Dolly Varden Announces AGM Results Including the Election of New Directors & Grant of Options

VANCOUVER, BRITISH COLUMBIA–(Aug. 2, 2013) –Dolly Varden Silver Corporation (TSX VENTURE:DV)(OTCBB:DOLLF) (“Dolly Varden” or the “Company) is pleased to announce that shareholders voted in favour of all items of business brought before them at the company’s Annual General and Special Meeting held on July 26, 2013.

The Company reports that Allen Ambrose, Allan Marter and John King Burns were re-elected directors of the Company. The shareholders of the Company also appointed Rosie Moore, Ian B. Smith, George W. Heard and Y.B. Ian He as new independent board members, and approved the Company’s Stock Option Plan as well as the Advance Notice Provisions.

John Burns, Chairman, commented: “We welcome the new directors and are impressed by the vigor and activity they have already brought to the company. Their experience and expertise in the financial markets and mining industry is appreciated as we continue our 2013 drilling program.”

Stock Option Plan:

The Company announces that its Board of Directors has approved the grant of 4,389,750 stock options to directors, officers, employees, and consultants pursuant to the Company’s approved stock option plan. The options are exercisable at a price of $0.16 per share, have a term of five years, and will vest in accordance with TSX Venture Exchange rules. The issuance of options is subject to the approval of the TSX Venture Exchange.

Election of New Directors:

The new Directors are independent with credentials and experience that match the growth, evolution, and potential of the Company. Brief profiles of the new nominees are as follows:

Rosie Moore, BS, MS – Director
Rosie Moore is a consulting geologist/analyst. From 2006-11 she was a partner/analyst researching exploration equity investments globally for Geologic Resource Partners (Geologic), a Boston-based mining-focused equity hedge fund. Her 30-year career in mining and metals spans from site geologist on projects in the Americas (Nevada, Yukon, Peru, Labrador) through increasing corporate management roles (Diamond Fields Resources, Pan American Silver, Bear Creek Mining) and investment/capital markets (analyst at Yorkton Securities and Geologic). She currently serves as a director of Corazon Gold, was a director of Continental Gold (from seed financing to public listing 2007-10) and was CEO/director of Geoinformatics Exploration, managing its take-over of Rimfire Minerals to yield Kiska Metals (2008-10). Ms. Moore holds BS and MS degrees in Geology from Kent State University in Ohio.

Ian B. Smith – Director
Mr Smith is a mining engineering honours graduate of the University of Queensland, Australia, with 45 years’ experience in corporate, operations, and project management and consulting within the international base and precious metals industries. He held senior management positions at 90ktpd and 72ktpd open-pit copper porphyry projects in Papua New Guinea and Mexico, respectively, and a 2,500tpd CIL gold project in Uruguay. He was President and founding partner of one of North America’s most successful mining industry consulting companies until it was purchased by Canadian interests in 1995. As well, he was President and CEO of bcMetals Corp., engineered the Red Chris copper/gold porphyry project for development in northwest BC prior to being acquired by Imperial Metals Corp, and was President and CEO of Yellowhead Mining Inc., taking its Cu-Au-Ag Harper Creek Project from an exploration property to a development-stage project (70,000t/d) in a period of less than two years.

George W. Heard, BSc, MBA, P. Eng – Director
Mr. Heard has over 35 years’ experience in the mining industry where he has been involved in all aspects of mine exploration, feasibility, development and operations. He has managed projects in Africa, Indonesia, Brazil, Mexico, Canada and the US. As Mine Manager, Mr. Heard participated in the successful development of a 600 million dollar coal mine Joint Venture between RTZ and BP in Indonesia. Mr. Heard also worked for BHP Billiton in various positions involving the development and operation of three large tonnage surface mines in the USA. He graduated from the School of Mines in Butte, Montana with a B.Sc. in Mining Engineering in 1975 and received an M.B.A. from the University of Hawaii in 1988. Mr. Heard is currently the President, CEO and Director of Global Met Coal Corporation. He is a Registered Member of the Association of Professional Engineers and Geoscientists of British Columbia.

Y.B. Ian He, B.Eng, M.A.Sc., Ph.D. – Director
Mr. He has 30 years of experience in the mining industry. Mr. He serves as President and a director of Tri-River Ventures Inc., since October 2006; as a director of China Gold International Resources Co. Ltd., since 2000; as a director of Jiulian Resources Inc., since October 2006; as a director of Zhongrun Resources Investment Corporation (formerly, Shandong Zhongrun Investment Holding Group Co. Ltd.), since December 2010; as Deputy Chairman of Huaxing Machinery Corp., since January 2011; and as a director since February 2013 and Chairman since May 2013 of Vatukoula Gold Mines LLP. From August 1995 to June 2006, Mr. He served as President and a director of Spur Ventures Inc., with phosphate mining and fertilizer operations in China.

Mr. He obtained a Ph.D. degree in mineral process engineering from the University of British Columbia, a M.A,Sc. degree in mineral process engineering from the University of British Columbia, and a B.Eng. degree in coal preparation from the Heilongjiang Institute of Technology in Jixi, China.

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.

Contact Information:

Vanguard Shareholder Solutions
Martin Gagel, MBA, CFA Vice President
604-608-0824 or 877-608-0829

Dolly Varden Silver Corporation
Ron Nichols, P. Eng. CEO and President
1-778-383-3083 or Toll Free: 1-855-381-3530