"This company’s initial project slated to commence production during the first semester of 2010, looks to be very

profitable. Its strong balance sheet augmented by cash flow from environmental services, its sound funding

partner in Silver Wheaton, its seemingly limitless upside exploration potential as well as its relatively tight

share structure and current valuation and current metals prices all provide justification for believing a share

price of double to triple its current $3.44 level over the next year is a reasonable expectation. We might add to

those positives the additional fact that virtually all the required infrastructure required for this project is in place,

this being an old historical silver production region. And equally important is the fact that Canada is certainly

one of the more politically stable places in which to employ long term capital. The bottom line in my view is

that Alexco is one of the most attractive silver mining companies that we have come across. As such we are

adding it to our list at this time.