Dolly Varden Silver: Kitsault Hydro Electric Begins Upgrading Mine Access Road for Recommissioning of 8MW Kitsault Storage Dam Hydro Facility
VANCOUVER, BRITISH COLUMBIA–(Marketwired - June 17, 2014) -Dolly Varden Silver Corporation (TSX VENTURE:DV) (OTCBB:DOLLF) (“Dolly Varden” or the “Company”) is pleased to announce that Kitsault Hydro Electric Corporation (“Kitsault Hydro”) has begun upgrading the Kitsault Valley Road that originates in the village of Alice Arm and continues 34 kilometers, along the Kitsault River, providing access to the Torbrit and North Star Deposits (near Kilometer 26) and the Wolf Deposit (near Kilometer 34) on the Dolly Varden property. Alice Arm lies at tidewater in Observatory Inlet on the North Coast of British Columbia. The associated map is available at www.dollyvardensilver.com.
Kitsault Hydro is funding the road upgrade as part of its planned re-development of the 8MW Kitsault Storage Dam hydro power facility that provided power to the Torbrit mine in the 1950s and lies on the northern border of the Dolly Varden property, roughly 6km from the Wolf Deposit. The road is an all-weather resource road that was substantially upgraded from 2004 to 2008. This year’s upgrade is expected to open road access up to kilometer 26, near the portal area of both the Torbrit and North Star deposits. Kitsault Hydro has informed Dolly Varden that it plans on extending the road to kilometer 40, providing access to the Kitsault Storage Dam.
Dolly Varden and Kitsault Hydro have agreed to cooperate and share resources where possible to facilitate the road upgrade, which supports both Kitsault Hydro’s re-development effort and Dolly Varden’s exploration and development programs. The cooperation is by mutual agreement and the work is being funded by Kitsault Hydro. If re-commissioned, the hydro facility could provide power to the Dolly Varden operations in the future.
George Heard, CEO and President, of Dolly Varden commented: “The Dolly Varden Property is in a very advantageous location, being in an excellent geologic location and having access to nearby infrastructure. The property lies in British Columbia’s Golden Triangle of mining, a highly active geologic area that hosts numerous world-class gold/copper/silver deposits, including Eskay Creek, Brucejack, and Silback Premier. Road access, proximity to tidewater, and nearby potential power sources should reduce future capital and operating costs, benefitting the exploration and development of the Dolly Varden property”.
Please visit www.dollyvardensilver.com for additional project and Company information.
About Dolly Varden
Dolly Varden Silver Corporation is a mineral exploration company focused on the exploration and development of the Dolly Varden silver property located in Northwestern British Columbia, Canada. The Dolly Varden silver property consists of 9,400 hectares that includes four well-defined high grade silver deposits, two of which have seen historical production totaling 20 million ounces of silver. All four deposits have remaining historical mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek deposit. The Company has two near-term objectives for creating value at the Dolly Varden silver project: 1) confirm and expand the existing historical silver mineralization, and 2) explore and discover major Eskay Creek-type gold and silver rich VMS targets and large epithermal systems. The Company’s common shares are listed and traded on the TSX-V under the symbol DV and on the OTCBB system under the symbol DOLLF.
Ron F. Nichols, P.Eng. of Dolly Varden, who serves as a Qualified Person under National Instrument 43-101, supervised the preparation of the scientific and technical information concerning this news release. Further information regarding the Dolly Varden silver property, including that relating to historical production and resource estimates, can be found on the company’s website and in the Company’s Geology and Mineral Exploration of the Dolly Varden Property, Technical Report, dated September 5, 2011.
Statements in this release that are forward-looking statements, including the timing and scope of the upgrade to the Kitsault Valley Road and assumptions about the geological characteristics of the property (including the existence of any gold and silver mineralization), are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the Company’s periodic filings with Canadian securities regulators. When used in this document, the words such as “”expected,” “planned”, “forecast”, “scheduled” “targeting” and similar expressions are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
All such forward-looking information and statements are based on certain assumptions and analyses made by Dolly Varden Silver Corporation in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading “Risks Factors” in the Company’s most recently filed MD&A. Readers are cautioned not to place undue reliance on forward-looking information or statements.
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.