Dolly Varden

Silver Dolly Varden

Silver Corporation

TSX–V:DV

New Silver Company with Eskay Creek Au–Ag Potential

Oct. 8, 2012

Dolly Varden

Silver

FORWARD LOOKING INFORMATION Certain of the statements and information herein 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 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 hereof, 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.

Paul McGuigan, P Geo, V.P. of Exploration has reviewed and approved the content contained in this presentation.

Forward-Looking Statements

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Dolly Varden

Silver

Past-producing silver mine

Precious metal rich Eskay Creek potential

with

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Dolly Varden

Silver Two strategies for creating value

• Confirm and expand historic silver resources with the

goal to define 40 to 50 million ounces of Silver and

re-start the historic Dolly Varden silver mines, BC

• Explore a major untested Eskay Creek-type gold &

silver target at Dolly Varden (Eskay Creek production

of 3.6 million oz. Gold, 180 million oz. Silver)

• Management team and strategic partner experienced

in both Eskay Creek-type exploration and re-starting

past producing mines

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Dolly Varden

Silver Experienced Management & Board of Directors

John King Burns

Chairman

• Former CFO of Drexel Burnham Lambert Commodity Group

• Former managing director of Barclays Metals Group

• 30+ years of extensive capital markets and resource sector experience

Ron F. Nichols, P. Eng.

President & CEO

• 30+ years (20 years with Cominco) of exploration and development experience including Valley Copper and Snip Mines in BC

• Recently re-started Ag-Cu-Pb-Zn La Negra Mine, Mexico and silver Shafter Mine, Texas

Paul J. McGuigan, P. Geo.

VP Exploration

• Principal of Cambria Geosciences Inc., formerly with Esso Resources

• 35+ years of experience in mineral exploration and mining operations

• Active in BC exploration since 1975

Allen Ambrose, P. Geo.

Director

• 30+ years of exploration and mining experience

• Co-discoverer of Brisas del Cuyuni gold deposit

• Director/Co-founder of multiple resource companies incl. Minera Andes

Allan Marter

Director

• 30+ years experience as a Chartered Accountant and CFO of various mining companies, including 7 years as President of EURO Ressources S.A.

• Former Director of Minera Andes

• Experienced in exploration, development and operational stages.

Theo Sanidas

Director

• 10+ years of mining industry experience

• Extensive capital markets background

• Experience with M&A, financing and corporate restructuring activities 5

Dolly Varden

Silver Capital structure

Dolly Varden Silver Corporation - TSX-V:DV

Issued Common Shares 100,437,000

Options:- 500,000 @ $0.20

6,350,000 @ $0.25

750,000 @ $0.35

7,600,000

Warrants :- 5,000,000 @ $0.10

4,303,000 @ $0.15

842,200 @ $0.25

7,200 @ $0.40

10,152,400

Fully Diluted Shares O/S 118,189,400

Basic cash* $4.05 MM

Market Cap (Basic @ $0.25/share) Approx. $25 MM

* Cash position would increase by $3.016 million if all warrants and options exercised

project potential scope & size will allow company to create significant value 6

Dolly Varden

Silver Strategic Partner – Hecla Mining Company

• Acquired 20 million shares for a 19.9% interest

• Hecla has the right to maintain their 19.9% interest

• Hecla has right to nominate one person to the Dolly’s Board

• Hecla will nominate one person to Dolly’s technical committee

• Strong strategic partner with 100 years of silver mining experience

• Flagship Greens Creek mine in same geologic setting as Dolly’s

Precious Metal Rich VMS target creates synergies for exploration.

7

Dolly Varden

Silver Dolly Varden – Solid foundation

%

owned • Property acquired in Spring 2011

• 9,400 hectares (94 Km2)

• 2 historically active mines

• 2 deposits with Development

• Native land claims settled

8

Dolly Varden

Silver Dolly Varden – Rich history

M Oz Ag* • Historical production

• Well understood targets

• Region with world-class projects

• Experienced senior management

*Historical production

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Dolly Varden

Silver

surrounded by world-class projects

Dolly Varden

Eskay Creek Major nearby projects:

• Eskay Creek (Barrick) Historic Production

3.6MM oz Au + 180MM oz Ag

• Silback Premier (Ascot) Historic

Production

2.2MM oz Au + 44.2MM oz Ag

• Brucejack (Pretium)

• KSM (Seabridge Gold)

• BC Moly (Avanti)

•

Located in northwestern BC

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KSM

Brucejack - Snowfields

Silbak Premier

BC Moly

10

Snip

Dolly Varden

Silver Located in the Stewart Complex

typical mineralization for the region

Dolly Varden /

North Star

11

Brucejack

KSM

Granduc

BC Moly

Big Bulk

Wolf

Torbrit

Eskay Creek

Silbak-Premier

Hazelton Group Arc assemblage (green)

Host to base and precious metal deposits

220M+ oz Ag produced historically

7M+ oz Au produced historically

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Dolly Varden

Silver

*Dubé et al, Geological Survey of Canada

Deposit Operator Country Tonnage Grade

(M t) Au(g/t) Ag(g/t)

Canadian VMS Deposits

Eskay Creek Barrick Canada 2.5 44.4 2087.7

LaRonde Agnico Eagle Canada 43.5 4.2 52.1

Horne Noranda Mines Canada 54.3 6.1 13.0

Bousquet Agnico Eagle Canada 29.7 5.3 2.1

International VMS Deposits

Hassai La Mancha Sudan 6.2 10.0 —

Greens Creek Hecla USA - Alaska 11.2 4.2 560.9

Abyz Kazakhmys Kazakhstan 4.4 6.5 61.0

Boliden Boliden AB

Sweden 8.3 15.1 48.3

Mt. Morgan Norton

Goldfields Australia 80.7 3.7 0.7

World-class gold - Silver VMS deposits with plus

1 million oz. gold in production & reserves*

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Dolly Varden

Silver

• 2011 Logistics base and

camp built in the

settlement of Alice Arm

• Property is 30 Km from

tidewater at Alice Arm

• 30 Km from power grid

• Access to rail and

deepwater shipping

• All-weather road access

• 7 Km of existing

underground development

good logistics for rehabilitation, development and exploration

Excellent infrastructure – via Alice Arm

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Dolly Varden

Silver

extensively mapped by current management

Extensive exploration by

previous owners:

• 631 diamond drill holes

• 44,090 meters of drilling

• 7 km underground

development

• 1980’s Engineering

studies on mine, mill,

and tailings design

Foundation for Dolly Varden’s plans

Purchase of Property for

$2.5 million translates into

Acquisition cost of $0.20 per

oz. of Silver

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Historical resource estimate*:

5.7M oz. Ag Proven + Probable

8.8M oz. Ag Possible The qualified person has not done sufficient work to

classify the Historical Estimates as current mineral

Resources or Reserves. Furthermore, the issuer is not

treating these Estimates as current Mineral Resources

or Mineral Reserves.

*Derry Michener Booth & Wahl (1986)

Dolly Varden

Silver

clear targets

1. Validation and

expansion of historic

silver resource estimates

to 40 to 50 million oz.

Targeted

exploration

programs

2. Identification of new,

major Eskay Creek-type

gold and silver deposits

Creating significant additional value

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Dolly Varden

Silver

“the best new mines

near old mines” are often found

16

Dolly Varden

Silver 3D Topography with deposits and showings

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Dolly Varden

Silver Historic mineral resources* (Dilution at 10 – 16%)

* Derry Michener Booth & Wahl (1986) See Note 4 and additional disclosure on Pg 15

Location Historic

Resource

Classification

Tonnes Silver

Grade

(g/t)

Contained

Silver

(ounces)

Dolly Varden Mine –

(a)

Proven &

Probable (P & P)

42,638 754.3 1,034,000

North Star Mine – (b) P & P 128,437 401.5 1,657,867

Torbrit Mine – (c) Possible 786,531 312.0 7,889,700

Wolf No.1 Zone – (d) P & P 77,932 395.0 989,626

Wolf No.2 Zone – (e) P & P 218,512 285.9 2,008,839

Wolf No.2 Zone – (f) Possible 100,295 279.4 901,031

Total P & P

Possible

5,690,331

8,790,731

All cut off grades 171 g/t silver

Geology and Mineral Exploration of the Dolly Varden Property, British Columbia,

Canada Sept. 5, 2011, as revised. By Terry Garrow - Filed on SEDAR. 18

Dolly Varden

Silver

Comments:

a: Skerl (1964) and Mann (1974) Dolly Varden Mine staff. Remaining resource blocks are in proximity to mined out stopes

and downplunge extensions of mined out areas.

b: Thompson & Pearson (1981) Derry Michener & Booth. Minimum mining width of 5 ft. No prior mining.

c: Leigh & Thompson (1983) Derry Michener & Booth. Comprised of 18 zones. Most zones are in the hanging wall of the

glory hole and mined out stopes of the 1959 operation.

d: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by two levels of underground adits.

e: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining. Tested by three levels of undergound adits.

f: Thompson & Pearson (1981) Derry Michener & Booth. No prior mining.

Note 1: This resource estimate was prepared from incomplete old plans and sections, considerable verification drilling

is required prior to placing reliance on this information.

Note 2: Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks

with closely spaced drilling and bulk sampling data "Proven and Probable Reserves" and made allowances for mining

operations and dilution. However, significant additional technical work is required. In the current terminology these

blocks would be termed Measured and Indicated Mineral Resources, however, for the purposes of this Technical Report

they are to be considered Geological Information only and subject to verification by drilling and sampling, prior to

reclassification.

Note 3: Historic Resource Classifications used in mineral resource estimates at the Dolly Varden deposits termed blocks

with more widely spaced drilling "Possible Reserves". In the case of Torbrit, Thompson and Pearson (1981) reduced the

confidence to Possible because the closely spaced drilling data must be subject to considerable check drilling. In the

current terminology these blocks would be termed Inferred Mineral Resources, however, for the purposes of this

Technical Report they are to be considered Geological Information only and subject to verification by drilling and

sampling, prior to reclassification.

Note 4: The Qualified Person has not done sufficient work to classify the Historical Estimates as current Mineral

Resources or Mineral Reserves. Furthermore, the Issuer is not treating these Historical Estimates as current Mineral

Resources or Mineral Reserves.

*Notes from Geology and Mineral Exploration of the Dolly Varden Property, British Columbia, Canada

Sept. 5, 2011, as revised. By Terry Garrow - Filed on SEDAR

Notes on Historic mineral resource estimates*

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Dolly Varden

Silver

Validation and expansion of

historic mineral resources

potential for mineral resource upgrade and expansion

Wolf Mine Looking NNW

Dolly Varden Mine

Torbrit Mine North Star Mine

• 4 targets

• Mineralization zones of

5-20m true widths

• Potential for high grade

silver at depth

• Focus on Wolf, Dolly

Varden, and Torbrit

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Dolly Varden

Silver

“the Dolly Varden deposits

to the precious metal-rich Eskay Creek deposit”

may be silver-rich analogues

(Dunne and Pinsent (2002) of the BC Geological Survey Branch)

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Dolly Varden

Silver Size comparison to Eskay Creek

Dolly Varden feeder zone much larger than Eskay Creek feeder zone

(shown at same scale) 22

Dolly Varden

Silver

DollyVarden

SilverNew VMS exploration target

vertical footwall feeders mineralize horizontal ocean-floor strata

1

Eskay Creek Deposit Model

with comparable geological

features at Dolly Varden

23

Dolly Varden

Silver VMS deposit identification

potential for new Eskay Creek-type deposit

3D map-red

zone

Dolly Varden Mine

Wolf Mine

• 5km strike length of

strong feeder style

alteration on the property

• Potential for gold-silver

VMS at depth beneath

intense Red Point alteration

zone

Looking NNW

Surprise

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Dolly Varden

Silver 2011 exploration program completed

a basis for further value creation

Dolly Varden

• Surface of Dolly Varden & North Star mapped

• Portals re-opened and surveyed

• Work camp constructed in Alice Arm

Torbrit • BC Land Surveyors verified Torbrit mine grid on surface & U/G

• Rehabilitation of underground workings scoped

Wolf

• Surface of Wolf mapped and historic drill hole collars located

• BC Land Surveyors verified Wolf mine grid

• 4,600 m of diamond drilling in 21 holes

• Step-out and verification diamond drill intersections obtained

Red Point • Surface geological mapping and sampling

• BC Land Surveyors verified 1989-90 trenching and drill collars

25

Dolly Varden

Silver Wolf mine - Diamond drilling setup

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Dolly Varden

Silver

2012 Exploration targets

Dolly Varden – Torbrit - Redpoint

27

Dolly Varden

Silver Dolly Varden to Torbrit – Longitudinal Section

28

Dolly Varden

Silver 2012 Proposed Drilling – Dolly Varden area

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Dolly Varden

Silver Torbrit – 1000 level – Historic drill results

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Dolly Varden

Silver Use of Proceeds

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Dolly Varden 2012 Work Program Budget

Road & Bridges - Km 1 to 24 $ 824,750.00

Preparation & Mobilization $ 75,000.00

Program Support & Logistics $ 1,018,000.00

Geoscience Program $ 341,000.00

Drill Program – 8845 meters $ 2,641,450.00

Geotechnical & Environmental Program $ 298,000.00

Road & Bridges - Km 24 to Torbrit $ 33,000.00

Geotechnical & Environmental Program $ 172,800.00

Airborne Geophysical Program $ 210,000.00

Underground Prep Work $ 950,000.00

Grand Total $ 6,564,000.00

Dolly Varden

Silver

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2012 Objectives – Longer term milestones

2012 Objectives

• Increase silver resources at Dolly Varden and Torbrit deposits by drilling

down plunge of known Historic resource blocks.

• Limited infill drilling and underground sampling to begin to convert Wolf

historic resources, and 2011 drill results to 43-101 compliant categories.

• Refine Eskay target on Redpoint with geochemistry, alteration studies

and geophysics (VTEM) prior to drill testing (minimum 3 holes in 2012)

Longer Term Milestones (success contingent)

• Increase Historic resources at all 4 deposits from current 14 million

ounces to 45 to 50 million ounces of 43-101 compliant resources.

• With success in defining 45 million + ounces initiate scoping through to

feasibility studies to determine the economic viability of a 1,000 to 1,500

tonne per day operation.

• Continue to develop Eskay targets towards discovery.

Dolly Varden

Silver Corporate Overview

• Evaluating the re-start of historic Dolly

Varden silver mines, BC

• Exploring a major untested Eskay Creek-

type gold and silver target

• Senior management team experienced in

both Eskay Creek-type exploration and re-

starting old mines

• 2012 proposed diamond drill program of

8,900 m to expand silver resources and

define and drill Eskay type targets. 33

Dolly Varden

Silver

Dolly Varden Silver Corporation TSX-V:DV

Suite 910 – 355 Burrard Street

Vancouver, British Columbia, www.dollyvardensilver.com

Canada, V6C 2G8

Tel: 778-383-3083

Toll free: 1-855-381-3530

Ron F. Nichols

President, CEO & Director

Direct line: 604-398-4345

Investor Relations

Strata Star – Gary Lindsey

Tel: 1-720-273-6224

Email: gary@strata-star.com

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