North-West miner Bass Metals has announced plans to sell its Hellyer mining operations to Ivy Resources for $11 million.
Bass Metals said the sale, expected next month, would allow the company to clear its significant debt and explore new Tasmanian projects.
The new bank roll will also fund its litigation against LionGold which it alleged pulled out of a $14 million agreement to buy Bass Metals last year.
The company is seeking $20 million damages in the Western Australia Supreme Court.
The Foreign Investment Review Board will need to approve the new deal between Bass Metals and the Hong Kong-based Ivy Resources.
Ivy plans to fast track a feasibility study to assess Hellyer tailings for gold and silver recovery, Bass Metals' managing director, Mike Rosenstreich said yesterday.
He said Bass Metals may continue to be involved in site maintenance and environmental management at the Hellyer plant.
