Feb 22 (Reuters) - ALLIANCE RESOURCES LTD (AGS) :
- RECEIVED INTENTION TO MAKE AN OFF MARKET TAKEOVER BID FROM GANDEL METALS PTY
- AGS BOARD, EXCLUDING NON-EXECUTIVE CHAIRMAN, IS CONSIDERING PROPOSAL
- AGS BOARD INTENDS TO MAKE A FORMAL RECOMMENDATION ONCE A BIDDER'S STATEMENT IS RECEIVED OUTLINING FULL OFFER
- TO ACQUIRE ALL OF ORDINARY SHARES OF CO THAT GANDEL METALS AND ITS ASSOCIATES DO NOT ALREADY OWN FOR A$0.18 PER SHARE
- CLOSING DATE FOR ENTITLEMENT OFFER EXTENDED TILL FRIDAY 4 MARCH