Jaxon announces completion of unit private placement


VANCOUVER, Oct. 26 /CNW/ - Jaxon Minerals Inc. (the "Company") (TSX-V: JAX), announces that it has completed subscriptions for a non-brokered private placement of 1,350,000 units for gross proceeds of $310,500. Each unit will be comprised of one common share and one common share purchase warrant which will entitle the holder to purchase one additional common share at $0.35 per share with an expiry date of two years from the closing of the private placement; provided however that should the closing price of the Company's shares on the TSX-V be at least $0.75 per share for 20 consecutive trading days, the Company may, by notice to the warrant holders, reduce the remaining exercise period for the warrants to 30 calendar days from the date of the notice.

Finders' fees commensurate with TSX.V policies will be paid from the Company's working capital.

The funds raised will be used to conduct exploration on the Company's Nox-Fort Project near Salmo, British Columbia and for general working capital.


    "Leif Smither"

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 Regulation 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.

%SEDAR: 00024980E

SOURCE Jaxon Minerals Inc.

For further information: For further information: regarding Jaxon Minerals Inc., please contact Leif Smither, Michael Dake at (604) 608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com

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Jaxon Minerals Inc.

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