Dolly Varden Silver: Geophysical Modeling Refines Drill Targets for 2014 and Indicates Additional Areas for Eskay Creek Type Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) - Dolly Varden Silver Corp. (TSX VENTURE:DV)(OTCBB:DOLLF) ("Dolly Varden" or the "Company") is pleased to announce the results from its geophysical program at the Dolly Varden property in Northwestern BC. The geophysical models further confirm drill targets for the Company's proposed 2014 drill program and identify several new targets.

The newly compiled geophysical data outlines key horizons at depth and other surface anomalies that are coincident with known mineral showings, geochemical and structural targets already identified on the Dolly Varden property.

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The review of all available geophysical models identified six targets that are being recommended for follow-up work. Three of these targets are new and are located near the northern boundary of the Dolly Varden property and three of the identified targets confirm existing targets that are already scheduled for drilling in 2014.

The geophysical data adds information about the geometry and outlines the contacts between two key geologic horizons. In particular, the geophysics tracks the DVT Horizon to the north and under the Red Point area. Prior drilling on the DVT Horizon has intersected high grade silver mineralization that remains open to the north. The geophysics was also successful in outlining the Salmon River Formation that is prospective for Eskay Creek style mineralization. The geophysical results are congruent with, confirm, and add additional information to the targets slated to be drilled in 2014.

Further, the geophysical results indicate several new targets that have the potential for additional Eskay Creek style accumulations. These newly developed targets are located on the underexplored northern section of Dolly Varden's property. The area is several kilometers to the North from the existing historical workings and abuts neighbouring exploration properties controlled by Homestake Resource Corp. and the Homestake - Agnico Eagle Mines joint venture.

Please visit www.dollyvardensilver.com for additional project and company information.

About Dolly Varden

Dolly Varden Silver Corp. is a mineral exploration company focused on the exploration and development of the Dolly Varden silver property located in northwestern British Columbia, Canada. The Dolly Varden silver property consists of 9,400 hectares that includes four well-defined high grade silver deposits, two of which have seen historical production totaling 20 million ounces of silver. All four deposits have remaining historical mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek deposit. The Company has two near-term objectives for creating value at the Dolly Varden silver project: to confirm and expand the existing historical silver mineralization, and to explore and discover major Eskay Creek-type gold and silver rich VMS targets and large epithermal systems. The Company's common shares are listed and traded on the TSX-V under the symbol DV and on the OTCBB system under the symbol DOLLF.

Technical Information

Ron F. Nichols, P.Eng., of Dolly Varden, who serves as a Qualified Person under National Instrument 43-101, supervised the preparation of the scientific and technical information concerning this news release. Further information regarding the Dolly Varden silver property, including that relating to historical production and resource estimates, can be found on the company's website and in the Company's Geology and Mineral Exploration of the Dolly Varden Property, Technical Report, dated September 5, 2011.

Forward-looking statements

Statements in this release that are forward-looking statements, including the timing of commencement, size and scope and results of contemplated exploration programs on the Dolly Varden silver property and assumptions about the geological characteristics of the property (including the existence of any gold and silver mineralization), are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company's periodic filings with Canadian securities regulators. When used in this document, the words such as ""expected", "planned", "forecast", "scheduled" "targeting" and similar expressions are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

All such forward-looking information and statements are based on certain assumptions and analyses made by Dolly Varden Silver Corp. in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading "Risks Factors" in the Company's most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking information or statements.

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.