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,.

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%,