Dolly Varden Silver Provides Update on Board and Management

VANCOUVER, BC--(Marketwired - November 04, 2014) - Dolly Varden Silver Corp. (TSX VENTURE: DV) (OTCBB: DOLLF) ("Dolly Varden" or the "Company") announces that, at the request of the Board of Directors, John King Burns and George Heard have stepped back from their duties at the Company, taking leaves of absence as Chairman and CEO/President, respectively. The Board has constituted a Special Committee of the independent directors to investigate disputes between Messrs. Burns and Heard as well as other management matters that have recently come to the attention of the Board. The investigation is expected to be completed in the next few weeks.

Allan Marter, a long-standing director, has been appointed Co-Chairman of the Board and will be the contact person for the Board in carrying out its normal business in the meantime. Ron Nichols, ex-CEO of Dolly Varden and current Vice President Exploration, is coordinating and managing the receipt and compilation of results from the recently completed field program.

Dolly Varden Silver is a company focused on the exploration of the Dolly Varden silver property located in Northwestern British Columbia, Canada. Assay results are awaited from the 2014 field program, where 5,280m of core drilling was completed in areas up to 2km away from the historic Torbrit and Dolly Varden mines. Extensive soil and rock sampling programs were also performed in the 2014 season. The Dolly Varden silver property is considered to have potential for hosting high-grade silver-gold concentrations since it comprises the same lithologic units deposited in the same geologic setting as the past-producing Eskay Creek deposit, among others along this regional trend. 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.

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

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.

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.