North Otago and Omarama Search and Rescue teams, alongside a night-vision equipped helicopter from Dunedin searched for the man on Sunday evening after the fisherman was overdue to return.
Sergeant Tony Woodbridge, of Oamaru, said the 63-year-old man was reported missing about 9pm on Sunday and found at 10.30am the next day by volunteers.
Details about the man were scarce but he was known to have a lot of friends in the region.
The matter is with the coroner.
Police sent their condolences to his family and thanked the many Search and Rescue volunteers.
"It was very sad for everyone involved," Sgt Woodbridge said.