March 27, 2013 – Vancouver, BC: Dolly Varden Silver Corp. (TSX.V: DV | U.S.: DOLLF) (the “Company”) is pleased to announce that it has entered into an agreement with Vanguard Shareholder Solutions Inc. (“Vanguard”) as an investor relations consultant, subject to acceptance by the TSX Venture Exchange.

Vanguard has been successfully providing strategic investor relations services to some of Canada’s most successful publicly traded venture-stage companies for over 12 years. Vanguard’s team is made up of investment professionals with over 85 years combined capital markets experience. The objective is work directly with Dolly Varden’s management team to achieve near and long-term objectives, which include positioning the Company in the broader financial community by engaging the interest of corporate finance, institutional fund managers, retail brokers, newsletter writers, media, and retail investors. The Vanguard model targets enhanced market liquidity and value recognition to reduce our clients’ cost of capital. Vanguard has assisted clients in raising hundreds of millions of dollars since 2001: http://www.vanguardsolutions.ca/clients-past.html

Vanguard neither holds any securities nor has any interest, direct or indirect, in the Company. Vanguard and its principals do not engage in market making activities and will restrict services to public relations and investor relations counseling. Vanguard is domiciled in Vancouver, British Columbia and is owned and operated by Paul J. Lathigee.

As consideration for services provided, the Company will pay Vanguard a fee of $10,000 (plus applicable taxes) per month, plus reasonable expenses, for the duration of the initial 12 month term, and thereafter on a month-to-month basis. The Company has also granted Vanguard incentive stock options to purchase 750,000 common shares in the capital of the Company (the “Shares”) exercisable for a period of five years at a price of $0.18. The options will vest quarterly over a period of 24 months.

About Dolly Varden

Dolly Varden Silver Corporation is a Canadian-based mineral exploration company focused on the exploration and development of the Dolly Varden silver property located in northwestern British Columbia. The Company’s common shares are listed and traded on the TSX-V under the symbol DV and in the U.S. under the symbol DOLLF. The Dolly Varden silver property consists of 9,400 hectares which includes four well-defined high grade silver deposits, two of which have seen historic production totaling 20 million ounces of silver. All four deposits have remaining historic mineral resources and are situated in the same geologic setting as the past-producing Eskay Creek deposit. The Company has two strategies for creating value at the Dolly Varden silver project: to confirm and expand the existing historic silver resources with the goal to re-start the historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Vanguard Shareholder Solutions
Martin Gagel, MBA, CFA
1-604-608-0824
1-877-608-0829
ir@vanguardsolutions.ca
www.vanguardsolutions.ca
ORDolly Varden Silver Corporation
Ron Nichols, P. Eng.,
CEO and President
1-778-383-3083 Telephone
1-855-381-3530 Toll Free
www.dollyvardensilver.com

FORWARD LOOKING STATEMENT:

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 related to, among other things the terms of the Agreement and future option payments.

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, the 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; the effect of changes in commodity prices; regulatory risks that development of the Company’s material properties will not be acceptable for social, environmental or other reasons, availability of equipment (including drills) and personnel to carry out work programs, that each stage of work will be completed within expected time frames, that current geological models and interpretations prove correct, the results of ongoing work programs may lead to a change of exploration priorities, and the efforts and abilities of the senior management team. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. These and other factors may cause the Company to change its exploration and work programs, not proceed with work programs, or change the timing or order of planned work programs. 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 or on the Company’s plans for exploration, work program permitting or road and underground facilities construction or repair

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