While this is correct, I also think that perhaps the French word "excursion" might possibly translate better to "Ausflug" in German. So I would suggest something like "Wir machen einen Ausflug"
I can only judge by the French translation. ' partir en excursion' is a more specific way of travelling than 'auf Reise gehen'. Therefore I think that 'Wir gehen auf Exkursion' or 'Wir machen einen Ausflug' would be more accurate.