The incident occurred in Swat district's Kabal Tehsil in Khyber-Pakhtunkhwa, the military's media wing Inter-Services Public Relations (ISPR) said in a statement.
It said that eight soldiers succumbed to their injuries in hospital, taking the death toll to 11.
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The forces have cordoned off the area and started a search operation, it added.
The injured persons were taken to Saidu Teaching Hospital in Mingora in Swat.
The banned Tehreek-e-Taliban Pakistan (TTP) has claimed responsibility for the attack, 'The Express Tribune' reported.
The report said that the outfit noted that it was the second attack this month with more to follow.
Swat valley has witnessed many attacks and was briefly controlled by the Taliban between 2007 and 2009.
At least two militants were killed during a search operation in December last year.
In October, one person was killed and two others injured when a remote-controlled bomb went off in Malam Jabba area.
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