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. The Donlin Gold project is a proposed mine which holds roughly 39 million ounces of gold.

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.

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