Dolly Varden Property, BC: Significant Silver Grades Intersected During Surface and Underground Exploration at the Torbrit and

Dolly Varden Property, BC: Significant Silver Grades Intersected During Surface 
and Underground Exploration at the Torbrit and Dolly
Varden Mines 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/13 -- Dolly
Varden Silver Corp. (TSX VENTURE:DV)(OTCBB:DOLLF) (the "Company") is
pleased to release the results of its fall 2012 Exploration Program
on the Dolly Varden property (the "Property"), located near tidewater
in northwestern BC, Canada. Access to the Property for the 2012
season was from a helicopter staging area 17 km upstream from the
Company's Alice Arm exploration camp. 
Subsequent to a strategic investment by a strategic investor in late
August 2012, the Company combined the proceeds of a new financing
with a portion of the Company's existing working capital and
initiated a $3.5 million dollar exploration program. Beginning in
mid-September 2012, the Company contracted for surface diamond
drilling, underground sampling and a Geotech ZTEM airborne
geophysical survey. Location of the surface trace of the
silver-bearing stratabound zones of the Dolly Varden, North Star and
Torbrit Mines is shown on the attached geological plan. 
All assays, check re-assays and quality control results have now been
obtained by the Company's geologists. Results are reported herein for
the diamond drilling and underground sampling. 
Geophysical and geological modeling is in progress and will be
discussed in a later news release. 
Rehabilitation of Torbrit Mine and Permitting 
A crew of Company underground shift bosses and miners conducted a
helicopter-supported program of scaling, debris clearing,
re-timbering and track repair in October 2012. Access was achieved to
the highest priority areas for geological mapping and sampling.
Overall, rock conditions encountered in the Torbrit Mine were
excellent, with little rock fall or loose rock conditions. 
The Torbrit Mine is naturally drained by the 1025 Level haulage
drive. Workings below, down to the 800 Level are flooded. Standing
and circulating mine waters were analyzed and found to be mildly
alkaline and free of dissolved heavy metal and/or particulate
contamination. Accordingly, the Company geologists do not foresee any
barriers for the permitting of a mor
e extensive underground program
in early 2013. 
Work is underway now to plan and permit a 2013 Exploration Program on
the Property, commencing in late winter with bridge repairs on the
mine access road. Bridge repairs will allow road access to the
Torbrit Mine and year-round operations. 
Geological Mapping and Sampling of Torbrit Mine, 1025 Level 
Geological mapping and underground sampling in late 2012 showed
native silver, argentite, silver-sulphosalts, argentiferous galena
and local sphalerite were prominent within stratiform host rocks
including hydrothermal exhalite beds and hydrothermal eruption
breccia. The Torbrit central zone (see attached plan) exhibits
vent-proximal stockwork mineralization, quartz-, carbonate-, barite-replacements and pervasive alteration, interspersed and disrupted by
chaotic hydrothermal eruption breccias. Underlying footwall
stockworks and replacement bodies contain significant silver
mineralization, as well. Most deposit volumes occur as multistage
hydrothermal eruption breccia and related debris flows that are
sourced in zones of active faulting and seafloor hydrothermal
venting. Volcanic exhalative silver mineralization appears at
multiple horizons, suggesting that hydrothermal venting occurred over
a long time frame, within an active faulting system. 
Capping the central zone are stratiform beds that are locally stacked
in multiple horizons located above (northward from) the central zone.
The eastern and western flanking aprons of stratiform beds dip to the
northeast and the northwest, respectively, enclosing the Torbrit
central zone in a gently northwest-plunging fold geometry with the
central zone at its keel. In the 2012 sampling, crews accessed the
10-E-6 drift on the northwest flank and the 10-1-F drift on the
northeast flank of the central zone. See the attached Torbrit 1025
Level - 2012 Underground Sampling Areas and the table of results
below. Sampling was mostly conducted along the mineralization and
shows good consistency from sample to sample. True widths are
unknown, but the trend of the mineralization as seen in historical
drill information and in limited workings, infers a 10 to 30m true
width to the 10-E-6 and 10-1-F zones. Importantly, these two sampled
zones are located at lower and mid-levels in the mineralized
stratigraphy. Historical drilling and sampling information indicates
additional zones both above and below the zones sampled in 2012. 

                                      Length      Ag (oz/short     Pb     Zn
DRIFT NAME          INTERVAL RESULTS  (m)(i)   (gpt)      ton)    (%)    (%)
10 - E - 6:                                                                 
 North Wall  10E6 Weighted Average 1    56.5   266.5     7.773   0.51   0.24
  Including                             41.5   314.6     9.176   0.51   0.25
10 - 1 - A:                                                                 
 West Wall   101A Weighted Average 1     1.8   327.5     9.552   0.17   0.03
10- 1 - A:                                                                  
 East Wall   101A Weighted Average 2     3.9   359.9    10.497   0.21   0.04
  Including                              1.1   772.0    22.517   0.45   0.03
10 - 1 - F:                                                                 
 South Wall  101F Weighted Average 1     3.8   718.0    20.942   0.77   0.21
10 - 1 - F:                                                                 
 North Wall  101F Weighted Average 2    12.6   310.5     9.056   1.91   0.16
                                         3.8   814.0    23.742   2.71   0.15
10 - 1 - F:                                                                 
 NW Wall     101F Weighted Average 3    77.6   246.8     7.198   0.84   0.06
Including 1                               10   580.6    16.934   1.09   0.10
Including 2                             14.7   308.3     8.991   1.10   0.03
10 - 1 - F:                                                                 
 NE Wall     101F Weighted Average 4   68.55   237.3     6.921   0.79   0.03
  Including                              9.7   371.3    10.831   0.56   0.03
10 - 1 - F:                                                                 
 West Wall   101F Weighted Average 5    22.2   220.0     6.416   0.29   0.05
  Including                              8.6   414.9    12.101   0.18   0.08
(i) Lengths are sampled length along drift wall and stopes and do not       
 represent true thicknesses                                                 
Weighted Average = length-weighted average of abutting horizontal chip      
 samples taken at 1 m height from drift floor.                              

Diamond drilling and additional underground sampling is planned for
early in 2013 to add to the information above. 
Dolly Varden Silver Corporation drilled a tota
l of 1,728 meters in 6
drill holes at the Dolly Varden deposit in 2012. These drill holes
tested a number of projected down dip extensions of mineralization in
an area where historical production (from Garrow, 2011) was
approximately 1.5 million ounces of silver at a grade of 35.8 ounces
per ton (1,227 g/tonne). The 2012 drill holes were targeted beneath
historical mineral resource blocks. The Company considers the
historical mineral resource blocks as geological information only and
as a guide to verification drilling. 
Drill holes are shown on the attached Location Plan of 2012 Diamond
Drilling, and significant mineralized intercepts are shown on the
attached Longitudinal Projection - Dolly Varden Mine. The following
table summarizes the length-weighted average assay results of the
mineralized intercepts in each drill hole: 

                                  True       Ag         Ag                  
                                 Width      (g/  (oz/short                  
DDH #          FROM        TO      (m)   tonne)       ton)     Pb %     Zn %
DV12 - 1     394.54    403.72     8.20       19       0.55     0.01     0.11
Including     397.6     398.6     0.89     52.9       1.54     0.04     0.55
DV12 - 2     209.65     212.4     2.20      860       25.1     0.18     0.81
Including     210.6     212.4     1.44     1289       37.6     0.23     0.99
DV12 - 3        254     259.6     3.90       24        0.7     0.04     2.46
              270.8     279.1     6.30     19.8       0.58     0.07     12.3
DV12 - 4       77.6     83.15     5.30      536       16.5     0.97     1.74
Including     79.65      80.7     1.00     1786         55     3.44     4.63
DV12 - 5      83.74      88.9     4.80      100       2.92     0.75     5.17
Including      84.3     85.85     1.44      252       7.35     2.28     13.9
DV12 - 6      91.05     105.6    12.90       41        1.2      0.1     0.47
Including     91.05      92.7     1.46      154       4.49     0.06     0.23

Drilling in the Dolly Varden Mine area in 2012 was successful in
confirming the grade and tenor of mineralization indicated in
historical drilling and historic mineral resource estimates above 450
m in elevation, with well-mineralized intercepts in holes DV12-2,
DV12-4, and DV12-5. 
One hole (DV12-3) was drilled to test the projected down dip
extension of the mineralized zone at greater depth. This hole
encountered two significant zinc-rich intercepts between the
elevations of 385 and 400 m, separated by a fault and a screen of
altered tuffs. These zones are interpreted as a massive sulphide
facies of the more silver-rich Dolly Varden mineralization horizon. 

               Collar Coordinates (m)            DEPTH                      
DDH #          EAST       NORTH   ELEVATION        (m)     AZIMUTH       DIP
DV12-1       467533     6171151       629.5     560.83         185     -68.8
DV12-2       467701     6170940       629.3     301.75       175.1     -51.5
DV12-3       467701     6170940       629.1     377.95       175.1     -64.1
DV12-4       467841     6170797       564.8      152.4       160.1     -54.2
DV12-5       467841     6170798       564.4     167.64         160       -66
DV12-6       467841     6170798       564.1     167.64       170.1     -84.6
Datum: UTM Zone 09 NAD 83                                                   

Drill hole DV12-1 was located some distance to the northwest of other
drilling carried out in 2012. Although this hole intercepted the DVT
horizon at an elevation of about 260 m and demonstrates that the
mineralized horizon extends to considerable depth, assays from this
intercept were relatively low, although anomalous, and confirms the
position of the important North Star fault. 
Jurassic-age intermediate to mafic volcaniclastic rocks of the Betty
Creek Formation, Hazelton Group host the bulk of the silver deposits
at the Dolly Varden, North Star, Torbrit and Wolf Mines. Host
lithologies include large volumes of epiclastic tuffaceous breccias
and sandstones, with lesser volumes of argillaceous tuffs,
heterolithic volcanic conglomerate, and crystal ash to lapilli tuff.
Bedded argillaceous silt and sandstones belonging to the Salmon River
Formation overlie the Betty Creek volcaniclastic rocks. 
The Company is targeting an Eskay Creek type deposit that is a
striking example of a class of high-sulphidation VMS deposits. These
deposits form near sub-aqueous hot-spring vents where base and
precious metal-rich hydrothermal fluids exhale onto the seafloor
under shallow depths of seawater. At the Eskay Creek deposit,
stratiform (bedded) layers of precious metal-rich chemical sediments
and massive sulphides accumulate near vent areas and become the
source for clastic sulphide debris in adjacent areas. The bedrock in
the vent areas are underlain by precious metal rich feeder veins,
stockwork veins and strong alteration. 
These two mineralization styles have now been documented at both
Torbrit, North Star and Wolf Mines, showing striking similarities to
the precious metal mineralization types at Eskay Creek mine. 
Ron Nichols, President, CEO, states that he is pleased and encouraged
by the positive results that were produced from the fall season of
drilling and sampling. Some of the re-opened Torbrit Mine workings
saw the first documented geological mapping and sampling since
Newmont Mining Corp.'s 1967 mapping program conducted shortly after
mine closure at the Torbrit in 1960. 
"The results from Torbrit and Dolly Varden Mine 2012 program are in
keeping with the historical grades and widths reported from historic
programs. The 2012 Dolly Varden drilling was focused mainly on
confirming and extending drill coverage within and below the known
historical mineral resource blocks, and has the potential to add
significantly to the total silver resource at the Dolly Varden. 
"It is also exciting to discover evidence from the 2012 Torbrit
underground sampling program that mineral deposit forming processes
similar in style to the Eskay Creek deposit were at work in the
Torbrit area, adding to previous confirmations of the similar valid
interpretations at the North Star and Wolf Mines. Our plans for 2013
are to move forward surface and underground diamond drilling at the
Torbrit, in particular, to build NI 43-101 compliant mineral resource
estimates of the thick silver-mineralized block in both the central
and flanking zones. 
"Surface work planned for 2013 will also target the Red Point zone,
where an extensive, strongly altered and highly anomalous gold-silver
outcroppings of rock may be the exposure of a footwall stockwork
feeder zone 
for an associated precious metal-rich VMS deposit located
higher in the volcanic stratigraphy." 
Dolly Varden Silver Corporation controls a total 9,374 hectares of
mineral tenures in the Upper Kitsault Valley, located 40 kilometers
southeast of Stewart B.C. The property covers an historic area which
has reported production of 20 million ounces of high-grade silver
from two deposits, the Dolly Varden and Torbrit mines. Two other
silver deposits, the North Star and Wolf have been outlined by
diamond drilling and underground development, but have not yet seen
A NI 43-101 compliant technical report on the property is filed on
SEDAR and provides additional detail on the geologic potential of the
Company's property. 
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. 
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 relate to, among other things the Company's business
objectives and exploration plans. 
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, the 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 or on the Company's plans for exploration, work program
permitting or road and underground facilities construction or repair. 
To view Figures 1-4, please visit the following link: 
Neither 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 release. 
Strata Star
Gary Lindsey
Investor Relations
Dolly Varden Silver Corporation
Ron Nichols, P. Eng.
CEO and President
1-778-383-3083 or Toll Free: 1-855-381-3530
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