Marzullo, 21, and Ramelli, 20, were kidnapped in the northern Syrian city of Aleppo shortly after they arrived in late July to work on humanitarian aid projects, the state-run ANSA news agency reported.
A video posted on New Year`s Day showed two young women identified as the hostages dressed in Islamic garb with only their faces showing.
They appeared to be seated against a wall. One read a brief statement in English, which included: "We are in big danger and we could be killed."
There were no other details divulged Thursday about the release.
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