Excelsior and AzTech Minerals to Combine Businesses

Excelsior Mining Corp. (TSX VENTURE:MIN) announced that it has entered into a letter of intent dated June 16, 2010 with AzTech Minerals, Inc., a company incorporated under the laws of Arizona, to combine their businesses to create a well-funded, low-cost, growth-oriented, gold and copper exploration and development company.

The press release is quoted as saying:

The two companies have agreed to combine on the basis of two common shares of Excelsior being issued for each outstanding share of AzTech. As part of the transaction, and prior to any Excelsior common shares being issued to AzTech shareholders, Excelsior will consolidate its issued and outstanding common shares on the basis of one post-consolidation common share for every three common shares outstanding.

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