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It happened in the Gilgit Baltistan region as the bus was heading towards Chakwal, a city in Punjab province, government spokesman Faizullah Faraq said.
He said that so far only one woman has been found alive and is being treated in hospital. Police said rescuers would continue searching for the missing passengers on Wednesday.
Police also said it was unclear what caused the crash, and officers were yet to record the statement of the sole survivor.
Pakistani President Asif Ali Zardari expressed his condolences and asked the rescuers to speed up the search for the missing passengers.
Road accidents are common in Pakistan due to poor infrastructure and non-compliance with traffic laws and safety standards. In August, 36 people were killed and dozens more injured in two separate bus accidents.
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