Twin Glacier Shareholders Approve Amalgamation with Dolly Varden Silver Ltd.

VANCOUVER, Canada – November 16, 2011 – Twin Glacier Resources Ltd. (CNSX:TEL) (“Twin” or the “Company”) announces that, at the Company’s Annual General and Special Meeting held on November 15, 2011 its shareholders voted in favour of approving the amalgamation (the “Amalgamation”) of the Company with Dolly Varden Silver Ltd. (“Dolly”) pursuant to an amalgamation agreement dated October 19, 2011 (the “Amalgamation Agreement”).

The Company has also been advised by Dolly that, at its Special General Meeting held on November 14, 2011, the Amalgamation was approved by the shareholders of Dolly.

Twin and Dolly are applying to the TSX Venture Exchange (“TSXV”) to list the shares of the amalgamated company on the TSXV. It is currently anticipated that, subject to Twin and Dolly obtaining listing approval from the TSXV and other conditions of closing, the Amalgamation will complete in December 2011. As set out in the Amalgamation Agreement, on the effective date, each Twin shareholder and each Dolly shareholder will receive one common share of the amalgamated company for each common share of Twin and Dolly held.

Investors are cautioned that, except as disclosed in the joint information circular of Twin and Dolly dated October 19, 2011, and available on Twin’s profile on the SEDAR website at, any information released or received with respect to the Amalgamation may not be accurate or complete and should not be relied upon. Trading in the securities of Twin should be considered highly speculative.

The CNSX has in no way passed upon the merits of the Amalgamation and has neither approved or disapproved the contents of this press release.

“Judson Culter, CFO”

Forward Looking Statements

Certain information set forth in this press release, including management’s assessment of future plans and operations, contains forward looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward looking statements. Forward looking statements made in this press release include information concerning the completion of the Amalgamation and the Company’s listing on the TSXV. By their nature, forward looking statements are subject to numerous assumptions, risks and uncertainties, some of which are beyond management’s control. The assumptions made in preparing the forward looking statements contained in this news release, which may prove to be incorrect, include, but are not limited to: the specific assumptions set forth above; that the Company will obtain TSXV listing approval for the shares amalgamated company, and that all necessary regulatory approvals will be received and conditions to the completion of the Amalgamation satisfied. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such risks include, but are not limited to: the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of equipment, qualified personnel or management, stock market volatility, ability to access sufficient capital, inability to raise sufficient funds to complete proposed exploration programs or at all, geologic models upon which proposed exploration programs are based may be incorrect, historic resource estimates prepared by third party operators may not be accurate and proposed members of management may determine not to remain with the amalgamated company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, Twin and Dolly disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

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