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Workers tried to give Borges CPR when they found the 31-year-old unresponsive on the banks of the Hunter River on May 9, but he died at the scene.
Borges is believed to have travelled to Australia after allegedly being hired by drug smugglers to retrieve cocaine from a ship at the port.
It is believed he had been trying to retrieve drugs in the middle of the night and police think the package they found could be part of a $100 million haul.
The professional diver’s body was found surrounded by bricks of cocaine.
Police said Borges was wearing highly-technical diving gear including breathing equipment that doesn’t emit any bubbles.
The ship at the centre of the drug incident had travelled from Argentina and arrived in Newcastle last week.
The vessel was carrying soybean powder and police are looking at whether the drugs were attached to the outside of its hull.
So far, police have charged one person in relation to the alleged drug importation plot.
He remains before the courts.
Inquiries into the death and the cocaine discovery are continuing.