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Vol. 17, No. 46 Week of November 11, 2012
Providing coverage of Alaska and Northwest Canada's mineral industry

Mining Explorers 2012: Alexco Resource Corp.

AXR: TSX AXU: NYSE-A

President and CEO: Clynton R. Nauman

Executive Vice President & COO: Brad A. Thrall

Vice President, Exploration: Alan McOnie, FAusIMM

Alexco Resource Corp is a precious metals exploration company with a silver focus and growing environmental consulting and reclamation and mine closure services. Alexco’s primary exploration objective currently is to unlock value in the historic silver-rich Keno Hill district, which covers about 23,350 hectares, or 56,274 acres, in central Yukon Territory. Alexco currently operates the Bellekeno Mine, which ramped up production to an estimated 2.2 million to 2.5 million ounces of silver in 2012. The company’s 2012 surface exploration program began in late March with two drill rigs mobilized initially, increasing to four by the end of April. The primary focus of the company’s C$12 million program has been to explore the Flame & Moth and Bermingham properties, as well as targets on the Elsa-Husky trend. As of June 30, about 10,700 meters had been drilled. During the second quarter, Alexco posted initial resource estimates of more than 11 million indicated ounces and 3.8 million inferred ounces of silver for Flame & Moth, which remains open in all directions, and 3.8 million indicated ounces and 1.2 million inferred ounces of silver for the more structurally complex Bermingham that resulted in a 52 percent increase in the company’s combined indicated resources at the two properties. Both areas are the subject of ongoing aggressive exploration with planned drilling at Flame & Moth doubled to 9,000 meters. The balance of 29,000 meters of planned drilling in 2012 focused on Bermingham and significant targets on the Elsa-Husky trend. Other targets include the testing of gold mineralization on McQuesten, the westernmost property within Alexco’s Keno Hill land holdings. Rehabilitation of the historical Lucky Queen workings is continuing, and Alexco is in the process of developing access to the historical Onek workings, both with the objective of enabling advanced exploration drilling from underground to support mine planning and development decisions. Alexco hoped to further update the estimated resources by early 2013.

Cash and short-term deposits:

C$31.9 million (at June 30, 2012)

Working capital: C$32.18 million (at June 30, 2012)

Market capitalization: C$233.6 million (Sept. 9, 2012)

2200 Granville Street • Suite 1150

Vancouver, BC Canada V6C 1S4

Tel: 604 633-4888 • Fax: 604 633-4887

www.alexcoresource.com



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