VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2012) -Twin Glacier Resources Ltd. (CNSX:TEL) -

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

Twin Glacier Resources Ltd. ("Twin" or the "Company") is pleased to announce that the TSX Venture Exchange (the "TSXV") has conditionally accepted the Company's application to list the common shares of the amalgamated company ("Amalco") resulting from the amalgamation of the Company and Dolly Varden Silver Ltd. ("Dolly Varden").

It is anticipated that the Company's amalgamation with Dolly Varden will be completed on or about January 27, 2012 and that the common shares of Amalco will begin trading on the TSXV shortly thereafter upon Amalco meeting the TSXV conditions to listing. Amalco will be named "Dolly Varden Silver Corporation" and will trade under the symbol "DV". In connection with the amalgamation and listing of Amalco shares on the TSXV the Company will be de-listing from the CNSX.

Letters of transmittal were mailed to registered shareholders of the Company and Dolly Varden with the meeting materials provided in connection with the amalgamation. Each shareholder must forward a properly completed and signed letter of transmittal, with accompanying share certificates (if applicable), to the depositary, Computershare Investor Services Inc., in order to receive the Amalco share certificates to which such shareholder is entitled under the amalgamation.

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 information concerning the completion of the Company's amalgamation with Dolly Varden and Amalco's listing on the TSXV. 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 Company will obtain TSXV listing approval for the shares amalgamated company, and that all necessary regulatory approvals will be received and conditions to the completion of the Amalgamation satisfied. 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 raise sufficient funds 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 and proposed members of management may determine not to remain with the amalgamated company. 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.

Contributing Sources

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