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Message: Passes Key Milestone in Permitting of the Bellekeno Mine
| June 17, 2009 |
| Alexco Passes Key Milestone in Permitting of the Bellekeno Mine |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 17, 2009) - Alexco Resource Corp. (TSX:AXR)(NYSE Amex:AXU) ("Alexco" or the "Company") is pleased to report that it has passed a key milestone in the permitting process for the planned resumption of production at the historic Bellekeno Mine, one of Alexco's wholly owned properties in the Keno Hill silver district of Canada's Yukon Territory. The Designated Office Evaluation Report, issued June 12, 2009 by the Yukon Environmental and Socioeconomic Assessment Board, recommends that the Bellekeno project be allowed to proceed, subject to specified mitigation measures. The next steps in the mine approval process will be undertaken by the Government of Yukon and the Yukon Water Board. Approval to construct the mill will come with the issuance of the Quartz Mining Licence, expected later this summer, and approval to operate the mill will come with the Type A Water Use Licence, expected by the first quarter of 2010. This permitting timeline keeps the mine planning on schedule, with an anticipated formal production decision later this summer. "Alexco is pleased to have achieved this milestone in the permitting of the Bellekeno Mine project, essentially in a form and within the schedule originally anticipated in the project brief. We now look forward with confidence to the process which will hopefully result in a Quartz Mining Licence and a Water Use Licence being awarded this summer and by early next year respectively, as originally planned," said Clynton Nauman, President & CEO of Alexco. Keno Hill Silver District History Between 1921 and 1988, the Keno Hill silver district produced more than 217 million ounces of silver with average grades of 40.5 ounces per ton silver, 5.6% lead and 3.1% zinc (Yukon Government's Minfile database). The historical production grades would rank Keno Hill in the top 3% by grade of today's global silver producers. The Keno Hill district is the second-largest historical silver producer in Canada. About Alexco Alexco's business is to unlock value and manage risk at mature, closed or abandoned mine sites through integration and implementation of the Company's core competencies which include management of environmental services, execution of mine reclamation and closure operations and if appropriate, rejuvenation of exploration and development of new mining opportunities. |
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