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.

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

While Barrick looked at developing Donlin over the years, it has elected instead to pursue projects it believes offer superior return potential