Allan Marter Joins the Board of Directors of Dolly Varden Silver

March 5, 2012 – Vancouver, British Columbia: Dolly Varden Silver Corporation (“Dolly” or the “Company”) (TSXV: “DV”) is pleased to announce the appointment of Allan Marter as an independent director of the Company. Mr. Marter, a chartered accountant from New Zealand, has more than 30 years of experience in the mining industry in Canada and the USA. He has been actively involved with debt and equity financings, mergers, acquisitions and divestitures and the operations of North American public companies. He has served as chief financial officer and/or a director for mining companies at the exploration, development and operational stages. Mr. Marter recently stepped down as a director of Minera Andes Inc., following that company’s merger with US Gold Corporation.

For seven years he was chief financial officer of Golden Star Resources Ltd, as that mid-tier gold producer acquired mining properties and expanded its operations in West Africa, and for seven years was president and a director or EURO Ressources S.A., a French gold royalty company. He served as president of the Northwest Mining Association in 1993. The Company also announces that it has granted incentive stock options to Allan Marter to purchase up to 750,000 common shares pursuant to its incentive stock option plan. The options are exercisable on or before March 1, 2017 at a price of $0.35 per share.

About Dolly Varden Silver

Dolly Varden Silver Corporation is focused on the exploration and development of the Dolly Varden silver project located in northwestern British Columbia. The Dolly Varden project is a past-producing silver mine with historic resources and is situated in the same geologic setting as the past-producing Eskay Creek deposit. The Company has two strategies for creating value at Dolly Varden: to confirm and expand the existing historic silver resources with the goal to re-start historic mines; and to explore a major untested Eskay Creek-type gold and silver target at Dolly Varden.

The Company is based in Vancouver, British Columbia and its shares trade on the TSX Venture Exchange under the symbol DV. Neither 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 release.

For additional information contact:
Ron Nichols CEO and President
Dolly Varden Silver Corporation
Telephone: 778-383-3083
Fax: 604-683-2965