Dolly Varden Extends Closing Date

DOLLY VARDEN RESOURCES INC. 1710 - 1177 West Hastings Street, Vancouver, BC, Canada V6E 2L3 Telephone: (604) 640-6357 Telefax: (604) 681-0139

NEWS RELEASE

February 16, 2011 TSXV Symbol - DLV

DOLLY VARDEN EXTENDS CLOSING DATE

Dolly Varden Resources Inc. (“Company”) announced in a News Release dated December 20, 2010 that it had entered into a Letter of Intent to sell its remaining British Columbia mineral claims and land holdings - and that the projected deadline for the signing and closing of a formal agreement was January 31, 2011. As a result of ongoing negotiations with respect to the details of the proposed agreement the Company has agreed with the purchaser that the closing date of the agreement will be February 28, 2011.

DOLLY VARDEN RESOURCES INC.

Clinton Smyth President & Director

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 News Release.

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