March 21, 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 option agreement (the “Agreement”) with Musketeer Developments Ltd. and certain other parties to acquire 100% of the Musketeer Property (the “Musketeer”) of northwestern BC. This Agreement marks the Company’s full consolidation of all the major, developed silver prospects and past-producing silver mines in the Upper Kitsault valley. With this acquisition, the Company is now able to drill test the down-plunge extensions of the Torbrit mine that was historically the largest silver producer in the Upper Kitsault valley.

The Musketeer Property

The Musketeer Property is comprised of both fee simple surface and undersurface mineral interests.

The Company’s 100% owned Dolly Varden silver property completely surrounds the Musketeer. Importantly, mineral tenures of Company’s historic silver mines at the Torbrit, Wolf, North Star and Dolly Varden abut the northern and southern boundaries of the Musketeer. Extensions of those deposits will be quickly targeted on the Musketeer in 2013.

The Musketeer is underlain by Lower to Middle Jurassic Hazelton group volcanic and sedimentary rocks. Within the Hazelton group stratigraphy, historic drilling has shown that stratiform deposits of the combined Dolly Varden – North Star – Torbrit silver deposits plunge toward, and are in close proximity to, the southern boundary of the Musketeer at moderate depths.

Limited historical exploration work has been conducted on the Musketeer; areas of interest include the surface prospects Kitsol, South Musketeer, and North Musketeer. The Company intends to explore those shallow seated prospects in 2013, in parallel with the exploration of the deeper Torbrit mine down-plunge targets.

The Musketeer Property Agreement

The Agreement allows the Company to acquire a 100% interest in the Musketeer Property for a purchase price of $1,050,000, subject to a 2% Net Smelter Royalty in favour of the optionees.

As consideration for the first year of the option, the Company paid the optionees aggregate option payments of $350,000. The Company’s option on the Musketeer Property may be extended for up to three years by making option payments of $233,333 for each additional year. All option payments under the Agreement may be credited towards the purchase price in the event that the Company decides to exercise its option. The Company will also have the option to reduce the royalty to one percent of net smelter returns by paying $1.75 million to the royalty holders within three years of acquiring the Musketeer Property.

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 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 gold-silver-rich VMS 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 mining of historic deposits and to explore a major, untested Eskay Creek-type gold and silver rich VMS target, located northwest of the past producing mines.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Strata Star
Gary Lindsey
Investor Relations
1-720-273-6224
gary@strata-star.com
OR

Dolly Varden Silver Corporation
Ron Nichols, P. Eng.,
CEO and President
1-778-383-3083 Telephone
1-855-381-3530 Toll Free
www.dollyvardensilver.com

Paul McGuigan, P.Geo., Vice President of Exploration, has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.

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.

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 related to, among other things the proposed use of proceeds the Offering.

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; 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 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. 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.

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