Canada's Barrick Gold said on Tuesday it will exit the Donlin gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.

Barrick Gold entered a deal to sell its stake in an Alaskan gold project for as much as $1.1 billion to affiliates of billionaire John Paulson’s Paulson Advisers and Novagold Resources,.

Upping his exposure to one of the hottest investments this year, billionaire investor John Paulson is teaming up with Canada’s NovaGold Resources Inc. to purchase a stake in an Alaskan gold-mining project.