A bit more infoFrom here:
https://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=5318728
Alexco Resource shares fall despite company's assurances about Keno Hill project
Canadian Press
August 21, 2007
VANCOUVER (CP) - Alexco Resource Corp. (TSX:AXR) shares fell 21 per cent Tuesday, erasing more than $31 million from its market value, on concern that the Keno Hill mining project is getting bogged down by stalled talks involving the company, government and the Na-Cho Nyak Dun first nation.
Alexco shares closed at $3.49, down 93 cents, after falling as much as $1.31 earlier in the session. It was the lowest closing price for the stock since early November. The company's 52-week high and low stands at $7.10 and $2.60.
Prior to Tuesday's decline, Alexco had a market value of just over $150 million.
Keno Hill in Yukon Territory has historically been a major silver producer. Alexco specializes on getting value out of mature, closed or abandoned mine sites.
The Na-Cho Nyak Dun First Nation (NNDFN) issued a statement last Friday saying they were suspending all regulatory dialogue with respect to Keno Hill mines, siting frustration with the way the first nation has been treated by the governments involved.
Alexco said Tuesday that the first nation's statement reflects badly on the on the company, even though it he "engaged in respectful consultation and co-operation with NNDFN in all aspects of the project, including regulatory aspects."
Na-Cho Nyak Dun said last week, in a statement from Chief Simon Mervyn, that "governments have excluded us from any meaningful dialogue related to (the) . . . proposed redevelopment of the Keno Hill mines."
"Although we have had some discussions in the past, they were 'courtesy consultations' and only paid lip service to our rights while the government eagerly cooperates with Alexco in furthering its objectives," Mervyn's statement said.
In June 2005, the federal and Yukon territorial governments approved the shift of Keno Hill into the hands of Alexco through its subsidiary Elsa Reclamation and Development Co.
But a recent decision by the Yukon's Supreme Court over a rights dispute concluded that there must be a "government to government dialogue" over approvals and transfers within traditional self-governing First Nation territories.
Spokespersons for the company and Na-Cho Nyak Dun weren't immediately available for comment.
The Na-Cho Nyak Dun has said that the Crown is continuing to co-operate with the developing companies while using a process that "does not appropriately facilitate First Nation participation."
"We have done our best to take part in processes which have not been designed to include First Nations and do not take in to consideration our capacity," Mervyn said in the statement last week.
"The Crown has bent over backwards to permit regulatory review of the Keno Hill project according to Elsa's time frames."
Alexco said on Tuesday that it has remained in accordance with the memorandum of understanding for the property, which has meant that "many" Na-Cho Nyak Dun have been trained for employment.
Alexco plans to continue working in good faith and co-operate with the Na-Cho Nyak Dun by addressing the concerns on development of the project.
"Alexco remains confident that its ongoing dialogue with NNDFN, being based on mutual respect and open and regular communication, will allow the planned progress of the Keno Hill project notwithstanding the outstanding issues between NNDFN and government," it said.
The project is being managed by NovaGold Resources, Inc. (TSX:NG), which owns 19 per cent of Alexco and is its largest shareholder. NovaGold shares were little-changed Tuesday, closing at $14.60, up seven cents.