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One object is "a grey or green circular object," and the other is "an orange rectangular object," the Australian Maritime Safety Authority said.
The reports have once again raised hopes of meaningful progress in the hunt for the plane, which has gone on for more than two weeks. Flight 370 vanished over Southeast Asia on March 8 during a flight from Kuala Lumpur, Malaysia, to Beijing. On board were 227 passengers and 12 crew.
Experts urged restraint.
"The fact that it's got color is really intriguing," said Colleen Keller, a senior analyst with Metron Inc., a defense contractor that helped with the search for Air France Flight 447. "But I've got to caution everybody, there's a lot of junk out there."