Mr. Jason Cubitt reports

JAXON ANNOUNCES NEW DISCOVERIES AT HAZELTON AND ANNOUNCES FINANCING

Jaxon Minerals Inc. has provided an update on its exploration program at its 100-per-cent-owned Hazelton Ag-Au-Zn-Pb (silver-gold-zinc-lead) project. Jaxon will be issuing regular reports on this field program for the benefit of its shareholders.

Jaxon's field team, led by the company's exploration project manager, Bruce Ballantyne, was mobilized to the field on June 3. The following is a summary of work being carried out.

Highlights:

• Rehabilitation of trails and trenches;
• Preliminary reconnaissance;
• Sampling and new discovery at trench 742 south;
• New discovery near 550 trench;
• Hydrogeochemical sampling.

Preliminary reconnaissance

Preliminary reconnaissance was carried out over an area of approximately 1,000 by 300 metres in and around the known mineralization at the Max zone. Max zone target mineralization has been identified over roughly 1,000 metres, down a moderately to steeply inclined slope from 800 m to 550 m elevation (a 250-metre vertical difference).

Sampling and new discovery at trench 742 south

Sampling work has been focused on trench 742 south, which yielded historical values of up to 2,171 grams per tonne silver, 3.89 g/t gold, 18.8 per cent zinc and 39.5 per cent lead in grab samples, as previously reported. Rehabilitation and new channel sampling at two locations (seven- and six-metre channels, respectively) across the historical trench have revealed a massive sulphide unit overlain by a massive silver sulphosalt bed which has never been sampled continuously over its entire width.

Approximately 30 metres north and upslope from trench 742 south, the exploration team discovered a new, similar, silver sulphosalt lens showing, named occurrence 742 north. This discovery has been expanded and trenched to expose a 30-metre-high rock wall showing multiple previously unidentified lenses and beds of silver sulphosalts hosted by a marine volcanosedimentary sequence.

New discovery near 550 trench

The 550 trench, which yielded historical values of 937 g/t Ag, 2.78 g/t Au, 4.31 per cent Zn and 3.83 per cent Pb, was previously identified as float adjacent to a well-maintained trail. The in situ source of the 550 trench has been discovered in a five-metre-wide rock wall exposure comprising a silver sulphosalt and gold-bearing massive sulphide vein or unit. The exposure will be continuously channel sampled in the coming weeks.

Along a trail extending from the 550 occurrence, the team also conducted geological mapping over 1.5 kilometres to the south-southeast of the known mineralization at the Max zone.

Hydrogeochemical sampling

In conjunction with the bedrock cleaning and sampling efforts, a hydrogeochemical sampling program is being undertaken at both the Max zone target area and along regional strike in similar-aged Skeena group rocks. Many of the drainages to be sampled have historically reported anomalous B.C. Department of Mines reconnaissance geochemical survey (RGS) stream sediment samples, anomalous in diagnostic elements indicative of volcanogenic massive sulphide (VMS) mineralization. Hydrogeochemical data tracking these elements will help to identify anomalous drainages for future VMS targets.

Summary

The field team has begun the first phase of exploration on the Hazelton property. The company's goal in this first phase is to establish the continuity and extent of previously identified high-grade, stratified massive sulphide beds, which have been historically mapped over an area of roughly one square kilometre.

Bruce Ballantyne, exploration project manager, stated: "This past week has been highly encouraging for the exploration team. These new discoveries, in conjunction with confirmation of historical showings, confirms the enormous potential of this project. We will continue systematic exploration of the property in the coming weeks and will be providing regular updates as the program progresses."

Financing

The company also announces that it has arranged a non-brokered private placement of up to four million units at a price of 25 cents per unit for gross proceeds of up to $1-million. 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 35 cents per share with an expiry date of two years from the closing of the private placement. A finder's fee commensurate with TSX Venture Exchange policies will be paid where applicable.

The funds raised will be used to continue field exploration of the company's Hazelton project (formerly Price Creek) and continue data compilation in anticipation of fieldwork on the company's Wishbone/Foremore project and for general working capital purposes.

Technical information in this news release has been reviewed and approved by Derrick Strickland, PGeo, a qualified person as defined in National Instrument 43-101.

About Jaxon Minerals Inc.

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 B.C.'s Golden Triangle.

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