Jaxon Provides Update on Effective Date for Share Split and Name Change

Vancouver, British Columbia--(Newsfile Corp. - August 24, 2017) - Jaxon Minerals Inc. (TSXV: JAX) (FSE: 0U3), is pleased to be moving ahead with its name change to "Jaxon Mining Inc." and share split on the basis of 1.25 new common shares for every existing common share, as announced on August 10, 2017.Outstanding stock options and warrants will be adjusted on the basis of the same ratio. The Company has filed documentation with the TSX Venture Exchange and expects to make the name change and share split effective around the middle of next week.

The Company will make a further announcement once the effective date is confirmed with the TSXV, along with further details for transmittal of the old shares with Computershare, the Company's transfer agent.

About Jaxon

Jaxon is a base and precious 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 Wishbone/Foremore property in BC's Golden Triangle.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.

"Jason Cubitt"
Jason Cubitt, President

For further information regarding Jaxon Minerals Inc., please contact 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).