A boat carrying 120 migrants sank off the coast of Libya, nearly 117 migrants are still reported missing, the International Organization for Migration (IOM) said Saturday.

"An overloaded rubber boat carrying 120 migrants on board turned over, near the Libyan coast with 117 people still missing," Spokesperson of Coordination Office for the Mediterranean of the IOM Flavio Di Giacomo said, explaining that chances of finding them alive are bleak.

The Italian Navy confirmed the rescue of 3 migrants last Friday.

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