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Twofronts Alexco Resource Corp. is a precious metals exploration company with a growing environmental services division. With a $ 50 million investment at work on its fi rst active mining project, Alexco is sharply focused on the future. Keith Regan reports 74 www. bus- ex. com August 09

Dun, who support the work because it points to a clean- up while also producing employment and business development opportunities for their nation. At the same time, government can show progress on its obligation to effect long- term clean- up. " We are doing a lot of planning and community consultation and regulatory consultation to make sure the cleanup is done right," says Whittle. Alexco went public in 2006 and has been able to raise an additional $ 50 million through a contract with Silver Wheaton Corp., where that company will purchase 25 percent of the silver mined going forward. Those funds are dedicated to building the infrastructure needed to start up the active mining projects. Alexco hopes to be in construction by this fall, and in commercial production by mid 2010. At the Bellekeno Mine, as elsewhere in the district, Alexco believes resources were overlooked in several areas. " We would be able to extend the resource beyond the historic depths. They typically stopped mining in areas when they would hit water or where the rock geology made it diffi cult for them to mine and we have methods that will enable us to revisit those areas. Today's prices for precious metals also help make the mining more economically feasible. Most importantly, Keno Hill is a very high grade mining district. With average historical production grades of 40 ounces of silver per ton, the district would rank in the top three percent by grade of today's global silver producers." Alexco's environmental wing is providing services beyond the Yukon as well, and that diversity has helped the company weather the recent economic turmoil and fare better than some competitors. In fact, the division saw 40 percent revenue growth during 2008. An offi ce was opened in Denver, Colorado in 2007 as Alexco Resource US Corp., where clients include not only the mining industry but industrial clients that turn to it for its patented technology used to treat in- situ metal contamination in water sources. In June of 2009, Alexco announced it had won a mine- solids transfer and treatment contract worth more than $ 1 million at the Platoro underground gold mine located high in the San Juan Mountains of southern Colorado. That contract will leverage the fi rm's patented technology to help reduce concentrations of contaminants such as arsenic and zinc, as part of the mine owner's site remediation, Alexco Resource Corp. F or decades, the Keno Hill silver district in Canada's Yukon Territory was a hot spot for precious metal, with mining companies taking some 217 million ounces of silver from the region between 1921 and 1988. Nearly 40 mines populated the territory, which stretches over an area of almost 100 square miles. As prices dropped and those resources became harder to reach, many of the mining companies operating in the region went bankrupt, leaving behind environmental liabilities as well as abundant unexploited resources. Vancouver, BC- based Alexco Resource Corp. saw the situation as a glittering opportunity. Under a unique agreement with the Canadian government, Alexco secured the rights to conduct additional exploration, and eventually mining, at abandoned properties while also working to help clean the environmental contamination left behind two decades ago. Alexco's fi rst target in the region is the Bellekeno Mine, where environmental and mining permitting is in the fi nal stages and where, according to chief fi nancial offi cer David Whittle, modern exploration and mining techniques are expected to yield signifi cant untapped resources, with an estimated resource of approximately 16 million ounces of silver. What makes the arrangement feasible for Alexco is that it also operates Alexco Environmental Services, a consulting division that provides environmental services such as clean- up planning and management. The agreement calls for that part of the company to conduct what's preliminarily estimated to be $ 50 million worth of cleanup work over the next several years, addressing the environmental liabilities left behind when the region went quiet. Alexco will only inherit direct liability for the mines it reactivates. " It's an attractive arrangement for all involved," Whittle says. The Keno Hill district lies within the traditional lands of the First Nation of Na- Cho Nyak August 09 www. bus- ex. com 75