Dolly Varden Silver Announces Nominees to the Board of Directors

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/13 -- Dolly Varden Silver Corp. (TSX VENTURE:DV)(OTCBB:DOLLF) ("Dolly Varden" or the "Company") is pleased to announce its slate of nominees to the board of directors (the "Board") for election at the annual general meeting (the "Meeting") of its shareholders to be held on July 26, 2013. The new nominees are independent with credentials and experience that match the growth, evolution, and potential of the Company. The board, as proposed, will provide additional expertise and independent governance. The three existing independent Board members will seek re-election and four new independent board members will be nominated.

Mr. Ron Nichols, Mr. Paul McGuigan and Mr. Theo Sanidas, the non-independent Board members, will not seek re-election. The four new independent nominee directors are: Ms. Rosie Moore, Mr. Ian B. Smith, Mr. George W. Heard, and Mr. Y.B. Ian He. The current independent board members, Mr. John King Burns, Chairman, Mr. Allen Ambrose and Mr. Allan Marter, will remain as independent directors.

John Burns, Chairman, commented: "We wish to thank our outgoing directors for their hard work, dedication and support over the past two years. Their contribution as directors has been profound as we took Dolly Varden public to fund the launch of our exploration program, knowing that we had one of the most accessible, historically-mined, exciting and largest geological targets under exploration in Canada today.

The quality of our team and our target have enabled us to attract Hecla Mining among others as investors, enabling us to continue exploring in one of the most challenging financing environments ever experienced in the junior resource sector. Mr. Nichols, CEO and President, and Mr. McGuigan, VP Exploration, will continue their respective executive roles. Mr. Sanidas, the founding director of Dolly Varden, will be pursuing other interests and will continue to support the Company as a significant shareholder. We wish him all the best in his future endeavours.

Our new proposed board members are a very seasoned group, each with 30+ years' experience, and have been involved in all aspects of the exploration, development and mining process.

This new board structure reflects the maturation of the company and provides shareholders the independence, skills, experience and wisdom to take the company through a very prospective drilling and exploration program."

Brief profiles of the new nominees are as follows:

Rosie Moore, BS, MS - Director Nominee

Rosie Moore is a consulting geologist/analyst. From 2006-11 she was a partner/analyst researching exploration equity investments globally for Geologic Resource Partners (Geologic), a Boston-based mining-focused equity hedge fund. Her 30-year career in mining and metals spans from site geologist on projects in the Americas (Nevada, Yukon, Peru, Labrador) through increasing corporate management roles (Diamond Fields Resources, Pan American Silver, Bear Creek Mining) and investment/capital markets (analyst at Yorkton Securities and Geologic). She currently serves as a director of Corazon Gold, was a director of Continental Gold (from seed financing to public listing 2007-10) and was CEO/director of Geoinformatics Exploration, managing its take-over of Rimfire Minerals to yield Kiska Metals (2008-10). Ms. Moore holds BS and MS degrees in Geology from Kent State University in Ohio.

Ian B. Smith - Director Nominee

Mr Smith is a mining engineering honours graduate of the University of Queensland, Australia, with 45 years' experience in corporate, operations, and project management and consulting within the international base and precious metals industries. He held senior management positions at 90ktpd and 72ktpd open-pit copper porphyry projects in Papua New Guinea and Mexico, respectively, and a 2,500tpd CIL gold project in Uruguay. He was President and founding partner of one of North America's most successful mining industry consulting companies until it was purchased by Canadian interests in 1995. As well, he was President and CEO of bcMetals Corp., engineered the Red Chris copper/gold porphyry project for development in northwest BC prior to being acquired by Imperial Metals Corp, and was President and CEO of Yellowhead Mining Inc., taking its Cu-Au-Ag Harper Creek Project from an exploration property to a development-stage project (70,000t/d) in a period of less than two years.

George W. Heard, BSc, MBA, P. Eng - Director Nominee

Mr. Heard has over 35 years' experience in the mining industry where he has been involved in all aspects of mine exploration, feasibility, development and operations. He has managed projects in Africa, Indonesia, Brazil, Mexico, Canada and the US. As Mine Manager, Mr. Heard participated in the successful development of a 600 million dollar coal mine Joint Venture between RTZ and BP in Indonesia. Mr. Heard also worked for BHP Billiton in various positions involving the development and operation of three large tonnage surface mines in the USA. He graduated from the School of Mines in Butte, Montana with a B.Sc. in Mining Engineering in 1975 and received an M.B.A. from the University of Hawaii in 1988. Mr. Heard is currently the President, CEO and Director of Global Met Coal Corporation. He is a Registered Member of the Association of Professional Engineers and Geoscientists of British Columbia.

Y.B. Ian He, B.Eng, M.A.Sc., Ph.D. - Director Nominee

Mr. He has 30 years of experience in the mining industry. Mr. He serves as President and a director of Tri-River Ventures Inc., since October 2006; as a director of China Gold International Resources Co. Ltd., since 2000; as a director of Jiulian Resources Inc., since October 2006; as a director of Zhongrun Resources Investment Corporation (formerly, Shandong Zhongrun Investment Holding Group Co. Ltd.), since December 2010; as Deputy Chairman of Huaxing Machinery Corp., since January 2011; and as a director since February 2013 and Chairman since May 2013 of Vatukoula Gold Mines LLP. From August 1995 to June 2006, Mr. He served as President and a director of Spur Ventures Inc., with phosphate mining and fertilizer operations in China.

Mr. He obtained a Ph.D. degree in mineral process engineering from the University of British Columbia, a M.A,Sc. degree in mineral process engineering from the University of British Columbia, and a B.Eng. degree in coal preparation from the Heilongjiang Institute of Technology in Jixi, China.

Adoption of Advance Notice Provision

The Company is also pleased to announce that the Directors are proposing that the Articles of the Company be altered to include an advance notice provision (the "Advance Notice Provision"). The purpose of the Advance Notice Provision is to establish the procedure for shareholder nomination of directors. The Advance Notice Provision creates a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in a notice to the Company for the director nominations to be valid. The Company believes the Advance Notice Policy will: (i) facilitate orderly and efficient annual general meetings and, where the need arises, special meetings; (ii) ensure that all shareholders receive adequate notice of director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote.

The full text of the proposed alteration of the Articles to include the Advance Notice Provision is set out in the Information Circular of the Company prepared in connection with the July 26 Annual General Meeting, which will be mailed to each shareholder of the Company and filed on the sedar profile of the Company at www.sedar.com.

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 relates to, among other things, the Company's exploration plans for the Dolly Varden silver property.

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; that the Company may not confirm historical resources to a level sufficient to declaring Mineral Resources or Mineral Reserves; and that expected geological, mineral or metallurgical expectations or models may not prove to be correct. 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.

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.