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Substantially all of the Alexco's exploration and development activities during the three months ended December 31, 2010 have been conducted on its Keno Hill Silver District properties. The Keno Hill Silver District is located in Yukon Territory approximately 330 kilometers north of Whitehorse in the vicinity of the villages of Mayo and Keno City and lies within the traditional territory of the First Nation of Na-Cho Nyak Dun ("FNNND"). Alexco is party to a Comprehensive Cooperation and Benefits Agreement with the FNNND, setting out common understandings, obligations and opportunities arising from all of the Corporation's activities within the Keno Hill district including exploration, care and maintenance, district closure activities and mine production. [Source: Quoting from the December 31, 2010 MD&A ]
[Source: Quoting from the October 3, 2008 News Release ]:
October 3, 2008 Vancouver, British Columbia -- Alexco Resource Corp. (TSX:AXR, AMEX:AXU) ("Alexco" or the "Company")
is pleased to announce that it has entered into a silver purchase agreement with Silver Wheaton Corp.
(NYSE, TSX:SLW) ("Silver Wheaton") under which Silver Wheaton will purchase 25% of the life of mine silver
produced by Alexco from its Keno Hill Silver District in Canada's Yukon Territory....
Alexco will receive an up-front deposit payment from Silver Wheaton of US$50 million, plus a further payment
of the lesser of US $3.90 (increasing by 1% per annum after the third year of full production) and the prevailing
market price for each ounce of silver delivered. US$15 million of the up-front payment will be made in two tranches
within the next 30 to 90 days as certain conditions are completed. The US$15 million will fund ongoing underground
development, definition drilling and continued exploration of the Bellekeno resource as well as other
work required to refine and complete engineering studies. The remaining US$35 million will be paid on a monthly
draw-down basis to build out the Bellekeno mine infrastructure and processing facility,
commencing once Alexco has made a positive development decision and subject to certain other conditions
including Alexco having sufficient committed funds available to complete construction
and achieve production within specified time frames.
[Source: Quoting from the December 31, 2010 MD&A ]: Other Keno Hill District Properties: Silver King, Lucky Queen, Onek, Flame & Moth and Bermingham historic mine areas as well as new targets within the district not directly associated with former mines and which had been identified as a result of work done on regional stratigraphy and correlation of structural observations.
The Alexco Resource Corp. website is at www.alexcoresource.com.
Information Links: Yahoo News and Quotes | Yahoo Message Board | StockCharts | Canadian Insider Trading
More Information Links: Knobias |
Yukon Water Board site tracking Alexco water use licence application
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-11-29.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2012-02-03 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$26.79 |
| Average Ore Value per Tonne | US$426.46 |
| Metal Value Leverage (MVL) | 3.51 |
| Market Capitalization as a Percentage of Metal Value | 28.5% |
| Recent Closing Stock Price | C$7.59 [note 1] |
| Fully Diluted Share Count | 64.36 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 0% |
| Percentage In Situ Measured + Indicated Resource | 82% |
| Percentage In Situ Inferred Resource | 18% |
| Metric | Value on 2012-02-03 |
|---|---|
| Silver Reserves + Resources | 33.82 M oz |
| Average Silver Ore Grade | 260.2 g/t |
| Market Capitalization per oz of Silver In Situ | US$14.54 ( C$14.44 ) |
| Silver Equivalent Ounces Estimate | 51.26 M oz |
| Market Capitalization per oz of Silver Equivalent | US$9.59 ( C$9.53 ) |
Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count is based on the September, 2011 financial statements.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Lead | Zinc | ||
|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 32.61 K oz | 33.82 M oz | 75.16 K t | 170.93 K t | ||
| Metal Prices in US$ (from 2012-02-03) | $1,725.90 / oz | $33.63 / oz | $1.00640 / lb | $0.96490 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $0.87 | $17.67 | $2.59 | $5.65 | ||
| Percentage of Total Metal Value | 3.26% | 65.97% | 9.67% | 21.09% | ||
| Metal Value Percentage Proven + Probable | 0% | 0% | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 84% | 84% | 89% | 72% | ||
| Metal Value Percentage Inferred | 16% | 16% | 11% | 28% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|
| Bellekeno | Yukon, Canada | $8.80 ( 32.8% ) | US$1,237.21 | 6.64 K oz | 11.46 M oz | 35.32 K t | 42.76 K t | 0 | 84% | 16% |
| Onek | Yukon Territory, Canada | $7.02 ( 26.2% ) | US$550.58 | 16.20 K oz | 5.19 M oz | 9.62 K t | 107.29 K t | 0 | 73% | 27% |
| Elsa Tailings | Yukon Territory, Canada | $6.63 ( 24.7% ) | US$171.29 | 8.01 K oz | 9.53 M oz | 24.90 K t | 17.43 K t | 0 | 100% | 0 |
| Lucky Queen | Yukon Territory, Canada | $4.34 ( 16.2% ) | US$1,019.43 | 1.76 K oz | 7.65 M oz | 5.32 K t | 3.46 K t | 0 | 64% | 36% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
Alexco achieved the most significant milestone in its corporate history, declaring commercial production to have commenced as of January 1, 2011 at the Bellekeno silver-lead-zinc underground mine and ore processing complex, located in the Keno Hill Silver District in Canada's Yukon Territory. Commissioning was completed with both mine and mill achieving operating throughput averaging 250 tonnes per day of ore for 30 days, and this activity also satisfied the initial completion test under Alexco's silver purchase agreement with Silver Wheaton Corp. ("Silver Wheaton"). In early December, 2010, Alexco announced the execution of lead and zinc offtake agreements with Glencore Ltd., Stamford and initiated shipments of concentrate from Bellekeno, and by December 31, 2010 had shipped 326 tonnes of lead and zinc concentrate to a North American smelter. [Source: Quoting from the December 31, 2010 MD&A ]
Latest NI43-101 Report: BELLEKENO PROJECT –
UPDATED PRELIMINARY ECONOMIC
ASSESSMENT TECHNICAL REPORT
2009-12-02 (363 pages).
Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).
Project Location: Yukon, Canada.
Average Ore Value (all estimate types): US$1,237.21
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.15 | 5.57 K oz | 0.500 g/t | 346.50 K t |
| Silver | $5.39 | 10.32 M oz | 926.000 g/t | 346.50 K t |
| Lead | $1.10 | 31.88 K t | 92,000.000 g/t | 346.50 K t |
| Zinc | $0.76 | 22.87 K t | 66,000.000 g/t | 346.50 K t |
Estimate notes: Resource estimates updated based on the March 31, 2010 MD&A filing which provided an updated mineral resource estimate for Bellekeno on p. 3 of 18.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 1.07 K oz | 0.300 g/t | 111.10 K t |
| Silver | $0.60 | 1.14 M oz | 320.000 g/t | 111.10 K t |
| Lead | $0.12 | 3.44 K t | 31,000.000 g/t | 111.10 K t |
| Zinc | $0.66 | 19.89 K t | 179,000.000 g/t | 111.10 K t |
Estimate notes:
Latest NI43-101 Report: Mineral Resource Estimation Elsa Tailings Project Yukon, Canada
2010-06-16 (91 pages).
Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).
Project Location: Yukon Territory, Canada.
Average Ore Value (all estimate types): US$171.29
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.21 | 8.01 K oz | 0.100 g/t | 2.49 M t |
| Silver | $4.98 | 9.53 M oz | 119.000 g/t | 2.49 M t |
| Lead | $0.86 | 24.90 K t | 10,000.000 g/t | 2.49 M t |
| Zinc | $0.58 | 17.43 K t | 7,000.000 g/t | 2.49 M t |
Estimate notes:
Latest NI43-101 Report: Technical Report on the Lucky
Queen Deposit, Lucky Queen
Property, Keno Hill District, Yukon
2011-09-08 (62 pages).
Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).
Project Location: Yukon Territory, Canada. View the Brewery Creek property on a Google Map.
Average Ore Value (all estimate types): US$1,019.43
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.02 | 0.80 K oz | 0.200 g/t | 124.00 K t |
| Silver | $2.56 | 4.89 M oz | 1,227.000 g/t | 124.00 K t |
| Lead | $0.11 | 3.22 K t | 26,000.000 g/t | 124.00 K t |
| Zinc | $0.07 | 2.11 K t | 17,000.000 g/t | 124.00 K t |
Estimate notes:
NSR $185 cut-off.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 0.96 K oz | 0.200 g/t | 150.00 K t |
| Silver | $1.44 | 2.75 M oz | 571.000 g/t | 150.00 K t |
| Lead | $0.07 | 2.10 K t | 14,000.000 g/t | 150.00 K t |
| Zinc | $0.04 | 1.35 K t | 9,000.000 g/t | 150.00 K t |
Estimate notes:
Latest NI43-101 Report: Technical Report on the Onek
Deposit, Onek Property, Keno Hill
District, Yukon
2011-09-08 (62 pages).
Updates: Mineral Resources, Summary of Resources webpage (viewed November, 2011).
Project Location: Yukon Territory, Canada.
Average Ore Value (all estimate types): US$550.58
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.35 | 13.17 K oz | 0.700 g/t | 585.00 K t |
| Silver | $1.91 | 3.65 M oz | 194.000 g/t | 585.00 K t |
| Lead | $0.24 | 7.02 K t | 12,000.000 g/t | 585.00 K t |
| Zinc | $2.65 | 80.15 K t | 137,000.000 g/t | 585.00 K t |
Estimate notes:
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.08 | 3.04 K oz | 0.400 g/t | 236.00 K t |
| Silver | $0.80 | 1.54 M oz | 203.000 g/t | 236.00 K t |
| Lead | $0.09 | 2.60 K t | 11,000.000 g/t | 236.00 K t |
| Zinc | $0.90 | 27.14 K t | 115,000.000 g/t | 236.00 K t |
Estimate notes:
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