The San Juan has been found almost 3,000 feet beneath the ocean's surface in waters off the Valdes Peninsula in Argentine Patagonia, according to The Associated Press.
Officials announced on Friday (Saturday NZT) that it had been found 900m (2,950ft) below the surface of the Atlantic Ocean.
Aguad could neither confirm nor deny if the vessel could be recovered, but said the government did "not have the means to extract the submarine".
Luis Tagliapietra, father of missing crew member Alejandro, told ABC News just two days ago that he was exhausted and frustrated as the ship began to head back to port after over two months of searching. "They say that our youngsters are inside", said Yolanda Mendiola, the mother of crewman Leandro Cisneros, 28.
RA San Juan submarine went missing on November 15 past year, about 430 kilometers from the Argentine coast, with 44 crew members on board.
And authorities disclosed that just before the sub went missing, the captain reported that water had entered the engines' snorkel and short-circuited one of the sub's batteries, although he said the issue had been contained, according to the AP.
The disappearance of the submarine with 44 crew members aboard devastated the proud South American nation
The San Juan was constructed in the German port of Emden in 1983 and was later refitted in Argentina.
The loss of the San Juan is the first major tragedy to hit the Navy since the South Atlantic War in 1982. The 44 crew members' families have been summoned to Mar del Plata Naval Base to be officially informed of the discovery of the ship this weekend.
The ARA San Juan disappeared on 15 November 2017, prompting an global search which included assistance from the United Kingdom and US.
Ocean Infinity, a United States company specializing in deep water search and recovery, began looking for the ARA San Juan in September, using autonomous underwater vehicles operated by a team on board its ship Seabed Constructor, the firm said. Federal police raided naval bases and other buildings last January as part of the probe, soon after the government dismissed the head of the navy.
The Argentine navy said at the time it could have been the sound of the sub imploding but this was not confirmed until Saturday. Three Argentine Navy personnel and four people representing families were also aboard Ocean Infinity's search vessel.
Navy spokesman Enrique Balbi told reporters previous year that water had entered the submarine's snorkel, which can be used to take in air from above the surface when the submarine is submerged. Authorities detected a blast that could have been the result of a "concentration of hydrogen".
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