July 14 (Reuters) - Alliance Resources Ltd AGS.AX :
* Says has agreed to sell its interest in the four mile project to quasar resources pty ltd
* Conditions of sale require ace and quasar to file a stay of the current proceedings in the supreme court of south Australia
* Says if shareholders approve the sale the proceedings will be withdrawn
* Says if shareholders do not approve the sale either ace or quasar may apply for an order lifting the stay
* Source text for Eikon ID:nASX5ppky7