Lifeguards managed to take 15 survivors off the boat found late afternoon some 314 kilometres (195 miles) south of the island of El Hierro, a spokesperson for the Spanish emergency services told AFP.
The survivors, some suffering from hunger and hypothermia, were transported by helicopter to El Hierro.
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The Canary Islands, Spanish islands off the north-west coast of Africa, are seeing the largest number of migrant arrivals since 2006.
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Most of the undocumented migrants risking the perilous crossing are from sub-Saharan Africa.
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