Press Release – (TSXV: DV) Dolly Varden Silver – 5,000 Metre Drill Program

Dolly Varden Silver Corporation (TSX VENTURE: DV) (OTC PINK: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that the Company’s board of directors has approved the budget for a 2017 exploration program of $3.5 million, with field-work scheduled to commence in May 2017 on the Dolly Varden property located in northern British Columbia, Canada.

The Company also intends to undertake a private placement financing (the “Offering“) to raise gross proceeds of up to $2.0 million from the sale of up to: (a) 1,369,863 common shares in the capital of the Company (“Common Shares“) at a price of $0.73 per share; and (b) up to 1,176,470 Common Shares that qualify as “flow-through shares” (“Flow-Through Shares“), as defined under the Income Tax Act (Canada), at a price of $0.85 per share.

The 2017 exploration program will consist of approximately 5,000 metres of diamond drilling, with two-thirds allocated for resource expansion and one-third allocated to reconnaissance drilling on targets beyond the current resource estimates. Geological mapping, plus geophysical and geochemical surveys are planned for both the main Dolly Varden Ag-Pb-Zn Project and the adjacent Big Bulk Cu-Au Project.

The net proceeds of the Offering will be used for further exploration and mineral resource expansion of the Dolly Varden silver property in northwestern British Columbia, Canada, as well as ongoing working capital for 2017.

“Dolly Varden is a high-grade silver camp with excellent potential to expand the known resources. We look forward to a new phase of exploration in this historic mining district,” said Gary Cope, President and CEO of Dolly Varden.

In connection with the Offering, the Company has agreed to pay a finder’s fee in respect of those purchasers introduced to the Company by Eventus Capital Corp. (the “Finder“). The Finder will receive a cash payment equal to 6% of the gross proceeds received from purchasers under the Offering who were introduced to the Company by the Finder.

The issuance of the Common Shares, Flow-Through Shares, and payment of the Finder’s fee are subject to the approval of the TSX Venture Exchange (“TSXV“), receipt of any other required regulatory approvals and other customary closing conditions. Closing of the Offering is anticipated to occur on or about February 28, 2017. Securities issued under the Offering will be subject to a four-month hold period.

Pursuant to the ancillary rights agreement between Hecla Canada Ltd. (“Hecla“) and the Company dated September 4, 2012 (the “ARA“), Hecla will be entitled to acquire Common Shares to maintain its pro rata equity interest in the Company. If Hecla exercises its pro-rata rights under the ARA, any securities issued to Hecla will be in addition to those issued as part of the Offering.

About Dolly Varden Silver Corporation

Dolly Varden is a mineral exploration company focused on the exploration of the Dolly Varden silver property (the “Dolly Varden 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 current mineral resource estimate, effective date August 27, 2015, consists of four deposits with an Indicated Resource of 3.07 million tonnes grading 321.6 g/t Ag, for 31.8 million ounces of silver, plus an Inferred Resource of 0.9 million tonnes grading 373.3 g/t Ag, for 10.8 million ounces of silver. These resources were estimated at a cut-off grade of 150 g/t Ag. For more details, please refer to a National Instrument 43-101 compliant 2015 Technical Report filed under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website.