ORIGINAL: daven
quite often the fuel is coming out of the front bearing and not the muffler or carb. It can be alittle messy.
Dave has this right.
Especially on the muffler
If you see raw fuel on the muffler or carb body, its coming from the front bearing. Nothing to be concerned about, that is very normal.
If you find you have an exhuast leak... make sure you have the muffler clean and the surfaces clean. If they get buggered up then they will leak, but they will leak exhaust and that is easier to see. Sometimes I have used two gaskets on older engines.
Also... just of note after you run the engine, give it a few minutes to cool off, and check the muffler and cyclinder head bolts. Worth while if it is a new engine.
Bob