Mr. Jason Cubitt reports

JAXON ANNOUNCES RE-ASSAY OF HIGH GRADE SILVER AND ADDITIONAL PROPERTY ACQUISITION

Jaxon Minerals Inc. has received results from the reassay of sample 16-02, one of four surface samples taken on its due diligence site visit to the recently optioned Price Creek property (see news release dated Nov. 2, 2016). As previously reported, the silver content in the sample material exceeded the upper limit of the assay method used. The reassay of sample 16-02 reported a silver grade of 1,942 parts per million or 68.5 ounces per tonne. Complete assay results of the four samples are provided in the table.

       PRICE CREEK SAMPLE REASSAYING RESULTS

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

16-01          6,259  6.26    39   1.25  4.99  4.45
16-02          4,732  4.73 1,942   68.5 19.59   5.7
16-03            488  0.49   213   6.85 12.21  6.46
16-04            659  0.66    65    2.1  1.07 21.29

The company is also pleased to announce that it has entered into a letter agreement to expand the terms of the previously announced letter agreement (see news release dated Nov. 23, 2016) to include an additional 15 claims along mineralized trends bordering the southwest border of Jaxon's Price Creek property. Payment terms to the vendor remain unchanged, subject to a 1-per-cent net-smelter-return royalty on all ground contained within the agreement.

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

We seek Safe Harbor.