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Jaxon Announces Non-Brokered Private Placement

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - October 2, 2019) - Jaxon Mining Inc. (TSXV: JAX) (FSE: OU31) (OTC: JXMNF) ("Jaxon" or the "Company") announces a non-brokered private placement financing of up to 24,000,000 units comprised of 14,000,000 flow through units at a price of $0.07 per unit for gross proceeds of up to $980,000 and 10,000,000 non-flow through units at a price of $0.05 per unit for gross proceeds of up to $500,000.

Each unit will consist of one common share and one-half share purchase warrant. Each whole purchase warrant will entitle the holder to purchase one common share at $0.075 per share. The warrants will have an expiry date of two years from the date of issue.

This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. If applicable, the Company may pay finder's fees in relation to this offering commensurate with regulatory policies.

Proceeds raised from the sale of flow through units will be used for exploration of the Company's Red Springs project. Proceeds from the sale of non-flow through units will be used for general working capital.

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 Red Springs project in north-central British Columbia.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINING INC.

"John King Burns"

John King Burns, Chairman

For more information, please contact Investor Relations at 604-558-2630 or toll free at 1-888-280-8128 or info@kayewynn.com.

For Corporate enquiries, please call 604-398-5394 or email info@jaxonmining.com.

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.

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