The mining giant is facing rising pressure from Turquoise minority shareholders to boost the offer.

Guanaco-Amancaya now has proven and probable reserves of 12.1 million grading 0.84 g/t gold and 4.89 g/t silver.

The ban reflects Prime Minister Fumio Kishida's resolve to impose further sanctions against the country, pledged at last week's G7 meeting.

Spanish Mountain gold project in British Columbia is expected to operate for 14 years producing a total of 2.1 million oz. gold.

Polymetal, which has a free float of 75.2%, is not subject to any Western sanctions imposed on Russia.

The scheme aims to exclude gold linked to violence and crime from the mainstream market.

Weaker gold price can be attributed to the US dollar, which is continuing to appreciate, an analyst said.

The study will be based on an inferred mineral resource estimated at 1.04 million oz. of gold-equivalent.