Alexco Receives US $15 Million Initial Tranche
From Silver Wheaton; Continues to Forge Ahead
With Bellekeno Exploration and Development
December 23, 2008 Vancouver, British Columbia -- Alexco Resource Corp. (TSX:AXR, AMEX:AXU)
("Alexco" or the “Company”) is pleased to announce that it has received the US $15 million initial tranche of
financing from Silver Wheaton Corp. (NYSE, TSX:SLW) (“Silver Wheaton”) payable under the previously
announced silver purchase agreement.
Exploration and development work at Alexco’s Bellekeno silver property has remained ongoing since the silver
purchase agreement was signed in early October 2008. A 650 meter underground decline has been completed,
breaking in to the historic Bellekeno workings in early December. In addition, more than 800 meters of
rehabilitation and new drift have been completed along the historic primary haulage level of the Bellekeno mine.
Zinc dominated vein mineralization has been intersected in the decline, in the hanging wall of the main mineralized
zone (the “48 Vein”) as predicted, and access to the lead dominated 99 and Southwest silver zones will be
achieved in January-February as the historic workings are dewatered. The Bellekeno deposit has an inferred
resource of 537,000 tonnes containing 1,016 grams per tonne silver, 13.5% lead and 10.7% zinc.
With the receipt of the initial US $15 million tranche of financing, Alexco is well funded to complete its planned
minimum 10,000 meter underground definition and exploration drill program and to continue mine planning,
engineering studies and other work necessary to complete the Bellekeno mine development plan, and is
aggressively pursuing its objective of making a positive development decision at Bellekeno by the second quarter
of calendar 2009.
“Progress at Bellekeno has been very impressive”, said Clynt Nauman, President and CEO of Alexco. “We have
completed the first four month phase of underground work substantially on schedule and have done so without a