Resource News


Alexco Resource Corp. (TSX:AXR,NYSEMKT:AXU) released its results for the third quarter of 2015, commenting that it recorded a net loss of $1.6 million, or $0.02 per share.

Alexco Resource Corp. (TSX:AXR,NYSEMKT:AXU) released its results for the third quarter of 2015, commenting that it recorded a net loss of $1.6 million, or $0.02 per share.
Q3 highlights include:

  • Alexco completed a surface exploration drill program of 2,595 meters focused on extension and expansion of the previously identified Bermingham resource at Keno Hill. Significant true width intercepts from the program included 4.98 meters grading 7,462 grams per tonne (“g/t”) (240.0 ounces per tonne (“oz/t”)) silver, 4.76 meters grading 2,357 g/t (75.8 oz/t) silver, 2.35 meters of 3,774 g/t (121.3 oz/t) silver and ranging down to 1.81 meters grading 794 g/t (25.5 oz/t) silver were returned from drill holes in the 2015 program.
  • Alexco Environmental Group (“AEG”) was selected by the US Environmental Protection Agency (“EPA”) as the interim water treatment contractor to design, construct and automate an Interim Water Treatment Plant at the Gold King Mine near Silverton, Colorado. The project commenced on October 1, 2015 and on October 20, 2015 the Company announced that it completed the construction and initiated operation of a 1,200 gallon per minute (“gpm”) interim water treatment facility. The bulk of the work on this construction project and the transition to plant operation is anticipated in the fourth quarter of 2015.
  • Cash and cash equivalents at September 30, 2015 totaled $5.9 million compared to $8.6 million at December 31, 2014, while net working capital totaled $11.1 million compared to $11.3 million for the same dates, respectively. Working capital includes $3.96 million of restricted cash from the Globeville security that was reclassified from non-current to current assets.
  • Net loss of $1.6 million, or $0.02 per share. Loss before deferred taxes was $2.0 million. Revenues of $3,408,000 were recognized in the third quarter of 2015 for a gross profit of $869,000 and a gross margin of 25.5%.

Clynt Nauman, president and CEO of Alexco, commented:

At the end of the third quarter the Company is well positioned. On the exploration front, our new discoveries at Bermingham are likely to be very important for the future of the Keno Hill Silver District. And in the environmental business unit, the selection of AEG by the EPA to construct and commission an interim water treatment plant at the Gold King Mine in Colorado underscores the confidence in AEG’s technical and operating ability to meet high profile environmental challenges. We are attentively managing our cash position, and you will note that our working capital position at $11.1 million is little changed from a year ago.

Click here to read the full Alexco Resource Corp. (TSX:AXR,NYSEMKT:AXU) press release.



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