Australia-based Republic Gold Ltd. said Friday it will sell its assets in far north Queensland to Territory Minerals Pty. Ltd.

The cash and stock deal advances Republic Gold's shift in focus to its Bolivian operations where the company's flagship Amayapampa project is set to become that nation's largest producing gold mine with a total Jorc resource of 1.28 million ounces, the Sydney-based company said.

The company wants to move into production as quickly as possible and the cash injection it is receiving from Territory through this arrangement will go towards Amayapampa, Campbell Smith, managing director, said in a statement.