A M-346FA crashed at 11:40 CET on Monte Legnone area, above Colico, near Lecco, Lombardy.
The aircraft was involved on a routine training flight, and took off from Leonardo Velivoli plant at Venegono (Varese).
The fate of the two pilots is not known.
Several rescue helicopter patrolling the area after the crash, from Como, Milano and Sondrio, also Vigili del Fuoco from Milan Malpensa was around the site of the crash of M-346FA.
Here is a video taken immediately after the crash: link.