September 10, 2015 – Vancouver, BC: Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) announces that it has entered into an indicative non-binding term sheet (the “Term Sheet”) for a senior secured loan (the “Loan”) with two significant shareholders of the Company, Hecla Canada Ltd. and Robert L. Gipson (each a “Lender” and together, the “Lenders”). The Loan will provide CDN$1,500,000 in funds to the Company, which will be used for: (i) exploration of the Dolly Varden project in northwestern British Columbia; and (ii) working capital purposes. An additional CDN$500,000 may be made available to the Company at the Lenders’ discretion.

Pursuant to the Term Sheet, the Loan will be secured by promissory notes and first ranking security over all of the Company’s assets. The Loan will bear interest at a rate of 5% per annum and will be repayable after one year. The Loan may be repaid earlier with no penalty. In connection with the Loan, Dolly Varden will issue 1,250,000 warrants (each a “Warrant”) to each Lender, for a total of 2,500,000 Warrants. Each Warrant will entitle the holder to acquire one common share of Dolly Varden at a price of CDN$0.30, for a period of five (5) years from the date of issuance. The Warrants will be exercisable upon closing of the Loan, which is anticipated to occur on or before September 30, 2015.

The Loan is conditional upon and subject to the completion of definitive documentation. The Loan will also be subject to usual due diligence, events of default, covenants and representations and warranties. There can be no assurance that the Loan will receive all required approvals, or be advanced on the terms indicated in the Term Sheet or at all. The Loan and Warrants remain subject to approval by the TSX Venture Exchange.

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 (Eskay Creek, Brucejack). The Company’s common shares are listed and traded on the TSX Venture Exchange under the symbol DV and on the OTCBB system under the symbol DOLLF.

FORWARD-LOOKING STATEMENTS:

This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the successful negotiation of definitive Loan documents, the approval of the Loan and Warrants by securities and regulatory authorities, the availability of funds under the Loan, and the Company’s plans for further exploration. 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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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

Ron Nichols, VP Exploration
1-778-383-3083 or Toll Free: 1-855-381-3530
www.dollyvardensilver.com

© 2018 Dolly Varden Silver Corp.
All rights reserved.