Dolly Varden Silver: Announces Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 9, 2014) - Dolly Varden Silver Corporation (TSX VENTURE:DV)(OTCBB:DOLLF) ("Dolly Varden" or the "Company") announces that it will proceed with a non-brokered private placement of up to 50.0 million flow-through common shares ("Flow-Through Shares") at a price of $0.12 per Flow-Through Share for gross proceeds of $6.0 million (the "Offering"). Dolly Varden may pay finder's fees on a portion of the Financing in accordance with TSX Venture Exchange guidelines.

Proceeds from the Offering will be used for advanced exploration and drilling on the Company's Dolly Varden property.

George Heard, President, commented: "These funds will be used to further drilling on the Dolly Varden silver property with the goal of testing several well-defined Eskay-Creek style targets and to expand areas of known high-grade mineralization."

Completion of the offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a statutory four-month hold period.

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: 1) confirm and expand the existing historical silver mineralization, and 2) 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.

www.dollyvardensilver.com

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.