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 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 (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%,