LONDON, UK: Boston International Holdings has signed a non-binding heads of terms to acquire Hyperion Development Corporation in exchange for the issue of new ordinary shares.

Hyperion holds 100% of the issued share capital of Camel Gold SRL, a company incorporated in Burkina Faso in West Africa, which owns a 100% interest in a gold & other precious metals exploration licence, located approximately 120 kilometres to the southeast of the capital city of Ougadougou in the provinces of Ganzourgou and Boulgou in Burkina Faso.

The Yansse Gold Project comprises an exploration licence with an area of 47,404 square kilometres, awarded in May 2019 for a total tenure of up to nine years, and on expiry, an application can be made to the Ministry of Mines for transfer to a mining licence subject to satisfactory exploration and feasibility studies.

Camel Gold also has outstanding permit applications in the Burkina Faso Mining Cadastre for two further gold & other precious metals exploration licences located immediately adjacent to Yansse and which indicate a regional continuation of a major geological shear zone favourable for the occurrence of gold deposits and marked by intense local artisanal mining activities.

Boston International considers Yansse to be a potentially significant high impact exploration opportunity which has been the focus of investment by Hyperion through a targeted work programme which has demonstrated the overall prospectivity for a potential gold deposit with the presence of potential multiple exploration targets. 

The Yansse licence is both on geological trend (Birimian greenstone belt) and geologically analogous to the Kiaka, Bombore and Sanbrado commercial deposits which are all located within 30 kilometres of the licence boundary.

Christopher Pitman, Chairman of Boston International Holdings plc, commented: “We are delighted to have entered into heads of terms to acquire an attractive gold exploration business centred on the major West African gold bearing Birimian greenstone belt. This transaction has been one of numerous acquisition opportunities reviewed by the board of directors and we believe that Hyperion offers both significant potential upside value for our shareholders as well as the probability of meeting the FCA 2023 December deadline for listed shell companies.”