** Shares of Augustus Minerals rise 15.6% to A$0.052, set for best session since Oct. 22 - if current gains hold

** Diversified miner says co executes binding share purchase agreement to acquire Music Well gold project in Western Australia for A$200,000 ($131,680.00) from Music Well Gold Mines

** Says project has potential for gold discoveries over next two years

** Stock hits highest level since Oct. 28

** More than 519,700 shares change hands vs 30-day avg volume of about 382,000 shares

** AUG down ~50.5% YTD, including current session's moves

($1 = 1.5188 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

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