Jaxon Closes Final Tranche of Financing - $595,140 Total for Both Tranches

Vancouver, British Columbia--(Newsfile Corp. - July 20, 2018) - Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC: JXMNF) is pleased to announce that it has closed the final tranche of its non-brokered private placement announced June 5, 2018. The Company closed on 2,000,000 units at a price of $0.12 for additional gross proceeds of $240,000. This over-subscribed the initial filing of $390,000 by $205,140, bringing the total for both closings to $595,140. Each unit will comprise one common share and one-half common share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at $0.20 per share with an expiry date of two years from the closing of the private placement.

The use of proceeds will augment the Company's working capital for expenses that do not qualify for the $1,472,000 in flow-through funds raised by Jaxon last year - see news release dated December 4, 2017.

The Company clarifies that its first close was 2,959,500 units (not 2,959,000 units as stated in its June 6, 2018 news release).

The securities issued in the private placement will be subject to a hold period of four months plus one day following the issue date, under applicable Canadian securities legislation.

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 Jason Cubitt 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 the TSX Venture Exchange nor its Regulation 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.