Mr. Jason Cubitt reports

JAXON CLOSES FIRST TRANCHE OF FLOW THROUGH FINANCING

Jaxon Mining Inc. has closed the first tranche of a non-brokered private placement announced Oct. 26, 2017. This tranche consisted of gross proceeds of $695,652. The company expects to close its final tranche no later than Nov. 17, 2017. PearTree Securities acted as agent for the transaction.

Jason Cubitt, president of Jaxon Mining, commented, "We appreciate the ongoing support of our investors and look forward to continued exploration success at both the Hazelton and More Creek projects."

Jaxon issued 2,173,914 flow-through shares at a price of 32 cents in this tranche. All shares from this placement are subject to a four-month hold from the date of issuance. The private placement is subject to final TSX Venture Exchange approval.

Proceeds from this first tranche will be used to continue the drilling program under way at Jaxon's Hazelton project on the Max VMS (volcanogenic massive sulphide) target, and will also be applied to other precious and base metal targets at Hazelton as well as the company's More Creek project in the Golden Triangle.

About Jaxon Mining Inc.

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 British Columbia's Golden Triangle.

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