The fate of around 190 miners remained unclear in one of Turkey's worst mining disasters.
Recep Tayyip Erdogan made the announcement today during a visit to the coal mine in Soma, about 250 kilometres south of Istanbul.
Earlier, Erdogan declared three days of national mourning, ordering flags to be lowered to half-staff. Erdogan postponed a one-day visit to Albania and visited Soma instead.
The explosion tore through the mine as workers were preparing for a shift change, officials said, which likely raised the casualty toll because there were more miners inside the mine than usual.
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In Istanbul, hundreds of demonstrators gathered outside the headquarters of the company which owns the mine, Soma Holding.
Energy Minister Taner Yildiz said 787 people were inside the coal mine in Soma at the time of the explosion and 363 of them had been rescued so far.
"Regarding the rescue operation, I can say that our hopes are diminishing," Yildiz said.
Turkey's Labor and Social Security Ministry said the mine had been inspected five times since 2012, including in March of 2014, and that no issues violating work safety and security were detected.