** Shares of Magmatic Resources MAG.AX rise 2.6% to A$0.04

** Stock rose as much as 10.3% to hit A$0.043 in early trade, its highest level since April 29

** Diversified miner signs agreement to acquire Weebo gold project in Western Australia from private entities

** Purchase consideration for project includes A$50,000 ($32,350) cash payment

** Around 1.5 million shares change hands, 5.2 times its 30-day average

** Stock up 33.3% YTD, including the day's moves

($1 = 1.5456 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))