Dolly Varden Silver Corporation (TSX-V: DV) (OTC:DOLLF), is pleased to announce the acquisition of surface rights and fee simple lands within the community of Alice Arm located on the Pacific Ocean in Northwest BC, in support of exploration infrastructure. The town of Alice Arm was originally developed in the early 1900’s to support silver mining in the area.
The surface rights acquired include: the lands where the exploration camp, offices, logging and sampling facilities, as well as core storage areas are currently located. In addition, one parcel is located at waterfront with the potential to construct deep water loading facilities. The total package had been previously leased annually by the Company from private owners.
“Acquiring the title to these surface lands secures the future of the exploration camp and geological facilities as well as establishes the asset of having strategically located building sites for future infrastructure needs”, states Shawn Khunkhun, President and CEO.
The transaction involves a payment of Cnd$150,000 in cash and Cnd$150,000 in fully paid common shares of the company issued at a deemed price per share equal to the 10-day simple average of the closing price of the shares on the TSX Venture Exchange (“TSXV“) immediately preceding the issue date. The transaction is subject to final approval of the TSXV. The Company currently has title to the underlying mineral leases on the larger lots within the land package but does not intend to conduct exploration on them.
Rob van Egmond, P.Geo, Chief Geologist for Dolly Varden Silver, is the “Qualified Person” as defined by NI43-101. He has reviewed, validated and approved the information contained in this news release.
About Dolly Varden Silver Corporation
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 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).
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We acknowledge the [financial] support of the Government of Canada.