Rescuers were called on Monday just after 3 p.m. when the listing nine-metre sailboat was spotted aground on rocks near Union Bay, just south of Courtenay, B.C.
Air force search and rescue technicians from the base in nearby Comox were among the first on the scene.
They pulled a 44-year-old Courtenay man to safety and also located a 40 year-old Courtenay woman in waters near the grounded boat.
RCMP say the woman was rushed to St. Joseph's Hospital in Comox, but could not be revived.
Mounties and the coroner continue to investigate and police say the names of the two victims have not been released, at the request of their families.
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