Wilshire Asset Management offered to acquire Industrial Sands & Gravels Pty Ltd. from GBM Gold Ltd. (ASX:GBM) on August 14, 2012. An agreement to acquire Industrial Sands & Gravels Pty Ltd. from GBM Gold Ltd. (ASX:GBM) for AUD 5 million was signed on August 27, 2012. Details of the sale includes AUD 0.1 million paid immediately on signing, AUD 0.65 million payable by August 30, 2012 and AUD 0.25 million per month for 17 months payable from July 5, 2013 to November 5, 2014, in the event the project is not in production within 18 months GBM retains 10% of ISG and a further 10% for each 6 months thereafter and a 2% royalty agreement to GBM subsidiary GBM Avoca Pty Ltd which owns the EL overlaying the entire project.