Dolly Varden Clarifies Disclosure on 2013 Drilling Program

VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 23, 2013) –Dolly Varden Silver Corp. (TSX VENTURE:DV)(OTCBB:DOLLF) (“Dolly Varden” or the “Company) clarified today, at the request of IIROC, disclosure on historical resources and exploration potential at the Dolly Varden property contained in its July 17, 2013 news release (the “Update News Release”) describing the 2013 Drilling Program.

In the Update News Release, in reporting its goal of identifying a new silver resource at the Torbit workings on the Dolly Varden Property, the Company disclosed again the historic resource estimate previously disclosed in its September, 2011 technical report filed on SEDAR, but did not include all information required under NI 43-101 when reporting a historic resource.

Investors are cautioned that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or current mineral reserves, and the Company is not treating such estimates as current mineral resources or current mineral reserves. These estimates have been identified from historical estimates prepared by past operators (including during production) that the Company believes operated in accordance industry standards at the time. However, due to the amount of confirmation drilling required to confirm the existence of these resources, the Company is treating these estimates as geologic information only to guide their current and future exploration programs. The following table sets out the historical resource estimates at the Dolly Varden Property:

NOTES

1. This estimate was prepared from incomplete old plans and sections, considerable verification drilling is required prior to placing reliance on this information.
2. Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks with closely spaced drilling and bulk sampling data “Proven and Probable Reserves” and made allowances for mining operations and dilution. However, significant additional technical work is required. In the current terminology these blocks would be termed Measured and Indicated Mineral Resources, however, the Company considers these estimates as geological information only and subject to verification by drilling and sampling, prior to reclassification.
3. Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks with more widely spaced drilling “Possible Reserves”. In the case of Torbrit, Thompson and Pearson (1981) reduced the confidence to Possible because the closely spaced drilling data must be subject to considerable check drilling. In the current terminology these blocks would be termed Inferred Mineral Resources, however, the Company considers these estimates as geological information only and subject to verification by drilling and sampling, prior to reclassification.
4. Contained troy oz of Ag in Proven & Probable Categories: Historic resource estimate, not current.
5. Contained troy oz of Ag in Possible Categories: Historic resource estimate, not current.

SOURCES OF HISTORICAL INFORMATION

1. Skerl (1964) and Mann (1974) Dolly Varden Mine staff. Remaining resource blocks are in proximity to mined out stopes and downplunge extensions of mined out areas.
2. Thompson & Pearson (1981) Derry Michener & Booth. Minimum mining width of 5 ft. No prior mining.
3. Leigh & Thompson (1983) Derry Michener & Booth. Comprised of 18 zones. Most zones are in the hanging wall of the glory hole and mined out stopes of the 1959 operation.
4. Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by two levels of underground adits.
5. Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by three levels of undergound adits.
6. Thompson & Pearson (1981) Derry Michener & Booth. No prior mining.

In the Update News Release, the Company disclosed that it anticipated that the 2013 drill program would add to its resource inventory. Statements regarding the such anticipated increase are withdrawn and should not be relied upon. The Company wishes to clarify that it does not have a current mineral resource as defined in NI 43-101, and there is no guarantee that it will confirm the existence of an NI 43-101 compliant mineral resource. In addition, the Company disclosed a potential target tonnage that could be achieved from this year’s work program. That target disclosure did not comply with NI 43-101 as it did not include an estimate of the grade of the mineral resource, expressed as a range. Accordingly, the estimated target tonnage set out in the Updated News Release is withdrawn and should not be relied upon.

The scientific and technical information in this news release has been reviewed and approved by Ron Nichols, P. Eng., a qualified person under National Instrument 43-101 who is also the Chief Executive Officer of the Company.

FORWARD-LOOKING STATEMENTS:

Certain of the statements and information in this press release constitute “forward-looking statements” or “forward-looking information” Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “believes”, “plans”, “estimates”, “intends”, “targets”, “goals”, “forecasts”, “objectives”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward looking statements or information relates to, among other things, the Company’s exploration plans for the Dolly Varden silver property.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, need for additional capital by the Company through financings, and the risk that such funds may not be raised; the speculative nature of exploration and the stages of the Company’s properties; that the Company may not confirm historical resources to a level sufficient to declaring Mineral Resources or Mineral Reserves; and that expected geological, mineral or metallurgical expectations or models may not prove to be correct. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company’s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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.