Alexco Resource Corp.

Alexco Resources Corp.Overview

Alexco Resource Corp. is an environmental services/junior exploration company nearing production at its wholly owned Keno Hill silver district. Alexco is also receiving revenue for cleanup of the district and has unfettered access to develop the district indemnified from all prior environmental liability. The district has historically produced over 200 million ounces of silver and may be among the highest grade silver districts in the world with potential reminiscent of the Silver Valley in northern Idaho. Catalysts for appreciation in the next 12 months include:

Type A Water License and initiating production at Bellekeno
Drill Results at Bellekeno, Silver King, Lucky Queen and Onek
Cash flow generation from Bellekeno mill and environmental business

Silver Wheaton (NYSE: SLW) has agreed to fund C$50 million of the capital costs of the Bellekeno mine in order to purchase 25% of the silver to be produced at Keno Hill. Both Alexco and Silver Wheaton anticipate significant expansion of the resource, extension of the mine life at Bellekeno, and development of additional mine operations in the district. The high level of infrastructure at Keno Hill, the Development Plan for the Bellekeno mine and mill, suggests a highly profitable, low-cost, low-risk mine operation.

Investment Thesis

Alexco has significant upside potential in 2010 from initiating production, exploration success, and exposure to metal prices. As Bellekeno is potentially one of the highest grade silver mines in the world, even at modest production levels, should be surprisingly profitable.. Alexco has assimilated prior operating and exploration data with an abundance of exploration targets. Alexco is adequately funded to complete the exploration and advance to production in 2010 upon receiving the Type A Water License.

The Analyst at Alexco

Barite Hill Mine Superfund Site - Alexco Resources

Barite Hill Superfund Site Reclaimation - Alexco Resources

Bellekeno Mine - Keno Hill Silver District - Alexco Resources

Bellekeno Mine Portal - Keno Hill Silver District - Alexco Resources

Discovery Adit - Keno Hill Silver District - Alexco Resources

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Analyst: Mike Niehuser
Contact Info
Phone:503-922-3191, or
503-307-3188
mike@beaconrockresearch.com

Beacon Rock Research

Alexco Introductory Report

Alexco Resource Corp. (AMEX: AXU, TSX: AXR) is a junior exploration resource company with world-class assets and a unique business model that is not yet fully appreciated. Alexco has 100% ownership of the world-class high-grade Keno Hill silver district in the Yukon Territory, Canada (Figure 1). They also operate a niche environmental business with important proprietary patents and processes, providing cash flow as well as in-house environmental permitting and management expertise. The combination of these two fully symbiotic assets creates an entirely unique dimension of value uncommon in the mining or environmental remediation industries.

See full report:

AXU.Intro_.08.02.22.pdf

Sunday, February 24, 2008 - 08:58

Alexco Building Pipeline of High Grade Projects in 2008

Alexco announced plans to complete approximately 23,000 meters of exploration at its wholly owned Keno Hill silver district in the Yukon. Alexco anticipates receiving a Scoping Study and permit to begin underground development at Bellekeno in 2Q08.

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AXU.Update.08.04.01.pdf

Thursday, April 10, 2008 - 08:44

Two Large Silver Plays at the Silver Summit

We attended the recent Silver Summit Investor Conference in Coeur d’Alene, Idaho. We looked forward to taking the pulse of silver enthusiasts following the spring-summer long retreat in the metal’s price..

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MULTI.Spec_.08.10.02.pdf

Friday, October 10, 2008 - 11:34

Alexco Production at Bellekeno Pending Water License

The development of Alexco’s mine and mill at Bellekeno is on schedule for completion for commissioning and start-up of the mill in the third quarter of 2010. The issuance of the Type A Water Use License is the last major step after completion of the mill and mine to commence operation. The Type A Water License has been submitted in a form and substance adequate for the Yukon Water Board to render a decision.

See full report:

AXU.Update.10.07.02.pdf

Tuesday, July 6, 2010 - 18:54

High Grade Silver Encountered at Flame and Moth

Alexco Resources (NYSE Amex: AXU, TSX: AXR) provided an update on the construction of its Bellekeno mine and mill on July 6, 2010. The inadvertent discovery of high-grades (samples of 1,428 g/t silver or 45.8 opt over 2.0 meters) at Flame and Moth uncovered during construction are an indication of the potential for locating mineralized material covered by thin layers of overburden and further positive exploration surprises at Keno Hill. Other indicators of further mineralization have been encountered in post holes when hanging power lines. Alexco has initiated surface drilling at Flame and Moth and has several surface and underground drills which may provide a pipeline of positive news releases over 2010.

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Sunday, July 18, 2010 - 15:51

Alexco-Minefinders Side-by-Side Comparison

Alexco Resource Corporation (NYSE AMEX: AXU, TSX: AXR) and Minefinders Corporation Ltd. (NYSE AMEX: MFN, TSX:MFL) both have opportunity for increasing production, resources, and cash flow in 2011, which should lead to a higher valuation,but these mining companies are very different. A side-by-side comparison of the two very different sized operations is made even more interesting by the relatively similar level of potential cash flow for each company in the next year.

See full report:

AXU.Spec_.10.11.15.pdf

Monday, November 15, 2010 - 21:08

Alexco Outpaces Competition in Advancing both Production and Exploration

Alexco Resource Corporation (NYSE AMEX: AXU, TSX: AXR) is on schedule and on budget at their Bellekeno mine to reach their targets for production of concentrate within the next four to six weeks. From discovery to production, Alexco’s management team should be applauded for attaining this remarkable achievement in only three years. Bellekeno should be among the highest grade silver and base metal mines in the world, and may be the first of many brought into production by Alexco, at their wholly owned Keno Hill silver district in the Yukon Territory.

See full report:

AXU.Update.10.11.17.pdf

Wednesday, November 17, 2010 - 21:11

Precious Metals Investment Strategy for 2011

In our opinion, we would not be surprised to see gold holding within $1200 to $1500 through 2011 with a potential beak-out to $1600. This again is a somewhat conservative perspective that lends itself to a barbell investment strategy of selecting low-cost producers with ramping cash-flow surprises in the near-term and exploration and development companies with highly leveraged assets to production in the long-term.

See full report:

Special Report 2011 Precious Metals Investment Strategy.pub_.pdf

Thursday, January 6, 2011 - 19:13

Alexco Systematically Moving Up the Value Curve in 2011

2011 is looking to be an excellent year for Alexco Resource Corp. (AMEX: AXU, TSX: AXR) in three key areas recognized forincreasing shareholder value: increasing production, building resources, and making discoveries. Their Bellekeno mine and mill are producing concentrate as scheduled during a period of record silver prices. They have compliant and historic resources with additional drilling and technical work, important to expand resource estimates and to extend mine life. Their exploration team has completed an extensive review of historic data from the previous owner making possible numerous significant “blind target” discoveries, which they may add to or repeat in 2011. We believe this is precisely the opportunity that Silver Wheaton Corp. (NYSE: SLW) recognized when they purchased 25% of the future silver production at Keno Hill, even ahead of construction of the Bellekeno mine.

See full report:

Alexco Moving Up the Value Curve in 2011.pdf

Tuesday, March 29, 2011 - 08:42

Alexco Increasing Long-Term Silver Production Profile

Alexco Resource Corp. (TSX: AXR, AMEX: AXU) is among the highest grade silver producers. It has strong growth potential and is operating in an established silver district. Alexco’s Keno Hill silver district is located in the Yukon Territory, a political jurisdiction friendly to mining from an investor’s perspective. Alexco is uniquely qualified by their Access Environmental Group to reduce risk, create strategic opportunities, and generate additional revenues.

See full report:

Alexco Increasing Long-Term Production Profile.pdf

Thursday, October 6, 2011 - 08:11

Alexco Resources Corp.

Alexco Resource Corp. is a precious metals exploration company with a silver focus and a growing environmental services business. After completing an initial public offering in January 2006 on the TSX, Alexco has successfully established itself on two fronts.

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Clynton R. Nauman

Alexco Presentation 10.15.2007

Alexco Resource Corp., an exploration stage company, engages in the exploration of precious metals, with a focus on silver, primarily in Canada. The company's primary properties include the Keno Hill mining district located in the vicinity of the villages of Mayo and Keno City...

Click on this link to view the presentation