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

Alexco Resource Corp. (AXR)

Company Web Site: www.alexcoresource.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-06-26. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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Yukon Water Board site tracking Alexco water use licence application
Hedge Notes:
Although not a hedge, the Alexco Completes Positive Bellekeno Mine Development Plan, Silver Wheaton Concurs -- Initiation of Construction Approved November 11, 2009 deal should be noted.

A total of US$35 million for construction and development of the Bellekeno mine is to be provided by Silver Wheaton under a silver purchase agreement entered into in October 2008. This agreement provides that Silver Wheaton will purchase 25% of future Keno Hill district silver production at a cost of US$3.90 per ounce of silver delivered, plus up-front deposit payments to Alexco totaling US$50 million. An initial US$15 million deposit payment was received in December 2008, and the remaining US$35 million will be received on a monthly draw-down basis subject to certain conditions including Alexco having sufficient committed funds available to complete construction and achieve production within specified time frames. The primary condition to draw-down under the agreement was the delivery to Silver Wheaton of the Development Plan and their acceptance that it was favourable, and this condition has now been met.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Bellekeno CA $7.56 0 84% 16%      13.02 M oz     41.14 K t     45.95 K t
    Elsa Tailings CA $4.96 0 100% 0 9.61 K oz     9.53 M oz     24.65 K t     17.43 K t
    Brewery Creek CA $1.55 0 50% 50% 72.04 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 81.65 K oz     22.54 M oz     65.79 K t     63.38 K t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $1.76     $7.63     $2.40     $2.28
    Percentage of Total Metal Value 12.49%     54.26%     17.06%     16.19%
    PP% | MI% | I% 0 | 56% | 44%     0 | 95% | 5%     0 | 95% | 5%     0 | 69% | 31%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$14.07
    Average Ore Value per Tonne    US$179.82
    Metal Value Leverage (MVL)    3.45
    Market Capitalization as % of Metal Value    29.0%
    Recent Stock Price    C$4.3   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    58.16 M    ( Fully diluted share count from Alexco Share Structure web page viewed June 2010. )
    PP% | MI% | I%    0 | 86% | 14%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    233.6 g/t
    Market Capitalization
    per oz of Silver In Ground    $10.53   US$  |   11.09   C$
    Silver Eq Oz Estimate    41.55 M oz   ( 22.54 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $5.71   US$  |   6.02   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	$7.56	0	84%	16%		13.02 M oz	41.14 K t	45.95 K t
Elsa Tailings	CA	$4.96	0	100%	0	9.61 K oz	9.53 M oz	24.65 K t	17.43 K t
Brewery Creek	CA	$1.55	0	50%	50%	72.04 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	81.65 K oz	22.54 M oz	65.79 K t	63.38 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$1.76	$7.63	$2.40	$2.28
Percentage of Total Metal Value	12.49%	54.26%	17.06%	16.19%
PP% \| MI% \| I%	0 \| 56% \| 44%	0 \| 95% \| 5%	0 \| 95% \| 5%	0 \| 69% \| 31%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$14.07
Average Ore Value per Tonne	US$179.82
Metal Value Leverage (MVL)	3.45
Market Capitalization as % of Metal Value	29.0%
Recent Stock Price	C$4.3 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	58.16 M ( Fully diluted share count from Alexco Share Structure web page viewed June 2010. )
PP% \| MI% \| I%	0 \| 86% \| 14%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	233.6 g/t
Market Capitalization per oz of Silver In Ground	$10.53 US$ \| 11.09 C$
Silver Eq Oz Estimate	41.55 M oz ( 22.54 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$5.71 US$ \| 6.02 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)

Updates: 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.

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 $4.02    11.87 M oz     921.000 g/t     401.00 K t
   Lead $1.38    37.69 K t       94,000.000 g/t     401.00 K t
   Zinc $0.94    26.07 K t       65,000.000 g/t     401.00 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.
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	$4.02	11.87 M oz	921.000 g/t	401.00 K t
Lead	$1.38	37.69 K t	94,000.000 g/t	401.00 K t
Zinc	$0.94	26.07 K t	65,000.000 g/t	401.00 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. Cut-off of 15 troy ounces per ton silver. Silver grade capped at 100 troy ounces per ton.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.39    1.14 M oz     320.000 g/t     111.10 K t
   Lead $0.13    3.44 K t       31,000.000 g/t     111.10 K t
   Zinc $0.71    19.89 K t       179,000.000 g/t     111.10 K t
Estimate notes: See Indicated notes.
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	$0.39	1.14 M oz	320.000 g/t	111.10 K t
Lead	$0.13	3.44 K t	31,000.000 g/t	111.10 K t
Zinc	$0.71	19.89 K t	179,000.000 g/t	111.10 K t
Estimate notes: See Indicated notes. 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 $0.78 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	$0.78	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 $0.77 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	$0.77	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	$0.21	9.61 K oz	0.120 g/t	2.49 M t
Silver	$3.23	9.53 M oz	119.000 g/t	2.49 M t
Lead	$0.90	24.65 K t	9,900.000 g/t	2.49 M t
Zinc	$0.63	17.43 K t	7,000.000 g/t	2.49 M t
Estimate notes: See Table i. Mineral Resource Statement* for the Elsa Tailings Project, SRK Consulting, May 6, 2010. on p. 7 of 91 in the NI 43-101 report dated June 2010. Cutoff grade was 50 gpt silver cut-off grade.