RCMP in Woods Harbour confirmed the overturned hull of Miss Ally was sighted by one of the planes patrolling the area around 10 a.m Saturday morning.
The coast guard ship Sir William Alexander and at least one fishing vessel have reached the Miss Ally, confirmed sources in Woods Harbour. Dive teams are getting ready to take to the water to conduct an assesment of the vessel. The overturned fishing boat was rediscovered after two days of finding nothing but debris and open ocean.
George Hopkins, the father of one of the missing fishermen said he received an unofficial phone call this morning followed shortly after by another from the RCMP confirming the discovery of the capsized boat by air force planes.
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Hopkins says three fishing boats with divers on board were converging on the location.
Families of the fishermen are hopeful the vessel will provide some of the answers needed about what happened.
The Miss Ally capsized in in a storm Sunday night. The search for the five missing fishermen was called off more than 36 hours later.
The hull of the capsized vessel has been the focus of attention in recent days as pressure has been mounting for officials to bring the vessel into port under tow or searched by divers so answers to the tragedy can be found.
The capsized vessel was lost for more than two days and was feared sunk before the latest reports.
We will have more updates on this breaking story as soon as they are available.