The HypHI collaboration aims to perform a precise hypernuclear spectroscopy with stable heavy ion beams and rare isotope beams at GSI and fAIR in order to study hypernuclei at extreme isospin, especially neutron rich hypernuclei to look insight hyperon-nucleon interactions in the neutron rich medium, and hypernuclear magnetic moments to investigate baryon properties in the nuclei. We are currently preparing for the first experiment with $^6$Li and $^{12}$C beams at 2 AGeV to demonstrate the feasibility of a precise hypernuclear spectroscopy by identifying $^{3}_{Lambda}$H, $^{4}_{Lambda}$H and $^{5}_{Lambda}$He. The first physics experiment on these hypernuclei is planned for 2009. In the present document, an overview of the HypHI project and the details of this first experiment will be discussed.
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