June 18, 2009 (FinancialWire) — Flex Fuels Energy, Inc. (OTCBB: FXFL) has conducted a further study of its Malibu Gold Property 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.

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%.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.