Updated 5.50pm

Police have found missing woman Kim Richmond's vehicle.

The National Police Dive Squad divers were in the water at Lake Arapuni today and yesterday as part of the investigation into the mysterious disappearance of the Wharepapa South woman.

This afternoon Police had cordoned off the entrance to Arapuni Landing on Arapuni Lake Road and  Waikato CIB Detective Senior Sergeant Ross Patterson announced a major development in the 11-month-old case - the discovery of the silver Ford Ranger ute Ms Richmond was believed to have been driving prior to her disappearance.

Specialist equipment will be used to help salvage the vehicle. Once the vehicle is recovered it will undergo a forensic examination.

Ms Richmond's family has been informed of the developments and are being supported by Police.

Ms Richmond disappeared from her home on the morning of July 31 last year.

When interviewed at Lake Arapuni on Tuesday, Mr Patterson said the dive squad was searching areas of the lake 'that require further investigation' - mainly areas where a vehicle could have been driven into the waters.

"Despite our extensive inquiry we still hope to find her, though we now believe she is dead," he said.

Thirteen dive staff were carrying out the search on parts of the 9km2 lake with support from police, a Waikato regional Council Harbourmaster vessel and Mercury Energy craft.
Ms Richmond and her partner Corey Jefferies had been at a social at the Arohena Hall on the night of July 30.

Sometime in the morning Ms Richmond drove off in her ute and she hasn't been seen since.

Adding to the mystery was the discovery of bank cards belonging to Ms Richmond in the Turangi region last October.

At the time hopes of finding the missing woman were raised when a young girl picked up two bank cards on the side of the road near Otukou, on State Highway 46 between Rangipo and State Highway 47.

"A subsequent check resulted in a farm card belonging to Ms Richmond being found in the same area," says Mr Patterson.

Police deployed the Specialist Search Team, however nothing further was found, and that find remains part of the intrigue.

No one can explain the disappearance and her whereabouts remain a mystery, despite a massive search by police, land search and rescue, the police Eagle helicopter, a specialist dive squad who searched a lowered Lake Arapuni, Ms Richmond's extended family and dozens of people from the community.