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Dolly Varden Silver Corporation: Geochemical Analysis Shows a Large Intense and Pervasive Potassic Alteration Zone

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/29/14 -- Dolly Varden Silver Corporation (TSX VENTURE:DV)(OTCBB:DOLLF) ("Dolly Varden" or the "Company") is pleased to announce that the Company's new geochemical model indicates a very large potassic alteration zone and a series of other geochemical anomalies that are congruent with other structural and geophysical modeling and targeting observations at the Dolly Varden property in Northwestern, BC. The results of the integrated application of these geotechnical disciplines will be discussed in this and the series of news releases to follow. This work has allowed the Company to focus on and refine key targets, such as Red Point, and further develop the other targets that will be part of the proposed 2014 drilling and work program.

To view the image accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/DV0429.pdf or visit www.dollyvardensilver.com.

The geochemical program and analysis as directed by Dr. Hans Madeisky has led to the following major observations and conclusions:

1) The DV property covers a very large alteration system, including several alteration haloes, developed above and on the eastern flank of an intrusive complex located to the west of the Kitsault River;

2) The Red Point-Gold Belt alteration halo is typical of an intrusive complex hosting porphyry Cu-Mo-Au system at or near its hotter core. The higher temperature core is characterized by the presence of illite-sericite-pyrite-quartz stockworks and its characteristic base, precious, and accessory metal assemblage of Cu-Mo-Au-Bi;

3) The alteration to the east is typical of lower temperature epithermal, or hot spring type Au-Ag-Pb-Zn systems. It is characterized by the presence of large quartz-carbonate-barite vein and stratabound bodies with Ag-Pb-Zn mineralization hosted in K-spar (adularia) altered andesite tuffs found at the Dolly Varden, North Star, and Torbrit deposits near and on both sides of the Kitsault River;

4) The lower temperature halo is approximately 7.5 km long by 0.6 km wide and covers an area from south of the Torbrit deposit to north of the Wolf deposit, and represents the characteristic alteration type observed in many well-known large Au-Ag mining camps. The lateral extent of this halo can easily be defined through air or ground-borne radiometric surveys; and

5) The Wolf deposit lies well within the large adularia alteration zone and consists of sulphide bearing veins cross-cutting the host stratigraphy (likely a feeder structure) and a stratabound high-grade silver "exhalite" deposit. The potential exists in the overlying stratigraphy for additional stratiform exhalative mineralization, particularly in the direction of the Surprise showings, which represent primary target areas for an Eskay Creek type deposit.

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

Since 2013, the geochemical sampling and modeling have been conducted under the supervision of Dr. Hans Madeisky. A thorough review and modeling of whole-rock geochemical data collected from the Dolly Varden property during the 2011 to 2013 exploration seasons, as well as a re-examination of the results of several soil sampling campaigns dating from 1978 to 1989, has led to these conclusions.

Dolly Varden plans to continue its geochemical sampling and radiometric ground follow-up campaign during the 2014 exploration season to fill in yet un-sampled areas, and also to extend its sampling and prospecting efforts into target areas identified by the recently completed geophysical modeling.

About Dolly Varden

Dolly Varden Silver Corporation 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 Corporation 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.

Contacts:
Vanguard Shareholder Solutions
Martin Gagel, MBA, CFA
Vice President
604-608-0824 or Toll Free: 1-877-608-0829

Dolly Varden Silver Corporation
George Heard, P. Eng.
CEO and President
1-778-383-3083 or Toll Free: 1-877-608-0829
www.dollyvardensilver.com

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