Dolly Varden Appoints New Auditor

March 20, 2012 – Vancouver, British Columbia: Dolly Varden Silver Corporation (“Dolly” or the “Company”) (TSXV: “DV”) announces that, in connection with its recently completed amalgamation and listing on the TSX Venture Exchange (see news releases dated January 30, 2012 and February 14, 2012), it has changed its auditor. The company’s former auditor, MacKay LLP, has resigned and Davidson & Company LLP has been appointed. The change in auditor has been approved by the Company’s Audit Committee and Board of Directors. There were no reportable events with respect to the change of auditor. The Board of Directors expresses its gratitude to MacKay LLP for the professional services provided during its term as auditor of the Company.

The Company also announces that Allan Marter has been appointed as chair of the Company’s Audit Committee.

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