 2009 at cash cost of approx. $500/oz

Significant expansion potential with production rate growth to over 100,000 oz/year expected in late 2011

GRAN COLOMBIA GOLDDEVELOPMENT OF A GOLD MINING DISTRICT

Production Portfolio Exploration

EL ZANCUDO PROJECT (100% interest):

Minimal Capex, immediate cash flow – first year will fund 36 months of exploration

Epithermal and mesothermal vein system with historical underground mining

Planned restart of gold production Nov 2010 at rate of 10,000 oz/yr

120 tpd mill and infrastructure in place for restart

Exploration drilling already started

PROSPECTIVE PROPERTIES:

3 highly prospective exploration properties to drive growth – Carla Gran Colombia, Concepcion and Mazamorras

Over 150km2 of exploration ground in Southern Antioquia and Nariño

Exploration drilling at Carla Gran Colombia and Mazamorras underway

$10 million exploration budget

1. Subject to 45% “back in” right held by Medoro

Mineralized vein from Frontino showing sample of over 100 g/t Au

25

Resolution of the Frontino Gold Mine pension liability in the amount of approximately US$200M

Implementation of cost saving measures

Change to the payroll structure including shift to a non-unionized work force

Implementation of employee incentive program focused on efficiency, quality, lower dilution

Community infrastructure improvements – streets, social centres, hospital, etc.

Ongoing discussions with Ministry of Environment and Mines

FRONTINORECENT DEVELOPMENTS

A shift into a stable working environment

Savings of app. $100/oz of produced gold

SAFETY & SOCIAL RESPONSIBILITY

Employees trained by SENA

EIAs progressing

Vision testing

Integration of social programs for children and elderly

Community Infrastructure improvements – streets, social centres, hospital, etc.

US$200K donation from Angelitos de Luz to community

Since the successful acquisition of the Frontino Mine in Aug. 2010:

26

Frontino has historically been Colombia’s largest gold mine, producing over 5 million ounces of gold over approximately 155 years

FRONTINOHISTORIC HIGH-GRADE GOLD PRODUCTION

SANDRA K

PROVIDENCIA

EL SILENCIO

1. Includes royalties and production taxes, but excludes collective agreement, union and pension costs

2. Includes pension liability, indirect costs, royalties and production taxes

“El Silencio” mine began production in 1852

Average production gold grade over last 50 years of 9.6 g/t Au and over 10 g/t Au since 1995

Historically 31 operating mines

2009 production of 58,106 oz of gold at an average grade of 10.8 g/t (cash cost of US$496/oz)1 from 3 active underground mines

Gran Colombia acquired Frontino in August 2010

Acquired out of receivership post bankruptcy in 1976 for settlement of all outstanding pension liabilities ($200 million)

27

3 operating mines on 3 separate veins with 2 additional mines coming online in 2010/2011

Existing capacity of approximately 800 tpd – to be increased quickly to 1,000 - 1,200 tpd

Evaluating the addition of a second mill to process 1,500 tpd

Currently mining material from only 3 of 29 known veins (50+ km of strike length)

FRONTINOFLAGSHIP GOLD ASSET

Providencia Mine Sandra K Mine El Silencio Mine

Operating at 325 tpd (90% of current production)

11 levels developed

Average grade of >12 g/t Au

Minimal current production of approx. 135 tpd up to 300 tpd

3 ½ levels developed

Average grade of 6 g/t Au

Minimal current production of approx. 75 tpd

44 levels developed (flooded below level 19)

Average grade of >8 g/t Au

Carla Gran Colombia

Production to commence Nov 2010

Located only 6km from Frontino

Targeted production (full rate) expected to be 300 tpd

The “New” Mine

Targeted production of 1,000 tpd

5 contractors in small areas

Rig on-site and drilling

Will be linked to tunnel

28

FRONTINOWORLD-CLASS GOLD POTENTIAL

29 known veins with more than 50 km total strike extent to 300 m depth

29

FRONTINOWORLD-CLASS EXPLORATION POTENTIAL

Planning the development of multi-purpose tunnel expected to intersect 23 out of 29 known veins

Link existing mines over 6 km extent

Facilitate drainage and provide extraction level

Estimated cost of US$9.0 million – change of strategy, extending time line of tunnel construction to 15 - 18 months

Tunnel construction planned to begin November 2010

30

FRONTINORE-DEVELOPMENT PLAN

Modernization and optimization of existing plant and mining operation offers significant production expansion opportunities

Immediate action plan:

Assessing potential to increase production to 80,000 – 100,000 oz annual gold production (from mine and mill refurbishment) with increase in throughput to 1,000 – 1,200 tpd

Medium-term goals:

To increase production to 150,000 – 200,000 oz annual gold production subsequent to exploration and resource definition drilling (2 – 3 years)

Planned upgrades to mine infrastructure of US$23 million, including:

Water

Tailings

Hydropower

Mill rehabilitation

Modernization and optimization of mill

Exploration budget of US$10 million to undertake 50,000 metre drill program (exploration & resource definition drilling)

31

FRONTINOINFRASTRUCTURE IN PLACE

Three hydroelectric plants with 3,400 Kw capacity

Diesel electric plant with 750 Kw capacity

Water supply via pipeline from La Tupia reservoir sufficient for 4,300 tpd operation

Sales of excess water and electrical capacity provides additional revenue

Power and water assets

32

FRONTINOCIIGSA SMELTING FACILITY

Smelting operations offers several strategic benefits

Gran Colombia has acquired a 60% interest in the CIIGSA precious metals smelting facility (US$2.3 million)

Current annual capacity of 7,500 kg gold and 20,000 – 25,000 kg silver

Sufficient capacity for Frontino and El Zancudo requirements

Electrolytic process for refining gold and silver

Located in Medellin

Fully permitted (1)

Offers custom smelting services to small, regional miners

1. Note a “World Standard” facility – refines to purity of 99.99%

An employee at work at the Ciigsa smelting facility

33

CARLA GRAN COLOMBIAADJACENT TO FRONTINO

16 mining properties totalling 6,000 hectares

Several historical mines including the Carla Gran Colombia Mine with over 1,000 metres of underground development

Restarting small-scale gold production at the Carla Gran Colombia mine in November 2010

Initial mining from the Gran Colombia vein (average 10 g/t gold) and three related veins

Trucking ore to Frontino Mill for processing (6km)

Underground Samples Thickness (m) Au (g/t) Ag (g/t)

RRH-01 1.0 6.1 16.4

RRH-05 1.4 7.7 10.2

RRH-06 1.5 13.4 14.8

RRH-09 1.7 25.2 18.6

RRH-11 1.9 8.2 9.9

HDT-01 0.4 18.6 15.9

HDT-08 0.9 18.7 12.9

34

CARLA GRAN COLOMBIAEXPLORATION POTENTIAL

Structurally controlled mesothermal quartz vein system with several veins sampled and mapped

7 known veins with significant existing underground infrastructure accessing the 2km long Gran Colombia vein

CARLA GRAN

COLOMBIA

35

EL ZANCUDONEAR-TERM GOLD PRODUCER

El Zancudo is located in southern Antioquia consisting of 4 mining concessions over 6,000 ha

Small-scale initial production of 10,000 oz per year at Independencia mine starting Nov. 2010

Pilot plant for larger scale operation

Cash flow for exploration with limited capital commitment

Mine ready stockpiles grading 6-10 g/t Au

Independencia was a significant local mine operating between 1912 and 1922

Historic production of 130,000 oz Au

Recovered grades of 14.62 g/t gold and 108.37 g/t silver

No previous systematic exploration

Production since 1793 from 11 historic mines within 3 km radius

36

EL ZANCUDOGOLD MINERALIZATION

Located in the Middle Cauca gold belt hosting the Marmato and La Colosa gold deposits

Gold / silver mineralization consists of systems of multiple epithermal and mesothermal veins

High-grade gold is hosted in steep quartz veins at depth and low angle veins near surface

Exploited over 3.5 km with known depths of over 900 m

Potential for large disseminated gold targets inter veins

US$2.6 million exploration budget including 7000m of drilling and PEA

Mineralization at El Zancudo mining district

37

MAZAMORRASEXPLORATION PROJECT

Located in the convergence zone of the three Cordilleras of the Colombian Andes

Conspicuous alteration and mineralization within the porphyry gold-copper belt of Nariño

Significant anomalous gold values distributed over 3,600 ha

Strong structural control with epithermal-style mineralization in parallel and subparallel sheer zones

Drilling underway with encouraging results to date

Exploration budget of approximately US$4.0 million to complete geophysics, sampling and exploratory drilling (up to 3,500 m)

38

MAZAMORRASSIGNIFICANT OXIDE POTENTIAL

30 hectares of outcropped oxides

Multiple well defined oxidation zones outcropping at Pendo/Olaya gullies

Several very large and continuous alteration zones showing frequent and continuous veins over +1,000 m

Good potential for bulk tonnage open pit mining

39

CONCEPCIÓN PROJECTPROJECT OVERVIEW

Concepción has 4 mining concessions covering 3,384 hectares in central Antioquia

Located in the central Cordillera – offers outstanding geology and infrastructure, enabling short timeline to gold production and exploration

Initial target for exploration and gold production is a large tunnel (in progress) and several old mine workings

Objective: produce gold from 100 tpd plant while conducting exploration

The San Pedro underground mine closed in 1997 – historically produced gold at head grades of 16 g/t over 20 years

Exploration budget: US$2 million

Comprehensive exploration plan: geophysics, mapping and at least 10,000 metres of diamond drilling

40

GRAN COLOMBIA GOLDMANAGEMENT

Serafino Iacono, Executive Co-Chairman

Over 20 years of experience in capital markets and has raised more than four billion dollars for numerous natural resource projects internationally

Co-founder of Bolivar Gold Corp., Gran Colombia Resources, Pacific Stratus Energy (now Pacific Rubiales Energy Corp. – $8.3 billion market cap), Medoro Resources and Alange Energy Corp.

Miguel de la Campa, Executive Co-Chairman

Involved in the financing and development of mining, oil and other resource projects for over 30 years

Former President and co-founder of Bolivar Gold Corp. and co-founder of Pacific Stratus Energy (now Pacific Rubiales Energy Corp. – $8.3 billion market cap), Medoro Resources and Alange Energy Corp.

Maria Consuelo Araujo, Chief Executive Officer and President

Former Colombian Minister of Foreign Affairs. Previously Colombian Minister of Culture from 2002 to 2006

Diplomat and economist with postgraduate study in Colombia and the U.K., Ms. Araujo has substantial business education and experience. Currently a director of ISA, the largest electrical utility company in Latin America

Jose R. Oro, Chief Operating Officer

Geologist and engineer with 35 years of global mining experience. Mr. Oro was in charge of re-starting Kirkland Lake Gold’s Macassa mine and 1,500 tpd mill. Chief Exploration Manager at US$650 million Loma de Nickel project in Venezuela, as well as several other mines and large exploration programs for precious and base metals

Former director of the Ministry of Basic Industries of Cuba with postgraduate degrees in Remote Sensing and Geological Exploration. Member of Coopers & Lybrand Latin American Corporate Financing team

Mike Davies, Chief Financial Officer

Chartered Accountant (Ontario) with 20 years of extensive international and public company experience in financial management, strategic planning and external reporting in resource and other sectors

Peter Volk, Corporate Secretary and General Counsel

Lawyer with over 20 years of experience, focusing on the resource sector for the past thirteen years with a number of issuers.

41

GRAN COLOMBIA GOLDBOARD OF DIRECTORS

Miguel de la Campa (Executive Co-Chairman)

See previous slide “Management”

Serafino Iacono (Executive Co-Chairman)

See previous slide “Management”

Maria Consuelo Araujo

See previous slide “Management”

Jose Francisco Arata

Over 27 years of experience in mineral and oil exploration in Latin America

President of Pacific Rubiales Energy Corp., former CEO and co-founder of Pacific Stratus Energy and COO of Bolivar Gold Corp with previous experience in the Exploration & Production Department of Maraven

Jorge Neher

International partner with law firm Macleod Dixon

Areas of practice include business law in the mining and energy sectors

Ricardo Lozano Former Vice Minister of the Interior and Justice

Director of Proexport at Madrid & Quito; VP of Previsora Financial house; former Consul of Colombia in Canada

Robert Hines Founder and CEO of Hines & Company and former

Managing Partner of Global Operations at Heidrick & Struggles Inc.

Ronald Pantin Worked in the Venezuelan oil industry for 23 years prior

to founding Pacific Rubiales

CEO of Pacific Rubiales Energy Corp., former President of Enron Venezuela and prior to that President of Petroleos de Venezuela (PDVSA) Services

Steve Wilkinson Currently President, CEO and Chairman of ValGold

Resources and formerly President and CEO of Northern Orion Exploration and prior to that a mining analyst at RBC Dominion Securities

42

GRAN COLOMBIA GOLDSHARE PREFORMANCE & CAPITALIZATION

Shares Outstanding 212 million

Options and Warrants Outstanding

96 million

Fully-Diluted Shares 308 million

Market Capitalization C$529 million

Current Cash Balance ~US$35 million

Capital Structure

(1) Data as of Thursday, November 11, 2010

Share Performance (C$) & (000’s)

Company is sufficiently funded to complete projected exploration and development

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00