GoldMinerPulse.com -- Alexco Resource Corp.: (NI) 43-101 Metal Valuation Report

Alexco Resource Corp. (AXR)

Company Web Site: www.alexcoresource.com
(NI) 43-101 reports from projects located in: Canada (CA)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-12-05. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
External Links: Yahoo News and Quotes  |  Yahoo Message Board  |  StockCharts  |  Stockhouse  |  Canadian Insider Trading
More External Links: Knobias  |

Yukon Water Board site tracking Alexco water use licence application
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Bellekeno CA $8.62 0 100% 0      13.02 M oz     41.14 K t     45.95 K t
    Brewery Creek CA $1.63 0 50% 50% 72.04 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 72.04 K oz     13.02 M oz     41.14 K t     45.95 K t
    Metal Prices in US$ (from 2010-03-11) $1,108.90 per oz     $17.15 per oz     $1.01820 per lb     $1.05510 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $1.63     $4.55     $1.88     $2.18
    Percentage of Total Metal Value 15.90%     44.44%     18.38%     21.28%
    PP% | MI% | I% 0 | 50% | 50%     0 | 100% | 0     0 | 100% | 0     0 | 100% | 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$10.25
    Average Ore Value per Tonne    US$243.91
    Metal Value Leverage (MVL)    3.07
    Market Capitalization as % of Metal Value    32.6%
    Recent Stock Price    C$3.42   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    49.02 M    ( Fully diluted share count from Alexco Share Structure web page viewed December 2009. )
    PP% | MI% | I%    0 | 92% | 8%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    790.6 g/t
    Market Capitalization
    per oz of Silver In Ground    $12.57   US$  |   12.88   C$
    Silver Eq Oz Estimate    29.29 M oz   ( 13.02 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $5.59   US$  |   5.72   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Brewery Creek    -   Golden Predator Completes Technical Report, signs Option Agreement on Brewery Creek Project, August 13, 2009.

Under the terms of the Option Agreement, True North can earn up to a 75% interest in the 793 contiguous quartz mining claims and leases and certain related assets comprised in the Brewery Creek Project in three stages, as well as a 50% interest in certain barite deposits.

Alexco Resource Corp. ownership percentage on Brewery Creek assumes True North exercises options to take maximum ownership.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Alexco Resource Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Lead	Zinc
Bellekeno	CA	$8.62	0	100%	0		13.02 M oz	41.14 K t	45.95 K t
Brewery Creek	CA	$1.63	0	50%	50%	72.04 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	72.04 K oz	13.02 M oz	41.14 K t	45.95 K t
Metal Prices in US$ (from 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$1.63	$4.55	$1.88	$2.18
Percentage of Total Metal Value	15.90%	44.44%	18.38%	21.28%
PP% \| MI% \| I%	0 \| 50% \| 50%	0 \| 100% \| 0	0 \| 100% \| 0	0 \| 100% \| 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$10.25
Average Ore Value per Tonne	US$243.91
Metal Value Leverage (MVL)	3.07
Market Capitalization as % of Metal Value	32.6%
Recent Stock Price	C$3.42 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	49.02 M ( Fully diluted share count from Alexco Share Structure web page viewed December 2009. )
PP% \| MI% \| I%	0 \| 92% \| 8%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	790.6 g/t
Market Capitalization per oz of Silver In Ground	$12.57 US$ \| 12.88 C$
Silver Eq Oz Estimate	29.29 M oz ( 13.02 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$5.59 US$ \| 5.72 C$

See terms for more about GoldMinerPulse metrics.

Bellekeno - ^top^

(NI) 43-101 Report:

Title: BELLEKENO PROJECT – UPDATED PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT
Date: 2009-12-02 (363 pages)

Project Location: Yukon, Canada

Map View: View the Bellekeno project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $4.15    11.87 M oz     921.000 g/t     401.00 K t
   Lead $1.73    37.69 K t       94,000.000 g/t     401.00 K t
   Zinc $1.24    26.07 K t       65,000.000 g/t     401.00 K t
Estimate notes: See Table 1.2: Mineral Resource Statement, Bellekeno Project, Yukon – November 2009 on p. 21 of 363 in the (NI) 43-101 dated December 2009.
Cut-off of 15 troy ounces per ton silver. Silver grade capped at 100 troy ounces per ton.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.15	11.87 M oz	921.000 g/t	401.00 K t
Lead	$1.73	37.69 K t	94,000.000 g/t	401.00 K t
Zinc	$1.24	26.07 K t	65,000.000 g/t	401.00 K t
Estimate notes: See Table 1.2: Mineral Resource Statement, Bellekeno Project, Yukon – November 2009 on p. 21 of 363 in the (NI) 43-101 dated December 2009. Cut-off of 15 troy ounces per ton silver. Silver grade capped at 100 troy ounces per ton.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.40    1.14 M oz     320.000 g/t     111.10 K t
   Lead $0.16    3.44 K t       31,000.000 g/t     111.10 K t
   Zinc $0.94    19.89 K t       179,000.000 g/t     111.10 K t
Estimate notes: See Table 1.2: Mineral Resource Statement, Bellekeno Project, Yukon – November 2009 on p. 21 of 363 in the (NI) 43-101 dated December 2009.
Cut-off of 15 troy ounces per ton silver. Silver grade capped at 100 troy ounces per ton.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.40	1.14 M oz	320.000 g/t	111.10 K t
Lead	$0.16	3.44 K t	31,000.000 g/t	111.10 K t
Zinc	$0.94	19.89 K t	179,000.000 g/t	111.10 K t
Estimate notes: See Table 1.2: Mineral Resource Statement, Bellekeno Project, Yukon – November 2009 on p. 21 of 363 in the (NI) 43-101 dated December 2009. Cut-off of 15 troy ounces per ton silver. Silver grade capped at 100 troy ounces per ton.

Brewery Creek - ^top^

(NI) 43-101 Report:

Title: Brewery Creek Gold Project Yukon Territory Canada Technical Report
Date: 2005-11-05 (0 pages)

Project Location: Yukon Territory, Canada

Map View: View the Brewery Creek property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.82 36.27 K oz 1.135 g/t 3.98 M t
Estimate notes: See Table 15-4 Brewery Creek Indicated Resources on p. 55 of 79 in the NI 43-101 report dated November 2005.
Resource quantities adjusted for ownership percentage of 25.0%.
Cutoff grade was 0.5 g/t Au.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.82	36.27 K oz	1.135 g/t	3.98 M t
Estimate notes: See Table 15-4 Brewery Creek Indicated Resources on p. 55 of 79 in the NI 43-101 report dated November 2005. Resource quantities adjusted for ownership percentage of 25.0%. Cutoff grade was 0.5 g/t Au.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.81 35.77 K oz 2.010 g/t 2.21 M t
Estimate notes: See Table 15-5 North Slope Inferred Resource on p. 55 of 79 in the NI 43-101 dated November 2005.
Resource quantities adjusted for ownership percentage of 25.0%.
Cutoff grade 0.5 g/t Au.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.81	35.77 K oz	2.010 g/t	2.21 M t
Estimate notes: See Table 15-5 North Slope Inferred Resource on p. 55 of 79 in the NI 43-101 dated November 2005. Resource quantities adjusted for ownership percentage of 25.0%. Cutoff grade 0.5 g/t Au.


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