Fossett, a friend of Virgin boss Richard Branson, and the first man to fly non-stop round the earth in a hot air balloon, went missing last September when his final flight in a light plane over the Nevada desert went missing.
However, Lieutenant Colonel Cynthia Ryan of the US Civil Air Patrol has said Fossett, whose body or plane was never found, could still be alive.
She said: "I've been doing this search and rescue for 14 years. Fossett should have been found.
"It's not like we didn't have our eyes open. We found six other planes while we were looking for him. We're pretty good at what we do."
Fossett's disappearance sparked the biggest search in American history, with the Civil Air Patrol's Black Hawks, fitted with infra-red technology, joined by over 30 private planes and internet experts scanning the Nevada desert looking for clues.
Lt Col Ryan believes Fossett m
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