August 12, 2016 – Vancouver, BC: Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) is pleased to report that it has repaid all principal and interest owing to Sprott Private Resource Lending (M), L.P., Resource Income Partners Limited Partnership and The K2 Principal Fund L.P. (see Company news releases dated June 13, 2016 and July 4, 2016) (collectively, the “Lenders”) in connection with the senior secured term loans advanced by the Lenders to the Company in the aggregate of $2,500,000, making the Company debt free.

It was a more complex process to become debt free than anticipated, but Dolly Varden is finally debt free. We wish to again thank the lenders for working with us to accomplish this goal. With field programs planned for this year and next, we look forward to creating further value for all shareholders,” said Rosie Moore, Director and Interim President & CEO of Dolly Varden.”

The Company has also retained Skanderbeg Capital Advisors Inc. (“Skanderbeg”) to perform certain capital markets advisory services and investor relations activities on behalf of the Company, subject to the approval of the TSX-V. Skanderbeg is the indirect holder of 336,357 common shares of which 185,714 are flow-through common shares in the capital of the Company. Skanderbeg will provide investor relations for an initial period of one year, which can be extended on a month-to-month basis upon mutual agreement by the parties. Skanderbeg will be paid a monthly fee of $5,000, will be reimbursed for all pre-approved expenses and may be entitled to an additional performance-based fee at the sole discretion of the Company. Additionally, Skanderbeg will be granted stock options to purchase 150,000 common shares of the Company, subject to regulatory approval. The stock options will allow Skanderbeg to purchase one common share in the capital of the Company at a purchase price of $0.80 per common share and will expire two years from the date of grant. Subject to the provisions of the Company’s 2012 share option plan and the terms of the consulting agreement with Skanderbeg, the options will vest on the following schedule: 37,500 options three months from the date of grant, 37,500 options six months from the date of grant, 37,500 options nine months from the date of grant and the final 37,500 options 12 months from the date of grant.

About Dolly Varden – Dolly Varden Silver Corporation is a mineral exploration company focused on the exploration of the Dolly Varden silver property located in northwestern British Columbia, Canada. The entire Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. 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.

About Skanderbeg – Skanderbeg Capital Advisors is a boutique merchant bank and capital markets advisory firm based in Vancouver, BC. Skanderbeg specializes in raising capital and providing investor relations services for publicly traded companies, including assisting in disseminating press releases, assisting in increasing investor awareness amongst the retail and institutional investment community, and assisting in overall marketing of the company. Skanderbeg is currently engaged to provide investor relations for K92 Mining (TSX.V: KNT), Golden Arrow Resources (TSX.V: GRG), Lithium X (TSX.V: LIX), and MX Gold Corp (TSX.V: MXL).

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements or information. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual outcome, results, performance, or achievements of Dolly Varden to be materially different from any future outcome, results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relate to, among other things, the continued exploration and valuation of the Dolly Varden silver property, the implementation of the Company’s strategic plans and the future valuation of the Company. These forward-looking statements are based on management’s current expectations and beliefs, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com and on the Company’s website at www.dollyvardensilver.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

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

Contact Information:
Dolly Varden Silver Corporation
Rosie Moore, Interim CEO and President
+1 604 925 5881

Skanderbeg Capital Advisors Inc.
Mario Vetro
+1 604 687 7130
Email: mario@skanderbegcapital.com

© 2019 Dolly Varden Silver Corp.
All rights reserved.