South Korean officials have confirmed the location of the sunken fishing boat off the coast of Jeju Island, but a tangled fishing net is making the search for the vessel difficult, Jeju Coast Guard said Friday.

Officials from the Coast Guard held a briefing at 2 p.m. on the search and rescue operations for the crew of the 129-ton Geumseong which sank early Friday morning, leaving two of the 27 crew dead and 12 unaccounted for. Sixteen of the crew were Korean and 11 were of foreign nationality.

Underwater equipment confirmed that the sunken boat is located 370 meters northeast of the initial sinking site, which was about 22 kilometers northwest of Biyangdo. But it was also found that the vessel is currently tangled with the fishing net, and is sitting around 80 to 90 meters beneath the surface.

Divers can conventionally conduct an operation to depths around 30 to 40 meters below the surface with special equipment for deeper operations.

"The water temperature near the accident site is currently about 22 degrees Celsius, which means (the crew) could survive for up to 24 hours. We will use all our resources to find those missing within this time limit," an official of the Jeju Coast Guard said in the briefing.

The Coast Guard also said that 23 vessels from the Coast Guard, three from the Navy, four government-owned boats, 13 civilian boats and 13 aircraft are searching for the missing crew in the waters 22 kilometers northwest of Biyangdo, where the Geumseong completely submerged shortly after sending out a distress signal at around 4:33 p.m. Fifteen of the 27 crew were pulled out of the water, but two -- both Korean nationals-- were pronounced dead upon arrival at a hospital in Jeju City.

Rescue operators have confirmed the exact location of the fishing boat, and have deployed divers to check the vessel. There are plans to expand the search and salvage the vessel.

The Coast Guard said it has notified the families of the crew through their employer and the foreign embassies in Korea. It will interview the rescued crew members after they have recovered to investigate the exact cause of the sinking.

The Jeju Special Self-Governing Province has been conducting rescue operations at its emergency headquarters in Jeju City in cooperation with the Coast Guard, Navy, Air Force and the civilian sector.

President Yoon Seuk Yeol has instructed relevant branches of the government, including the defense and ocean ministries, to use all available resources to rescue the missing crew. He also stressed the need to ensure the safety of the rescue workers.

It is believed that the Geumseong capsized as the crew were transferring their catch to another boat. All but two crew members were working on the deck at the time of the accident and are presumed not to have been wearing life vests.

The Geumseong left Seogwipo harbor on the southern part of Jeju Island shortly before noon Thursday. The boat was not loaded beyond its crew capacity at the time of sinking.