Alexco Resource Corp (AXU)

[goforthebet]

Alexco gets pivotal permit for Yukon mine

By: Liezel Hill
18th November 2009

TORONTO (miningweekly.com) – Vancouver-based Alexco Resource Corp has been issued a quartz mining licence by the government of Yukon for its Bellekeno silver/lead/zinc mine in the Canadian territory.

The licence is the primary permit authorising Alexco to immediately begin mine development and mill construction at the site, the company said.

Last week, the company published the results of a development plan for the Bellekeno mine, and said its board had approved a plan to start construction immediately.

Alexco is now in the process of negotiating key engineering and procurement contracts for mine construction and operation and has begun placing orders for mine plant and equipment, the firm said in a statement on Wednesday.

The company is targeting full production by the third quarter of 2010.

In total, the Bellekeno project is expected to produce about 8,6-million ounces of silver, 65,2-million pounds of lead and 35,2-million pounds of zinc.

Alexco owns a large property package in the silver-rich area, which includes a number of historical mines, and is hoping to develop further projects in the future.

Shares in the company rose 5% on Wednesday, to C$2,95 apiece by 10:34 in Toronto.

Edited by: Liezel Hill