Dolly Varden Silver Welcomes Dr. Madeisky to its Technical Advisory Committee and Appointment of CFO Keith Margetson

VANCOUVER, 07/03/13 - Dolly Varden Silver Corporation (TSX VENTURE: DV) (OTCBB: DOLLF) ("Dolly Varden" or the "Company") is pleased to announce the addition of Dr. Hans E. Madeisky to Dolly Varden's Technical Advisory Committee and to his role as senior consulting Geochemist. Dr. Madeisky has 40+ years' industry experience and is a world leading expert on the alteration and geochemisty of VMS-type deposits. His analysis will be highly complementary as Dolly Varden begins its summer drill program to define and expand its historic silver resources, and identify an Eskay-Creek style precious metal rich VMS target related to the interpreted source alteration - feeder zone located at Red Point, just northwest of the historic Torbrit mine.

Dr. Hans Madeisky joins Mr. Greg Hall and Mr. Ron Netolitzky on the Technical Advisory Committee. Dr. Madeisky is credited with finding the main ore body at Getchell using applied practical geochemical methods. Mr. Ron Netolitzky was the discovery Geologist at Eskay Creek. Greg Hall was the discovery Geologist at Granny Hall.

Mr. John King Burns, Chairman of the Company, states that:

"We are excited to add the expertise of three accomplished mine finders to Dolly Varden's team.

At Red Point, we potentially have a very large, world-class, high grade gold/silver VMS system, geologically similar to Eskay Creek. Our alteration zone is at least 10x as large as Eskay Creek's, and appears to be the result of an extensive and long-lived feeder zone related to a potential Eskay Creek-type deposit. Our target extends northwest along a continuous variously mineralized horizon from our historic Torbrit mine to the Red Point area.

Dr. Madeisky is using the incidence of indicator minerals combined with other geotechnical tools to refine our conceptual geological model, with the objective of defining higher grade target areas within this very large mineralized horizon. We are very excited that the geochemical data is congruent with our other geotechnical data sets. We will be able to refine our drill targets during the summer as Dr. Madeisky integrates our structural mapping, geophysical modeling and initial drill results with the geochemical data.

Applying his methods and tools should allow our discovery hole to come much sooner."


The Dolly Varden Technical Advisory Committee:

Dr Madeisky is a geologist with over 40 years of experience, primarily in VMS, MVT, and precious metals exploration. He is a graduate of the University of Ottawa (BSc Geology) and of the Royal School of Mines, Imperial College, University of London (MSc MinEx), DIC, PhD (Geology). Dr. Madeisky is also a registered member of the Association of Professional Engineers and Geoscientists of British Columbia. His research dealt with the "Quantitative Analysis of Hydrothermal Alteration", and, in particular, its practical application to mineral exploration. He is the author of several publications and has taught a number of short courses on the subject. For the past 30 years he has been an independent consultant, advising a number of junior exploration companies, major mining companies, and large institutions, such as the Geological Survey of Pakistan, the Asian Development Bank, the Geological Survey of Norway, the British Museum (Natural History), and the Office National des Mines of Tunisia.

Greg Hall was formally the chief geologist at Placer Dome and is one of the mining industry's thought leaders in the development and integration of geochemical and lithogeochemical exploration techniques with other geoscientific exploration tools. Mr. Hall has 30 years of experience in the mining industry and extensive experience working with global mining companies. In his career, Mr. Hall has been involved in the discoveries of Barrick Gold's Granny Smith mine, Rio Tinto's Yandi iron ore mine and the Keringal mine in Australia. Mr. Hall holds a Bachelor of Applied Science degree from the University of New South Wales, Australia.

Mr. Hall has been providing the Company with advice related to the structural modeling and the application of advanced geochemical and lithogeochemical data collection analysis as applied to both our historical silver targets and a large Eskay Creek type gold silver rich VMS target at Red Point.

Mr. Netolitzky was instrumental in the discoveries of Eskay Creek, the Snip Mine and Brewery Creek gold deposits in BC and the Yukon, which earned him The Prospector of the Year Award in 1990 from the Prospectors and Developers Association of Canada. More recently Mr. Netolitzky's Viceroy Exploration, and its Gualcamayo gold deposit in Argentina, was acquired by Yamana Gold Inc. In May, 2010, Ron was an integral part of Osisko Mining Corporation's acquisition of a 77.28% interest in Brett Resources Inc.

Pursuant to the advisory agreements, our advisors will be entitled to receive consulting fees and to participate in the Company's share option plan at the discretion of the Company's board of directors.


Appointment of CFO Mr. Keith Margetson:

The Company is pleased to announce Mr. Keith Margetson, CA, CPA (Illinois) has been appointed as CFO effective immediately. Mr. John King Burns, Chairman of the Company, stated: "The appointment of Mr Margetson provides Dolly Varden with the services of a senior and experienced minerals industry accountant. This appointment will allow Dolly Varden to operate a more efficient accounting process, allowing for better and prompt communications with all of our stakeholders. This appointment will also allow us to upgrade our overall management accounting and regulatory reporting systems and capabilities."

Mr. Margetson qualified as a chartered accountant in 1975 and has operated his own accounting firm, K.R. Margetson Ltd. Chartered Accountants, since 1992. He has served as the CFO for a number of public companies, as well as having served as an auditor and as an advisor providing other accounting and business advisory services to private and public companies alike.

Daisy Duong, who previously held the CFO role, has left the Company. The Board of Directors would like to thank Mrs. Duong for her contributions to Dolly Varden and wish her well in her future pursuits.


About Dolly Varden

Dolly Varden Silver Corporation is a Canadian-based mineral exploration company focused on the exploration and development of the 100% owned, historic Dolly Varden silver and gold property located in northwestern British Columbia.

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 gold-silver-rich VMS deposit. The Company has two strategies for creating value at the Dolly Varden silver project: to confirm the historic silver resources with the goal to re-start the mining of historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.

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.

Ron Nichols, P.Eng. President & CEO, has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.


FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information" Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward looking statements or information relates to, among other things, the Company's exploration plans for the Dolly Varden silver property.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company's properties; that the Company may not confirm historical resources to a level sufficient to declaring Mineral Resources or Mineral Reserves; and that expected geological, mineral or metallurgical expectations or models may not prove to be correct. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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.



Contacts:

Vanguard Shareholder Solutions
Martin Gagel, MBA, CFA, Vice President
604-608-0824 or 877-608-0829

Strata Star
Gary Lindsey, Investor Relations
1-720-273-6224
gary@strata-star.com

Dolly Varden Silver Corporation
Ron Nichols, P. Eng., CEO and President
1-778-383-3083 or Toll Free: 1-855-381-3530
www.dollyvardensilver.com