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The Bluenose II, in the water at Toronto's harbour in 2008. The historic schooner is undergoing an ambitious $14.8-million restoration in Lunenburg, N.S., after its bow and stern began to droop.Tory Zimmerman for The Globe and Mail

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The restoration will see virtually all of the ship rebuilt from scratch, raising eyebrows about leaving the storied name intact. Above, Brian Hirtle planes a plank of South American Angelique for the new hull.Paul Darrow for The Globe and Mail

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While the revamped Bluenose will be built with up-to-date techniques, and meet current nautical-safety standards, the plans meld new and old blueprints for construction.

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The original Bluenose, a fishing schooner and ocean racer memorialized on the Canadian dime, sank decades ago. Another version was launched in 1963. The latest iteration, cheekily dubbed Bluenose 2.5, is slated to hit the water in 2012.Paul Darrow for The Globe and Mail

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As the Bluenose II's refitted hull takes shape, interest in the project increases.Paul Darrow for The Globe and Mail

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Thousands have visited the shipyard to witness the reconstruction of history, including this elementary-school student who came on a field trip.Paul Darrow for The Globe and Mail

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Planks of wood are bent with the help of steam and worked onto the hull while they are still warm, as this crew is shown doing.Paul Darrow for The Globe and Mail

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Here, a worker cuts a section of wood for the ribs.Paul Darrow for The Globe and Mail

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While the issue of rebuilding versus restoration can be contentious to some, others are unfazed: 'Let's call it an interpretaion,' one project engineer said.Paul Darrow for The Globe and Mail

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A crew works on what will become the below-deck area of the rebuilt Bluenose.Paul Darrow for The Globe and Mail

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'She's very important to the province,' said shipwright Ralph Anderson, who worked on Bluenose II and its latest reincarnation. 'I took a lot of pride in the old one and I'll take a lot of pride in this one.'Paul Darrow for The Globe and Mail

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