Mr. Clynton Nauman reports

ALEXCO SILVER PRODUCTION INCREASES 21% TO MORE THAN 600,000 OUNCES IN FOURTH QUARTER 2011

Alexco Resource Corp. had record silver production of 608,093 ounces during the fourth quarter of calendar 2011 from the Bellekeno mine in the Keno Hill silver district, Yukon. Silver production increased 21 per cent, mine output increased 66 per cent and mill throughput increased 5 per cent compared with the prior (third) quarter of calendar 2011. Total production during 2011, which was Alexco's first full year of mine operations, was 2,020,695 ounces of silver, 16,454,395 pounds of lead and 7,219,740 pounds of zinc. Alexco anticipates further increasing silver and base metal production in 2012 with the development and commissioning of two additional underground mines in the Keno Hill silver district. The company is also planning an approximate 25-per-cent expansion of surface and underground exploration drilling programs during 2012.

                           CALENDAR 2011 PRODUCTION HIGHLIGHTS                                         

                                  Total
                               calendar
                                   2011    Q4 2011    Q3 2011    Q2 2011       Q1 2011

Ore tonnes mined                 71,992     20,832     12,533     22,166        16,461
Ore tonnes processed             81,064     22,554     21,532     18,928        18,050
Grade of ore processed
Silver (grams per
tonne)                              834        889        792        822           829
Lead                              10.2%      11.1%       9.2%      10.5%         10.0%
Zinc                               6.0%       6.7%       5.8%       6.5%          5.0%
Recoveries
Silver                              92%        90%        91%        93%           93%
Lead in lead
concentrate                         90%      86.2%        90%        93%           90%
Zinc in zinc
concentrate                         65%      66.8%        68%        65%           56%
Concentrate production
Lead concentrate
Tonnes produced                  11,042      3,223      2,760      2,683         2,376
Concentrate grade
Silver (grams per
tonne)                            5,280      5,123      5,264      5,164         5,645
Lead                                67%      67.1%        64%        69%           68%
Zinc concentrate
Tonnes produced                   6,901      2,305      1,808      1,687         1,101
Concentrate grade
Silver (grams per
tonne)                              583        683        577        348           462
Zinc                                46%      43.9%        47%        48%           46%
Production -- contained
metal
Silver (ounces)               2,020,695    608,093    500,703    464,324       447,524
Lead in lead con
(pounds)                     16,454,395  4,878,780  3,908,517  4,074,122     3,592,915
Zinc in zinc con
(pounds)                      7,219,740  2,473,561  1,865,739  1,770,159     1,111,055

Alexco president and chief executive officer Clynt Nauman said: "The Bellekeno operation achieved record quarterly production with over 600,000 ounces of silver produced during the fourth quarter. Mill throughput increased to an average of 245 tonnes per day, mill availability increased to 96 per cent and the extensive efforts we deployed earlier in 2011 to prepare the Bellekeno mine for long-hole production resulted in significantly improved mine performance. We are obviously very pleased with our first year of operations at Bellekeno, with steadily increasing silver production over the course of the year and, most importantly, a superior safety record of more than a year with no lost time accidents in district operations. Add to that the successes we have realized in 2011 exploration and I believe we have the ingredients for a very promising 2012."

Average mill throughput during the quarter was 245 tonnes per day compared with 234 tonnes per day during the prior quarter. The significant increase in ore production from the Bellekeno mine during the fourth quarter compared with the third quarter is primarily a result of the successful implementation of long-hole mining. The higher mill throughput reflects the beneficial impact from increased mechanical availability and the various optimization measures that have been put into practice during the continuing ramp-up period.

In 2012, Alexco is expecting to produce approximately 2.2 million to 2.5 million ounces of silver, approximately 19 million pounds of lead and more than 7.5 million pounds of zinc. First quarter 2012 mill operations will include a planned campaign of full-scale throughput and metallurgical testing to identify and assess any modifications which may be required to receive ore from the Onek and Lucky Queen mines in the last half of 2012. As a result of this effort, which is anticipated to require interim downtime, Alexco anticipates a slight reduction in mill throughput in the first quarter of 2012 compared with the fourth quarter of calendar 2011.

The disclosure in this news release of scientific and technical information regarding mine operations has been reviewed and approved by Thomas Fudge, PE, PEng, senior vice-president, engineering and corporate development, for Alexco, a qualified person as defined by National Instrument 43-101 -- standards of disclosure for mineral projects.

Release of financial results for fourth quarter of calendar 2011

The production results disclosed in the associated table pertain to the fourth quarter of calendar 2011. Audited financial results for the six-month transitional fiscal year ended Dec. 31, 2011, are expected to be released after the close of market trading on Wednesday, March 28, 2012, followed by an audio webcast conference call to review those results at 11 a.m. Eastern Standard Time (8 a.m. Pacific Standard Time) on Thursday, March 29, 2012. Call-in details for the conference call will be released at a later date.

As previously announced, in order to better align its fiscal year with its operating year and its reporting peer group, Alexco is changing its financial year from June 30 to a calendar-year basis. The fiscal year ended Dec. 31, 2011, will therefore be a shortened six-month transitional fiscal year.

We seek Safe Harbor.