Alexco Intersects 7.8 Meters of 49.4 Ounces per Ton Silver; Drilling of "99" Zone at Bellekeno Continues to Confirm

VANCOUVER, BRITISH COLUMBIA, May 19 (MARKET WIRE) --
Alexco Resource Corp. (TSX: AXR)(NYSE Amex: AXU) ("Alexco" or the
"Company") is pleased to announce additional results from its 2009
underground core drilling program at the Bellekeno Mine, Keno Hill Silver
District, Yukon. Initial definition diamond drilling in the Bellekeno
"99" Zone, one of three zones that comprise the Bellekeno resource, has
confirmed high grade silver mineralization previously indicated from
historical underground chip sampling.

Highlights

- Underground drilling in the upper "99" Zone has confirmed high grade
silver-rich mineralization in the area of the historical chip
sampling/resource. The "99" Zone has not been previously drilled by
Alexco; drill testing of the zone is proceeding as drill platforms become
available. Complete assay results have been received for 37 underground
holes drilled in the Bellekeno upper "99" Zone resource area to date.
Results include the following:

- DDH BKUD09-067 cut an interval grading 1,694 grams per tonne silver
(49.4 ounces per ton), 0.443 grams per tonne gold, 8.14% lead and 8.26%
zinc or 74.9 ounces per ton silver equivalent(i) over 7.83 meters from
29.04 to 36.87 meters.

- DDH BKUD09-071 cut an interval grading 1,863 grams per tonne silver
(54.3 ounces per ton), 0.526 grams per tonne gold, 8.80% lead and 6.51%
zinc or 77.5 ounces per ton silver equivalent(i) over 6.01 meters from
29.56 to 35.57 meters.

- DDH BKUD09-085 cut an interval grading 2,303 grams per tonne silver
(67.2 ounces per ton), 0.393 grams per tonne gold and 34.95% lead and
10.44% zinc or 126.8 ounces per ton silver equivalent(i) over 2.29 meters
from 29.10 to 31.39 meters.

- DDH BKUD09-089 cut an interval grading 1,898 grams per tonne silver
(55.4 ounces per ton), 0.257 grams per tonne gold, 25.54% lead and 2.22%
zinc or 88.8 ounces per ton silver equivalent(i) over 3.11 meters from
30.87 to 33.98 meters.

- DDH BKUD09-090a cut an interval grading 2,448 grams per tonne silver
(71.4 ounces per ton), 1.182 grams per tonne gold and 11.31% lead and
1.67% zinc or 89.5 ounces per ton silver equivalent(i) over 2.05 meters
from 34.97 to 37.02 meters.

- DDH BKUD09-097 cut an interval grading 2,176 grams per tonne silver
(63.5 ounces per ton), 1.238 grams per tonne gold and 2.98% lead and
2.47% zinc or 73.8 ounces per ton silver equivalent(i) over 2.01 meters
from 30.84 to 32.85 meters.

(i) Silver (Ag) equivalent calculated based on metal prices of US$525/oz
Au, US$8.00/oz Ag, US$0.45/lb Pb, and US$0.75/lb Zn; metallurgical
recoveries not considered.

The initial underground drilling in the Bellekeno mine upper "99" Zone
was completed in April, totaling 1,795 meters in 37 drill holes.
Approximately 40% of the planned holes in the "99" zone have been
completed with the remainder to be drilled from the lower levels of the
historical workings in June. In the meantime, drilling is continuing with
two drills in the adjacent Southwest Zone.

Update on Bellekeno Underground Drilling Program.

To date, a total of 75 drill holes have been completed in the Bellekeno
underground program, and approximately 40 more holes are still to be
drilled to complete the planned 10,000 meters of underground
infill/exploration diamond drilling. The primary goal of the program is
to update the independent National Instrument 43-101 "Standards of
Disclosure for Mineral Properties" ("NI 43-101") compliant resource
estimate for Bellekeno totaling 537,000 tonnes grading 1,016 g/tonne
silver, 0.4 g/tonne gold, 13.5% lead and 10.7% zinc (see news release
dated January 30, 2008 entitled "Alexco Outlines New Zinc-Silver Zone at
Bellekeno and Updates Resource Estimate") and to collect mining-related
geotechnical data prior to a construction decision scheduled for later
this year.

Alexco's 2009 Bellekeno underground drill program began in February,
focusing on the upper part of the East Zone where drilling expanded
mineralization defined by historical drilling and surface drilling by
Alexco in 2007 (see news release dated April 20, 2009 entitled "Alexco
Announces Initial Underground Drill Results, Bellekeno Mine: High Grade
Silver-Zinc-Lead Mineralization Extended in Upper East Zone"). Assays for
the last hole drilled on the East Zone have been received. The hole
(BKUD09-049), located below the 625 adit level, intersected 1.95 meters
grading 628 grams per tonne silver (18.3 ounces per ton), 1.322 grams per
tonne gold, 0.24% lead and 8.28% zinc, or 36.7 ounces per ton silver
equivalent(i), from 79.70 to 81.65 meters. The results are in line with
previous reported results from this area of the East resource.

A composite table listing those 2009 Bellekeno "99" drill holes having
complete assay results is available, along with drill hole location maps
for past and current programs, on the company website at
www.alexcoresource.com.

A construction decision for Bellekeno is anticipated within the next two
to three months. A total of US$35 million for construction and
development of the Bellekeno Mine will be provided by Silver Wheaton upon
completion of a mutually acceptable development plan. Under a silver
purchase agreement, Silver Wheaton will purchase 25% of future 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
commencing once a positive construction decision has been made and
subject to certain other conditions including Alexco having sufficient
committed funds available to complete construction and achieve production
within specified time frames.

Notes

True widths have not been determined for all the above reported drill
intercepts but are believed to be representative of actual drill
thickness.

The 2009 infill/exploration drill program and sampling protocol has been
reviewed, verified and compiled by Alexco's geologic staff under the
oversight of Stan Dodd, Vice President, Exploration for Alexco and a
Qualified Person as defined by NI 43-101. A rigorous quality control and
quality assurance protocol is used on the project, including blank,
duplicate and standard reference samples in each batch of 20 samples that
were delivered to the lab. All drill core samples were shipped to ALS
Chemex Labs facility at North Vancouver, BC for preparation followed by
fire assay and multi-element ICP analyses. The contents of this news
release have been reviewed by Mr. Dodd, who takes responsibility for the
disclosure herein of scientific and technical information pertaining to
Alexco's mineral properties.

Keno Hill Silver District History

Between 1921 and 1988, the Keno Hill Silver District produced more than
217 million ounces of silver with average grades of 40.5 ounces per ton
silver, 5.6% lead and 3.1% zinc (Yukon Government's Minfile database).
The historical production grades would rank Keno Hill in the top 3% by
grade of today's global silver producers. The Keno Hill district is the
second-largest historical silver producer in Canada.

About Alexco

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.

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.

Contacts:
Alexco Resource Corp.
Clynton R. Nauman
President and Chief Executive Officer
604-633-4888
info@alexcoresource.com
www.alexcoresource.com

Copyright 2009, Market Wire, All rights reserved.

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