LONDON, June 16, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex Fuels" or the "Company") (OTCBB:FXFL) has conducted a further study of its Malibu Gold Property ("MGP") located approximately 110 km northwest of Vancouver, British Columbia.
The MGP consists of two waterside mineral claims containing 33 cell claim units totalling approximately 683 hectares.
Previous surveys have indicated that the MGP hosts gold and base metal deposits within quartz veins and quartz-filled shear zones. Two short tunnels ("adits") dating back to the early part of last century have been driven on the mineralized areas, exposing gold mineralization in the #1 adit and a 30 to 130 cm wide gold-bearing quartz vein in the #2 adit. The vein pinches and swells along 50 metres of shoreline cliffs. The #2 adit previously gave a gold assay of 0.72 oz/t Au across 40 cm in a channel sample across the exposed quartz vein.
In line with the announcement of February 5, 2009 and the weather being favourable the Company has recently resurveyed the site, taking several diamond saw cut rock samples. These samples are in the care and control of an Independent Geologist, as per the National Instrument 43-101 regulations governing the Standards of Disclosure for Mineral Projects within Canada.
The Independent Geologist will report upon the samples and assays. The Company has also ordered a thin-section interpretation of the mineralization to be conducted by Vancouver Petrographics Ltd. This study is designed to assess the microscopic nature of the mineralization.
The results of these studies are expected to be available by the third calendar quarter, 2009 and will form the basis for the identification of drill and trenching targets for Phase 3 exploration, if justified.
Share Buy Back
The Company has completed a share buy back as a result of stock purchase agreements entered into on May 21, 2009 whereby it has purchased an aggregate of 16,989,136 shares of our common stock from three shareholders at a price of $0.008 per share for an aggregate price of approximately $135,913. These shares will be returned to treasury as authorised but unissued, reducing the Company's issued share capital by approximately 24.5%.
Tom Barr, CEO, commented: "The Malibu Gold Prospect is the Company's original asset. This latest exploration will enable the Company to plan the next steps toward determining if the MGP hosts commercial gold reserves. I would also like to extend my thanks to the selling founders of the unviable Flex Fuels Energy Ltd business now abandoned by the Company for acting in assisting the Company to reduce its issued share capital so that we may move forward."
About Flex Fuels Energy, Inc.
Flex Fuels is a diversified company with interests in the UK and mining exploration activities in British Columbia, Canada.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexfuelsenergy.com.
The Flex Fuels Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4085
Forward-Looking Statements
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. Flex Fuels Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.