Twin Glacier and Dolly Varden Silver Ltd. Announce New Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US NEWSWIRE SERVICES

Twin Glacier Resources Ltd. (CNSX:TEL) ("Twin" or the "Company"), announces that, further to its August 19, 2011 news release, Twin and Dolly Varden Silver Ltd. ("Dolly Varden") have agreed to proceed with a non-brokered private placement for up to $10 million (the "Private Placement"). The proceeds of the Private Placement will be used to fund the development of the Dolly Varden property, complete the amalgamation of Twin and Dolly Varden, and for general working capital purposes. The financing will consist of common shares of Dolly Varden, which will be sold at a price of $0.25 per share, and common shares of Dolly Varden or Twin, which will be designated as flow through shares for the purposes of the Income Tax Act (Canada), and will be sold at $0.40 per share.

Description of Significant Conditions to Closing

Completion of the Amalgamation is subject to a number of conditions including but not limited to, CNSX acceptance, approval for TSXV Listing, and shareholder approval. The Amalgamation cannot close until the required shareholder approval is obtained. There can be no assurance that the Amalgamation will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the Amalgamation, any information released or received with respect to the Amalgamation may not be accurate or complete and should not be relied upon. Twin will make a subsequent news release with information on the Offering and summary financial information in accordance with applicable CNSX policies. Trading in the securities of Twin should be considered highly speculative.

The CNSX has in no way passed upon the merits of the Amalgamation and has neither approved or disapproved the contents of this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

TWIN GLACIER RESOURCES LTD.

"Judson Culter, CFO"

Forward Looking Statements

Certain information set forth in this press release, including management's assessment of future plans and operations, contains forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. Forward looking statements made in this press release include statements regarding proposed exploration programs and the results thereof, information concerning Amalco, including the timing of the completion of the Amalgamation, and the timing of the completion of any concurrent financing. By their nature, forward looking statements are subject to numerous assumptions, risks and uncertainties, some of which are beyond management's control. The assumptions made in preparing the forward looking statements contained in this news release, which may prove to be incorrect, include, but are not limited to: the specific assumptions set forth above; that the results of work performed by past operators on the Property is accurate, that sufficient financing will be completed as expected, that shareholder approval for the Amalgamation from the shareholders of each of Twin and Dolly will be received, and that all necessary regulatory approvals will be received. Many factors, known and unknown, could cause the actual results to be materially different from those expressed or implied by such forward-looking statements.

Such risks include, but are not limited to: the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of equipment, qualified personnel or management, stock market volatility, ability to access sufficient capital, inability to complete any necessary concurrent financing in an amount sufficient to complete proposed exploration programs or at all, geologic models upon which proposed exploration programs are based may be incorrect, historic resource estimates prepared by third party operators may not be accurate, the parties may not be able to negotiate a satisfactory Amalgamation Agreement, shareholders may reject the proposed Amalgamation, Twin and Dolly may not obtain all necessary regulatory approvals, and proposed members of management may determine not to remain with Amalco. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, Twin and Dolly disclaim any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Neither the CNSX nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.
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