Alexco Resource Corp.

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.