Resources including Canadian army aircraft and a coast guard icebreaker were deployed to locate the three men from the Inuit village of Naujaat, who had been missing since Sunday.
Rescuers finally found the men on White Island on Tuesday.
"One of the hunters was deceased and the two others had minor injuries. The initial investigation has revealed that the hunters were victims of a polar bear attack," the Royal Canadian Mounted Police said in a statement.
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It was the second deadly polar bear attack in Canada this year: another inhabitant of the Canadian territory of Nunavut was killed in early July by a polar bear.
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