Jaxon Announces $1.8 Million Strategic Investment and Commencement of Drill Program

Vancouver, British Columbia--(Newsfile Corp. - October 26, 2017) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) is pleased to announce it has arranged a strategic investment from the Zijin Midas Exploration Fund, a subsidiary of Zijin Mining Group Co. Ltd. of China, and certain other investors, of up to 5,625,000 flow-through shares at a price of $0.32 per share for gross proceeds of $1.8 million. Proceeds will contribute to funding Jaxon's Fall/Winter 2017 drill program at its Hazelton silver-zinc VMS target in BC's prolific Skeena Arch.

Jason Cubitt, Jaxon's President and CEO, commented: "The Zijin Midas Exploration Fund is a cornerstone strategic investor and we welcome their continued support." He continued, "We're excited to be mobilizing to the field for a Phase 1 drill program at the Hazelton project. We have a host of high priority targets to drill test-many beneath interpreted feeder zones associated with bonanza grades of silver and zinc at surface in outcrop."

A detailed 3-dimensional drill model has been produced based on an integrated compilation of historic and recent fieldwork and airborne geophysics. The company will provide specifics to the program in the coming days via news release and on its website at www.jaxonmining.com.

Closing of the financing is subject to approval by the TSX Venture Exchange. All of the securities issued under this financing will be subject to a hold period of four months from the closing date of the offering. Finders' fees may be payable to qualified finders in accordance with applicable regulations.

About Jaxon

Jaxon is a precious and base metals exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton Project in north-central British Columbia and the More Creek Project (consolidating the Wishbone and Foremore properties) in BC's Golden Triangle.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

"Jason Cubitt" ______
Jason Cubitt, President.

For further information regarding Jaxon Mining Inc., please contact Mark Carruthers at 604-608-0400 Toll free: 1-877-608-0007.

This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames. or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release