First Quarter Highlights:

• Silver Production of 447,524 ounces
• Lead Production of 3,682,304 pounds
• Zinc Production of 1,334,144 pounds

As planned, production activity at the Bellekeno mine during the first three months of calendar 2011 included optimization of the mill circuit using a blended ore feed from both underground mining and stockpile inventories to stabilize the ore feed grade and character. This managed ore feed approach to initial production at the Bellekeno mill has resulted in increased metal recoveries and higher values for initial concentrate shipments.

“The mine and mill crews have done an outstanding job in challenging weather conditions to bring our Keno Hill Silver District back into production after twenty years of dormancy,” Alexco President and Chief Executive Officer Clynt Nauman said.

Processed ore for the quarter was 18,050 tonnes at a grade of 829 grams per tonne silver, 10.0% lead and 5.0% zinc. Mine production during the same period was 16,461 tonnes at an average grade of 1,062 grams per tonne silver, 12.5% Pb and 7.1% zinc. Metallurgical recoveries for silver, lead and zinc were 93%, 90% and 56% respectively, with 90% of the silver reporting to the lead concentrate. “We have some remaining mill modifications and production efficiencies to implement, and we are confident that as a result of those improvements, the daily throughput of the mine and mill will systematically continue to increase. We are maintaining our current guidance for calendar year 2011 production of 2.8 million ounces of silver,” said Nauman.

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Alexco releases initial production results for Bellekeno Mine; On track for 2011 silver production of 2.8 million ounces