Dolly Varden Grants Options

VANCOUVER, BC--(Marketwired - May 18, 2017) - Dolly Varden Silver Corporation (TSX VENTURE: DV) (OTC PINK: DOLLF) (the "Company" or "Dolly Varden") announces that it has granted an aggregate of 1,085,000 incentive stock options to directors, officers, and consultants to purchase up to 1,085,000 common shares in the capital of Dolly Varden. The incentive stock options have an exercise price of $0.59 per share, expire five years from the date of grant and vest immediately. As a result of this option grant, Dolly Varden has 3,470,000 stock options outstanding, representing 9.4% of the issued and outstanding share capital of the Company.

About Dolly Varden

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The 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 Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Ben Whiting, P.Geo., Vice President of Exploration for Dolly Varden, who serves as a Qualified Person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.

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. 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.

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.