Perth miner Bass Metals has sold its Tasmanian gold mine to private company Ivy Resources for $11 million.
The Hellyer mine sale will allow Bass Metals to clear its debts and begin new exploration projects.
Bass is still pursuing legal action against a Singapore-based company over a failed $14 million sale deal last year.
The sale is not likely to need shareholder approval.
It includes a $600,000 payment by Ivy next month.
The announcement caused Bass Metals' share price to double from 5 to 12 cents a share.