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The dive team told Channel 2 Action News the boat overturned Friday afternoon.
"We believe that everyone in that boat is still missing, so we haven't been able to verify the number," Maj. Stephen Adams said.
Adams said witnesses have offered conflicting reports about the number of people on the boat when it overturned.
"We think we know who was involved and we're working to notify people who would be next of kin," Adams said.
Video from NewsChopper 2 showed the boat partially submerged near an island in the southeast corner of the lake.
Witness Dillon Hahn said he was sitting on his boat on Lake Lanier when he said all of a sudden he heard a loud noise.
"I saw the boat swirl and it just started jumping out of the water. It caught the rear end of the boat and came around," Hahn said.
Hahn said he saw four boaters fall into the water.
Hahn said he will never forget the sound of the crashing water and screams before everything went silent.
Officials said none of the people inside the boat were wearing life jackets
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