Sept 3 (Reuters) - Gran Colombia Gold Corp GCM.TO :
* GRAN COLOMBIA GOLD SIGNS LETTER OF INTENT TO SPIN OFF VENEZUELAN ASSETS TO WESTERN ATLAS RESOURCES INC.; PARTICIPATING IN WESTERN ATLAS FINANCING
* GRAN COLOMBIA GOLD CORP - INTENDS TO SPIN OFF ITS VENEZUELAN ASSETS IN EXCHANGE FOR US$20 MILLION IN COMMON SHARES OF WESTERN ATLAS
* GRAN COLOMBIA GOLD - INTENDS TO BUY UP TO 19.9% EQUITY INTEREST IN WESTERN ATLAS