Excelsior Mining Corp. announced e that it has formally exercised the option with the James L. Sullivan Trust, and entities owned by the Trust, to acquire 100% of the mineral interests that comprise the Gunnison Project located in Cochise County, Arizona. The option to acquire the gunnison project was held under the terms of an amended option agreement with the trust and entities owned by the trust.

In order to exercise the option, excelsior made the final payment of $50,000 to the trust that was due under the terms of the agreement.