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.

Canadian miner Barrick Gold on Wednesday announced a deal to divest its 50% stake in the Donlin Gold project in Alaska for up to $1.1-billion, marking an exit from the asset while strengthening its focus on Tier One operations.

Barrick Gold agreed to sell its 50% stake in the Donlin Gold project in Alaska to affiliates of Paulson Advisers and NovaGold Resources for $1B in cash.