Alexco Resource Corp.
TSX : AXR

Alexco Resource Corp.

January 26, 2006 09:15 ET

Alexco Resource Corp. Completes Initial Public Offering-Shares to Commence Trading on Toronto Stock Exchange

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 26, 2006) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES.

Alexco Resource Corp. (TSX:AXR) is pleased to announce that it has completed its Initial Public Offering (the "Offering") of 2,000,000 common shares at a price of $1.50 per share for gross proceeds of $3,000,000. Alexco has been advised by the Toronto Stock Exchange that its common shares are expected to commence trading on the Toronto Stock Exchange today under the symbol "AXR".

Canaccord Capital Corporation acted as lead agent in the Offering and was paid a commission equal to 7% of the gross proceeds of the Offering and a corporate finance fee paid in common shares. In addition, Alexco issued 200,000 non-transferable Agent's warrants, each such warrant entitling the holder to acquire one common share at an exercise price of $1.50 per share until January 26, 2007.

Alexco intends to use the proceeds of the Offering for costs of the Offering, exploration costs on the Brewery Creek and McQuesten properties, corporate development costs, acquisition/project generation costs and general working capital.

As a result of the completion of the Offering, the 5,264,000 share purchase warrants issued by Alexco on March 15, 2005 will automatically expire at the close of business on February 9, 2006.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration or an applicable exemption there from.

ON BEHALF OF THE BOARD OF DIRECTORS

Clynton R. Nauman, President, Chief Executive Officer and Director

Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds and future expenditures. 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 and amount of expenditures.


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