Alexco Resource Corp. (TSX: AXR)(AMEX: AXU) ("Alexco") is pleased to announce the issuance by Yukon Water Board to Alexco's subsidiary, Elsa Reclamation & Development Company Ltd. ('ERDC'), of a Water Licence for the care and maintenance of the Keno Hill property. Issuance of the Licence was a condition of the purchase of the property by ERDC. The Licence, effective for 5 years until November 30, 2012, is not related to exploration or any future mine production.
Alexco's business is to unlock value and manage risk at mature, closed or abandoned mine sites through integration and implementation of the Company's core competencies which include management of environmental services, execution of mine reclamation and closure operations and if appropriate, rejuvenation of exploration and development activity. NovaGold Resources Inc. with a 19% equity interest is Alexco's largest shareholder.
Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the entering into of agreements, the closing of transactions and the expenditure of funds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of transactions, the ability to fulfill certain conditions, the ability to raise funds and the timing and amount of expenditures.