Portion of North American continental shelf, in the Atlantic Ocean.
Lying southeast and south of Newfoundland , it is a noted international fishing ground and extends 350 mi (560 km) north-south and 420 mi (675 km) east-west. The cold Labrador Current and the warm Gulf Stream meet in its vicinity, causing heavy fogs. The banks were first reported in 1498 by John Cabot . In 1977 Canada extended its fishing claim to encompass most of the Grand Banks; it has since given limited fishing rights to other countries.