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Two students from Rhodes University drowned at the weekend in the Thomas Baines River outside Grahamstown.
Police captain John Fobian says the students had gone fishing on Saturday when their boat capsized.
A first year student managed to swim to safety and was admitted to hospital with near-drowning symptoms.
Fobian says a search and rescue team found the bodies of the other two students on Sunday.
They were third year students from Zambia who were studying pharmacy and a B Comm.