VANCOUVER, BC, Feb. 28,
2022 /CNW/ - Dolly Varden Silver Corporation
("Dolly Varden" or the "Company") (TSXV: DV) (OTC:
DOLLF) is pleased to announce changes to its board of directors
pursuant to the previously announced transaction whereby Dolly
Varden acquired from Fury Gold Mines Ltd. ("Fury"), through
the acquisition of Fury's wholly-owned subsidiary Homestake
Resource Corporation, a 100% interest in the Homestake Ridge
gold-silver project, located adjacent to the Dolly Varden Project
in the Golden Triangle, British
Columbia (the "Transaction").
Shawn Khunkhun, CEO &
Director commented, "Over the past two years we have seen
significant enhancement to our resource base which has led to our
share price, market cap and treasury all growing substantially.
These additions to the Dolly Varden team arm us with the
experience, expertise and network that will promote the continued
advancement of our corporate goal, developing one of the highest
grade undeveloped precious metals assets in BC's Golden
Triangle."
Further to the Investor Rights Agreement forming part of the
Transaction, Dolly Varden is pleased to welcome Tim Clark, the Chief Executive Officer of Fury,
and Michael Henrichsen, the Senior
Vice President, Exploration of Fury, to the Dolly Varden
board. The addition of these members of Fury's management to
the Dolly Varden board brings years of valuable corporate financial
and geological expertise to Dolly Varden.
Tim Clark brings 23 years of
global capital markets experience with numerous US, European and
Canadian banks, including Barclays Capital, National Bank
Financial, Merrill Lynch, Deutsche Bank and most recently BMO
Capital Markets, where he held the role of Managing Director,
Institutional Equity Sales. Over the years, he provided corporate
strategy, peer and financial analysis and insights for corporations
within the materials, commodities and mining sectors.
Michael Henrichsen is a
structural geologist and leads the Fury technical team. Previously,
Mr. Henrichsen was the global structural geologist at Newmont,
where his contributions significantly increased the reserves and
resources base in the Ahafo district in Ghana. Mr. Henrichsen has also worked
extensively at other major gold camps in South America, the Carlin Trend, Guinea and Canada.
The Company also welcomes Chairman of Fury Gold Mines Ivan Bebek
as an advisor to the Company. Mr. Bebek has over 20 years of
experience in financing, foreign negotiations and acquisitions in
the mineral exploration industry. His understanding of the capital
markets and ability to position, structure and finance companies
that he has been associated with has been instrumental in their
successes.
In order to meet the board size requirements set out in the
ancillary rights agreement between Hecla and the Company, dated September 4, 2012, upon closing of the
Transaction Thomas Wharton, Donald
Birak and Annette Cusworth
resigned from the board. At this time, in addition to
Tim Clark and Michael Henrichsen, the Dolly Varden board of
directors consists of Shawn
Khunkhun, Robert McLeod,
Darren Devine, and James Sabala. The Company is grateful for
and thank Mr. Wharton, Mr. Birak and Ms. Cusworth for their
contributions over the past number of years.
Stock option grant
The Company has granted incentive stock options to directors,
officers, and key consultants to purchase up to 3,975,000 common
shares in the capital of Dolly Varden. The incentive stock options
have an exercise price of $0.79 per
share and expire in 5 years.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company
focused on advancing its 100% held Kitsault Valley project located
in the Golden Triangle of British
Columbia, Canada, 25kms by road to tide water. The 163 sq.
km. project hosts the high-grade silver and gold resources of Dolly
Varden and Homestake Ridge along with the past producing Dolly
Varden and Torbrit silver mines. It is considered to be prospective
for hosting further precious metal deposits, being on the same
structural and stratigraphic belts that host numerous other,
on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Project also
contains the Big Bulk property which is prospective for porphyry
and skarn style copper and gold mineralization, similar to other
such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or
forward-looking information under applicable Canadian securities
legislation that may not be based on historical fact, including,
without limitation, statements containing the words "believe",
"may", "plan", "will", "estimate", "continue", "anticipate",
"intend", "expect", "potential", and similar expressions.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of Dolly Varden to be
materially different from any future results, performance, or
achievements expressed or implied by the forward-looking
statements. Forward looking statements or information in this
release relates to, among other things, potential synergies
expected from the combination of the DV Project and Homestake
Project, the development potential of the property.
These forward-looking statements are based on management's
current expectations and beliefs and assume, among other things,
the ability of the Company to successfully pursue its current
development plans, that future sources of funding will be available
to the company, that relevant commodity prices will remain at
levels that are economically viable for the Company and that the
Company will receive relevant permits in a timely manner in order
to enable its operations, but given the uncertainties, assumptions
and risks, readers are cautioned not to place undue reliance on
such forward-looking statements or information. The Company
disclaims any obligation to update, or to publicly announce, any
such statements, events or developments except as required by
law.
For additional information on risks and uncertainties, see the
Company's most recently filed annual management discussion &
analysis ("MD&A"), which is available on SEDAR at
www.sedar.com. The risk factors identified in the MD&A are not
intended to represent a complete list of factors that could affect
the Company.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this news
release.
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SOURCE Dolly Varden Silver Corp.
