Mr. Clynton Nauman reports

ALEXCO ANNOUNCES UP TO C$10 MILLION NON-BROKERED EQUITY FINANCING

Alexco Resource Corp. has arranged a non-brokered private placement of up to 8.34 million units of the company at a price of $1.20 per unit for gross proceeds of up to $10,008,000.

Each unit will consist of one common share and one-half of one non-transferable common share purchase warrant, each warrant entitling the holder to purchase one additional common share of the company at a price of $1.75 per share for a period of 24 months following the date of issuance. If, commencing on the date that is four months after the closing date, the closing price of company's common shares on the Toronto Stock Exchange is higher than $2.50 for a period of 10 consecutive trading days, the expiry date of the warrants may be accelerated to the date that is 10 trading days after the trigger date by the issuance of a news release within two trading days of the trigger date announcing such acceleration.

The company has entered into an indicative term sheet with a finder and certain of its affiliates whereby the finder will act as finder for the company in connection with the private placement. In consideration for its services, the finder will receive a commission on the sale of the units sold to subscribers introduced to the company by the finder representing 5.0 per cent of the aggregate gross proceeds raised. At the finder's option, the commission may be paid in cash or through the issuance of units at a deemed price of $1.20 per unit. In addition, the finder will receive that number of warrants as is equal to 3.0 per cent of the number of finder units sold. Each finder warrant will be exercisable for one common share of the company at a price of $1.20 at any time up to 24 months after closing, subject to the acceleration provision.

The company may also pay a finder's fee in connection with the remainder of the private placement.

The net proceeds from the private placement are expected to be used by the company for exploration and development activities on the company's assets and for general corporate purposes.

Closing of the private placement is anticipated to occur concurrently in or around mid-May and is subject to certain conditions including, but not limited to, the receipt of all applicable regulatory approvals including approval of the TSX and the New York Stock Exchange.

We seek Safe Harbor.