** Shares of Challenger Gold CEL.AX rise as much as 11.1% to A$0.050, their biggest intraday pct gain since late-October
** Co signs a processing agreement with gold and silver miner Austral Gold's AGD.AX subsidiary Casposo Argentina Mining
** Under the deal, Casposo will process gold from CEL's Hualilan project in Argentina for three years
** CEL says base processing fee is $8.80 per tonne and an upfront payment of $2 mln, with additional $1 mln to be paid in the second year
** AGD shares jump 14.3% to A$0.024
** More than 2 mln CEL shares change hands, vs the 30-day average of 1.8 mln shares
** CEL trims YTD losses to 33.8%, while AGD shares down 17.2%
($1 = 1.5550 Australian dollars)
(Reporting by Namrata Verma in Bengaluru)
((Namrata.Verma@thomsonreuters.com;))
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