Early Warning Report Regarding Acquisition of Warrants of Dolly Varden Silver Corporation by Robert L. Gipson

NEW YORK, NEW YORK--(Marketwired - Oct. 5, 2015) - Robert L. Gipson announces that, on October 2, 2015, he acquired ownership of 1,250,000 warrants (the "Warrants") convertible into 1,250,000 common shares ("Shares") of Dolly Varden Silver Corporation ("DVS") at an exercise price of $0.30 per Share, representing approximately 6.84% of the currently issued and outstanding common shares of DVS.

Mr. Gipson and his spouse, Nellie Gipson, together currently own an aggregate of 2,500,000 Shares or approximately 13.68% of the issued and outstanding common shares of DVS. Assuming the exercise of only the Warrants held by Mr. Gipson, the Gipsons would hold 3,750,000 Shares, or approximately 19.21% of the then issued and outstanding common shares of DVS. The Warrants are subject to an exercise cap such that the holder may not own 20% or more of the issued and outstanding common shares of DVS.

Mr. Gipson acquired the Warrants in connection with a credit agreement entered into among Mr. Gipson, DVS and a wholly-owned subsidiary of Hecla Mining Company, pursuant to which Mr. Gipson agreed to loan $750,000 to DVS and to make an additional $250,000 available to DVS at Mr. Gipson's discretion. The Warrants were acquired and will be held as passive investments. Mr. Gipson, or his spouse, may, depending on market and other conditions, increase or decrease his or her beneficial ownership of DVS's securities, whether in the open market, by privately negotiated agreements or otherwise.

A copy of the related early warning report (the "Report") to be filed with the applicable securities commissions may be obtained from the SEDAR website (www.sedar.com) under the profile for DVS.

For further information or to obtain a copy of the Report, please contact Mr. Gipson as follows:

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 release.