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.

Canada’s Barrick Gold (GOLD) is exiting an Alaska mine project by selling its 50% stake to billionaire hedge fund manager John Paulson and

Barrick Gold (NYSE:GOLD) said Tuesday it agreed to sell its 50% stake in the Donlin Gold project in Alaska to affiliates of Paulson Advisers and NovaGold Resources (NG) for $1B in cash; Barrick +1.8%,