Wreckage of missing boat found

The wreckage of a boat that sank off Fiordland has been found north of Milford Sound.

Police believe they have located Greymouth fishing boat, The Governor, on the seabed, one mile off Yates Point.

The boat, its 60-year-old skipper and his 16-year-old crewman were reported overdue on Saturday.

Western Southland Senior Sergeant Cynthia Fairley is relieved police can confirm where the wreckage is believed to be.

"That's the same sort of area where they had got into difficulty on Saturday, so we're pretty confident that's where it's lying at the moment."

Cynthia Fairley says the boat may have capsized after its net got snagged on Saturday morning.

Ms Fairley says there'll be a meeting soon between the incident management team, search and rescue personnel and divers.

"We'll be just determining what the course of action is and the viability of maybe the New Zealand Police Dive Squad or the navy being able to assist with getting down to that wreckage."

She hopes the two missing men can be brought back to their loved ones but says the amount of time that's passed means it's a slim possibility.

Photo: Governor fishing boat (Supplied)