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Message: NovaGold reduces its shareholding in Alexco

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NovaGold reduces its shareholding in Alexco

posted on Jan 08, 09 01:04AM

January 8, 2009

NovaGold Completes Disposition of Alexco Shareholding

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2009) - Alexco Resource Corp. (TSX:AXR)(NYSE Alternext US:AXU) ("Alexco" or the "Company") reports it has been advised that NovaGold Resources Inc. (TSX:NG)(NYSE Alternext US:NG) ("NovaGold") has reduced its shareholding in Alexco from approximately 16% to less than 2%. This reduction was accomplished by way of private sale transactions, with the shares acquired by multiple unrelated purchasers.

As a consequence of this reduction in its shareholding, NovaGold is no longer deemed a reporting insider of Alexco for Canadian securities law purposes. Mr. Rick Van Nieuwenhuyse, NovaGold's CEO, remains on Alexco's board of directors.

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.

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