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Dolly Varden Silver Corp action@proactiveinvestors.com

17:11 25 Nov 2013

Two high grade targets in historical region underpin Price: 0.94

confidence for a major discovery at Dolly Varden Market Cap: $112.25 m
Silver
1 Year Share Price Graph

The area in which Dolly Varden Silver (CVE:DV) has its 100 per cent owned
9,400 hectare property is the epitome of an ideal location for silver and gold
mining.

Indeed, the region was already known to president and CEO Ron Nichols
through his work on the nearby Snip deposit such that when he was
approached to become involved at the 2011 PDAC mining conference in
Toronto, he leapt at the chance.

"Grade and volume trumps all. It's a high-grade silver property with uniquely Share Information
wide and massive mineralized horizons and those features are extremely
important," Nichols told Proactive Investors at the recent Subscriber Investment Code: DV
Summit in Vancouver, addressing the strongest points of the company's project Listing: TSX-V
in northwestern British Columbia. "Even at these lower silver prices, our 52 week High Low
economic model shows us to be a very robust and feasible project." 1.17 0.165

Dolly's chairman, John King Burns, concurs, saying the site is "now one of the Sector: Mining
most advanced geological targets" he's ever seen. "Our Eskay Interval at Red Website: dollyvardensilver.com
Point presents a well-documented geological analogue for the Eskay Creek Company Synopsis:
mine which at the same time has the potential to be larger and richer than Dolly Varden Silver (TSX. V:DV) is a
Eskay Creek. Separately, the DVT horizon that was exploited by the Torbritt Canadian based mineral exploration
mine should itself contain of 50 or more million additional ounces of silver. company focused on the development of
the historic Dolly Varden Silver Mines
property located in Northwestern, British
After decades of experience in the business -- Nichols is an engineer who
Columbia, Canada. The property hosts four
specializes in advanced projects and has quarterbacked high-grade silver historical deposits in stratigraphy that is
mines into production, while Burns was CFO of Drexel Burnham Lambert's analogous to Barrick's Eskay Creek
commodities group and also global head of derivatives trading at Barclays Deposit.  .
Metals Group -- both men knew immediately that they wanted to sign on and
get behind the project when the opportunity presented itself. action@proactiveinvestors.com

The company's near-term goal is to drill out the Eskay Horizon at Red Point
and the DVT at Torbrit (the Eskay horizon over lays the DVT horizon at Red
Point) with the object of adding 100 -200 million ounces of silver, a 50 million
ounce addition would put it in position to make a production decision and to
support further exploration.

The property is situated in the Northern reaches of British Columbia, an area that has of late been the focus of a
resurgence of interest, and in the midst of a historic mining camp known for its high-grade silver. When viewed on a
map, the slew of mines and historical operations in the area describe what seems to be a clear regional geological
trend. Major nearby projects include Pretium's Brucejack gold and silver operation, Ascot's Silback Premiere historic
site and of course, Barrick's (TSE:ABX) noted Eskay Creek, which boasts 180 million ounces (M oz) of silver. Crucially,
the fault-bounded rift within which Dolly Varden's gold and silver deposits are clustered is in the same setting as the rift
hosting the Eskay Creek deposit.

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 The site itself has already been the focus of historic production and exploration dating back to the discovery of the Dolly
Varden deposit more than a century ago. The decade of the ‘Roaring Twenties' saw the production of 1.5 M oz of silver
at the rate of 35.7 ounces per tonne (oz/t). Future ounces will to a great extent revolve around the nearby Torbrit mine,
which produced silver from 1949 to 1959. "We are comfortable Torbrit is going to play a major role because it was
mined at big widths, up to 60m," says Nichols. "By a combination of drilling above the historic mining areas and
stopping where the stopes are, we are seeing 60m to 100m thicknesses as well. So, Torbrit is the mainstay."

Historic mineral resource estimates large located in the DVT around Torbrit put the historical proven and probable
resources for the property at 5.7 M oz, with another 8.8 M oz regarded as possible.

In addition, the historical work has bequeathed 7 km of existing underground development, a gift that Nichols says is
integral to Dolly Varden's future. "The underground work that was done historically is all part of the story that will really
make a big difference time-wise and cost-wise moving forward. We've got infrastructure in place for exploration and
development already."

Among the legacies of the site's history of exploration and production are 631 diamond drill holes, 44,090 metres of
drilling, 7 km of underground development and engineering studies on mine, mill and tailings design conducted in the
1980s.

As for infrastructure, Nichols allows that although Northern British Columbia conjures thoughts of remote conditions
bereft of infrastructure, the Dolly Varden property has "power within easy reach", as well as access to rail and deep
water shipping. The property is proximate to tidewater at the nearby Alice Arm location, which also provides a home-
base for camp. In addition, Dolly Varden has the advantage of favourable elevation. "The underground workings are
located at about 300 metre levels," says Nichols.

"Of course, you get snow in these areas, but it's something that can be easily dealt with and was dealt with for ten years
[in the course of historical operations]. It went year round for the entire 1950s."

Not surprisingly, year round operations are planned for the site.

It is this rich history that has Dolly's chairman Burns saying the property is "best considered as a very advanced, drill
ready exploration/expansion play, now with geological/structural controls on two very large and very well understood
targets that are part of the same system."

Aside from infrastructure, the structure of the deposit itself plays a role in cost as well. Mineralization in the Torbrit mine
area features a layered volcanic environment, created by vents that spread mineralization many millions of years ago
across what was then the ocean floor.

"We have very good rock conditions and a layered system, where we see more volume (widths and heights) of
mineralized material that mean lower mining costs. More metal is contained per volume, and that is why we can build
large volumes of mineralized tons faster in a system like this," explains Burns. "Veins can be very difficult to get control
of and follow, whereas with the systems at Dolly Varden you can define mineralized zones in mineable areas that have
great thickness, widths and extent."

In the name of advancing the project, the company is dedicated to the discovery of additional silver mineral resources
as well as the confirmation of historic mineral resources that were known to exist upon the conclusion of mining in the
fifties.

Even with four historically active mines, only three per cent of the property had been explored in detail, according to the
company.

While Torbrit provide the portal to the DVT horizion the company's major target it at Redpoint, the Eskay Creek
analogue. There are other sites nearby that also have potential to be other Eskays and add ounces quickly. "Wolf, up
the valley, has 4 million ounces and is probably the most straightforward deposit," says Nichols. "Dolly Varden is the

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 smallest deposit but the highest grade, at 22 ounces per ton in the historic resource category."

To that end, Dolly Varden completed 4,600 metres of exploration across 21 diamond holes on the Wolf deposit alone in
2011, culminating in an intercept of 19.65 metres grading 388 grams per tonne (g/t) of silver. Last calendar year, the
company drilled 1,728 metres over six holes as well as engaged in the rehabilitation of the Torbrit mine, and
underground sampling. This year has seen the completion of a 3,000 metre drill program across 14 holes at the Torbrit
target, which is still awaiting assays.

The only thing standing in the way of extensive exploration is the funds necessary to push forward, with the company
having $1.25 million of cash at present.

"We have one of the most advanced, largest in scope and scale and well-defined high grade silvert and gold prospects
in the marketplace today," says Burns. "The size and grades of the targets give us unique leverage. The targeted drill
program we have designed for 2014 should be adequate to prove up the pudding adding significant ozs and
tremendous value. A discovery of this magnitude will turn the entire market place around.

"With success we are highly comfortable that we can put an additional 200 million ounces of silver into the resource
base," he stresses. "You just don't find geology that supports targets like this and that is why we are excited and
remain full committed and involved."

Dolly Varden Silver has a market capitalization of $15 million and a 52-week trading range of $0.09 to $0.25.

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