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Graham Stott (31), of Wanaka, a Wanaka Helicopters flight instructor, and Marcus Hoogvliet (21), of Queenstown, a licensed pilot training for his commercial licence, are believed to have died on impact when their Robinson 22 went down on Wednesday at the head of the Arawhata River, south of Bow Peak.
Their bodies were found in the wreckage by searchers at 9am yesterday.
Their deaths have been referred to the coroner and a Transport Air Investigation Commission inspector is scheduled to visit the site today.
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"We had him as our student liaison officer and he would help students with all their problems ... He was the sort of guy you would want your daughter to marry."
Mr Hoogvliet had been training with Wanaka Helicopters for just a few months but had impressed Mr Spencer-Bower with his abilities.
"He was one of our top achieving students and absolutely loved what he was doing. If people love what they are doing, they achieve results."
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Maritime New Zealand's Rescue Co-ordination Centre and Wanaka police mounted a search on Wednesday afternoon after being alerted by Wanaka Helicopters the pair had failed to return from the training flight from Wanaka to Haast.
Wanaka's search and rescue community was assisted by helicopter companies from Dunedin and Te Anau using specialist night detection equipment.
Wanaka LandSar spokesman Phil Melchior and Const Johnston yesterday praised the 20 volunteers who helped out in testing conditions.
The helicopter crashed in a high, rocky alpine area on the western side of the Divide. The machine ended up in a narrow gully, not visible from the air, despite the use of the specialist detection tools, he said.
A change in conditions "allowed us to put people on the ground and pick up evidence of where the aircraft was," Const Johnston said.
Ground crews found part of the tail section in the Arawhata River bed. The main wreck, containing the two bodies, was found further away in the narrow gully.
Wednesday was a tough night for Mr Spencer-Bower, who was in Auckland on business, and wife Carolyn.
The couple had decided the company would not operate in the meantime so they and their employees could grieve.
Mr Stott, a former physical education teacher, began training with Wanaka Helicopters in 2005.
He was offered a job as a commercial pilot in 2006, became a qualified instructor in 2009 and had completed 2000 flight hours.
Mr Hoogvliet obtained his private helicopter licence on March 23 and hoped to complete his commercial licence by the end of winter.
The Hoogvliet family's deep Christian faith was keeping them strong, Marcus' father, Henk, said.
Marcus died doing what he loved, his father, a Queenstown property owner and real estate agent, said.
After leaving Wakatipu High School, Marcus completed his electrician's apprenticeship. He was a keen outdoors man who loved to "go into the hills with his mates" and go shooting.
His son was a "caring, loving boy, who loved what he was doing. He was just so pleased to be flying".
Devout members of the Open Brethren Queenstown Bible Chapel, the family was keeping going on faith, he said.
"He was very gifted ... and our memory of him will be of a loving son and brother. We're thankful to the Lord for him."
Mr Stott (31) was raised in Dunedin and attended Grants Braes School, Kings High School and Dunedin College of Education.
Friends described him as a "top bloke" and "one hell of a nice guy". Even before his name had been officially released, they were writing condolences on his Facebook site.
He was on everyone's wedding invitation list, a close friend, who preferred to remain anonymous, said yesterday.
"Stotty has been to more weddings than anyone I know ... People just want him to be around. Stotty, in his quiet gentle nature, will do anything to help a friend ... There is nothing that can fill the gap of a man like Stotty," the friend said.
Mr Stott listed sport as his religion, was passionate about aviation and a keen photographer.
His family, who were in Wanaka yesterday, were distressed and had not made a media statement, Senior Sergeant Allan Grindell, of Wanaka, said.
- Additional reporting Matt Stewart