Iran is working with Venezuela to identify uranium deposits in the South American country and preliminary tests show it may hold large reserves, a Venezuelan official said on Friday.
Iranian officials have aided in carrying out geophysical testing and flight surveys that indicate Venezuela possesses uranium reserves in the mineral-rich state of Bolivar and Tachira, Mining Minister Rodolfo Sanz told reporters.
"Our geophysical probes indicate we could have important uranium reserves," Sanz said, speaking in Venezuela's Margarita Island before the start of a two-day Africa-South America presidential summit.
He said President Hugo Chavez could seek to certify the reserves within three years.
The announcement followed accusations on Friday by U.S. President Barack Obama and the leaders of Britain and France that Iran is building a secret nuclear fuel plant in violation of international rules.