Mr. Leif Smither reports

JAXON CLOSES PRICE CREEK PROJECT ACQUISITION AND 10,400,000 UNIT PRIVATE PLACEMENT

Jaxon Minerals Inc. has closed a 10.4-million-unit private placement at seven cents per unit to raise $728,000. Each unit consists of a common share and one-half of one share warrant, with one full warrant required to purchase an additional common share at 10 cents up to Oct. 28, 2017.

The company also reports that the TSX Venture Exchange has accepted for filing the acquisition of the Price Creek option agreement with CJL Enterprises Ltd. as reported on in the news release dated Sept. 29, 2016. The Price Creek property has seen considerable historic exploration, and the company is in the process of reviewing data and planning for the coming exploration and drilling campaign. This property, with reported potential Eskay Creek/Equity Silver-style mineralization, was visited by company staff during the course of its due diligence, and grab samples taken from trenches reported the assay results shown in the attached table.

Sample No.   Location (showing)   Au ppb (g/t)         Ag ppm (oz/t)    Pb %    Zn %

16-01               Knoll View    6,259 (6.26)             39 (1.25)    4.99    4.45
16-02                    Creek    4,732 (4.73)   Greater than 1,500    19.59     5.7
                                                 (greater than 48.2)
16-03                      Ted      488 (0.49)            213 (6.85)   12.21    6.46
16-04                     Main      659 (0.66)              65 (2.1)    1.07   21.29

Assays were provided by Bureau Veritas, an ISO-accredited lab. Lead and zinc were analyzed by the MA410 technique, and gold/silver by FA330 (gold) and lead collection plus ICP (inductively coupled plasma) (silver).

This news release has been reviewed by Glen Macdonald, PGeo (a qualified person for the purpose of National Instrument 43-101, standards of disclosure for mineral projects).

Leif Smither, president, states: "The Price Creek acquisition is a compelling story and has significant upside as an advanced exploration project that Jaxon intends to aggressively explore. The coming year will be an exciting time for shareholders."

During the compilation and analysis of historical information, the company will from time to time be publicizing results of its findings.

We seek Safe Harbor.