Just hours ago, artillery shells fell on a South Korean Island near its tense western maritime border with the Democratic People's Republic of Korea. South Korea's Joint Chiefs of Staff says the DPRK fired artillery into waters off the west coast of the Korean Peninsula. But the DPRK's official news agency, KCNA, said South Korea fired first in Tuesday's exchange.

The barrage reportedly started just after 2:30 pm local time, with some shells landing on Yeonpyeong Island. South Korean officials say they fired back in response and deployed fighter jets to the island. Its military has also been placed on its highest peacetime alert. Local residents on the island have been moved into shelters. South Korean military officials say at least 2 soldiers have been killed.

An emergency meeting was called by South Korea's president Lee Myung-bak, shortly after the attack, where he cautioned against escalating the situation. The clash comes as South Korea holds a massive annual military exercise involving 70-thousand troops. The drill began Monday and will last until November 30th. The artillery exchange also came shortly after Pyongyang's disclosure of a new and sophisticated facility to enrich uranium.