Dolly Varden Makes Changes to Incentive Plans

October 23, 2015 – Vancouver, BC: Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) announces that its board of directors (the “Board”) has voted to cease further accruals under the Company’s deferred share unit plan (the “DSU Plan”). The DSU Plan was implemented on June 20, 2013, and accrued common shares in the capital of the Company on a quarterly basis, as payment to Dolly Varden’s non-executive Board members and certain non-director employees. While this cessation will eliminate the accrual of future liabilities under the DSU Plan, it will not alter the terms of currently outstanding deferred share units, as they exist under the DSU Plan.In addition, a total of 315,000 share purchase options have been granted to certain new directors of the Company, and members of the Company’s executive and technical team. Each share purchase option entitles the holder to purchase one common share in the capital of the Company at a price of $0.30 per common share expiring five years from the date of grant. The grant of stock options was made in accordance with the Company’s January 2012 share option plan.

About Dolly Varden – Dolly Varden Silver Corporation is a mineral exploration company focused on the exploration of the Dolly Varden property located in northwestern British Columbia, Canada. The entire Dolly Varden property is considered to be prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic settings that host numerous other, on-trend, high-grade deposits (Eskay Creek, Brucejack) in the Golden Triangle. The Company’s common shares are listed and traded on the TSX Venture Exchange (the “TSXV”) under the symbol DV and on the OTCBB system under the symbol DOLLF.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information:
Dolly Varden Silver Corporation
Rosie Moore, Director, Interim CEO & President
1-604-925-5881 or 1-604-512-1277
Ron Nichols, VP Exploration