Bass Metals sells gold mine

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.

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