CARDIFF, Wales, Feb. 5, 2009 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex Fuels" or the "Company") (OTCBB:FXFL) today announced that it intends to conduct Phase 2 exploration of its Malibu Gold Property ("MGP") early this year.
The new board elected on December 12, 2008 has reassessed the Company's MGP mining exploration interest located northwest of Vancouver in British Columbia, Canada. On September 30, 2008 the Company increased the MGP claim area from 165 to 683 hectares.
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 gave a gold assay of 0.72 oz/t Au across 40 cm in a channel sample across the exposed quartz vein.
The Company now expects to carry out Phase 2 of its planned exploration, at a revised and reduced budget of less than $40,000, as soon as weather permits this year. This will consist of detailed surface and underground geological mapping, rock sampling and identification of drill and trenching targets for Phase 3 exploration, if justified.
Tom Barr, CEO, commented; "The relatively modest Phase 2 investment in the Malibu Gold Property is a further step toward determining what value might be realized from this asset."
About Flex Fuels Energy, Inc.
Flex Fuels is a diversified company developing its wholly owned planned oilseed crush business, Flex Fuels Energy Ltd, in Cardiff, Wales, 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.
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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.