Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the "Company" or "Dolly Varden") announces that it has granted an aggregate of 1,400,000 incentive stock options to directors, officers, and consultants to purchase up to 1,400,000 common shares in the capital of Dolly Varden. The incentive stock options have an exercise price of $0.30 per share, expire five years from the date of grant, and vest immediately. As a result of this option grant, Dolly Varden has 4,905,000 stock options outstanding, representing 5.9% 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. Since December 2016, Dolly Varden has been under the direction of management provided by the experienced Belcarra Group Management Ltd. ("Belcarra Group"). Belcarra Group is comprised of highly qualified mining professionals. The Company's Common Shares are listed and traded on the TSX.V under the symbol "DV" and on the OTCBB system under the symbol "DOLLF".

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.

SOURCE Dolly Varden Silver Corp.

View original content: http://www.newswire.ca/en/releases/archive/December2019/12/c3728.html

SOURCE: Dolly Varden Silver Corp.

Dolly Varden Silver Corporation, Gary Cope, President and CEO, 1-604-687-8566,
www.dollyvardensilver.com; Alex Tsakumis, Vice President Corporate Development,
1-604-687-8566, info@dollyvardensilver.com