Dolly Varden Silver Corporation Completes Expedited Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 30, 2013) - Dolly Varden Silver Corp. (TSX VENTURE:DV)(OTCBB:DOLLF) (the "Company" or "Dolly Varden") is pleased to announce that subject to TSX Venture Exchange approval, it has now closed its non-brokered expedited private placement for gross proceeds of $210,000.00 (the "Offering"). Under the Offering, the Company issued 1,400,000 flow-through common shares (the "FT Shares") at a price of $0.15 per FT Share.

All securities issued pursuant to the Offering are subject to a four month hold period expiring on April 30, 2014.

The proceeds of the Offering will be used to advance the exploration and development of the Company's Dolly Varden Silver project in British Columbia.

The Company also announces that Ian Smith has resigned as a director. The Board thanks Ian for his service to the Company.

About Dolly Varden

Dolly Varden Silver Corp. is a Canadian-based mineral exploration company focused on the exploration and development of the Dolly Varden silver property located in northwestern British Columbia. The Company's common shares are listed and traded on the TSX-V under the symbol DV and in the U.S. under the symbol DOLLF. The Dolly Varden silver property consists of 9,400 hectares which includes four well-defined high grade silver deposits, two of which have seen historic production totaling 20 million ounces of silver. All four deposits have remaining historic mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek deposit. The Company has two strategies for creating value at the Dolly Varden silver project: to confirm and expand the existing historic silver resources with the goal to re-start the historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.