Alexco Resource purchases UKHM assets ...
Joint Announcement of the Preferred Purchaser — United Keno Hill Mines Limited and UKH Minerals Limited
VANCOUVER, June 24, 2005 — PricewaterhouseCoopers Inc. (PwC), Interim Receiver and Receiver-Manager of United Keno Hill Mines Limited and UKH Minerals Limited (collectively known as UKHM), is pleased to announce the selection of Alexco Resource Corp. (Alexco) as the preferred purchaser of the UKHM assets.
Alexco is a private Canadian company incorporated under the laws of the Yukon Territory. The major shareholders of Alexco include Quest Capital Corporation, NovaGold Resources Inc. and ALM Group ULC. Alexco's management and shareholders have significant experience in mineral exploration and mine development, operations management, reclamation and closures. Alexco has teamed with ARCADIS G&M, Inc. (ARCADIS) in addressing the environmental issues at the UKHM mine sites. ARCADIS is a global engineering firm with extensive experience with remediation of contaminated sites in North America.
As part of completing the overall assessment of the offers received, PwC has consulted with the Government of Yukon and the Government of Canada, each of whom have a role in dealing with the environmental care and maintenance and reclamation of the UKHM mine sites.
Over the next few months, PwC and Alexco will meet to finalize a definitive agreement for the purchase of the UKHM assets. We anticipate seeking approval of the Supreme Court of Yukon for this transaction in November 2005.
If approved, we anticipate the transaction closing by the end of 2005.
All enquiries to PricewaterhouseCoopers Inc. regarding the sale of the UKHM assets should be directed to:
David Egan
+1 604 806 7538
Email
All enquiries to Alexco Resource Corp. regarding the purchase should be directed to:
Clynton Nauman
+1 604 633 4888
Email
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