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The man became separated from his friends on Saturday afternoon when they were climbing Mt Lancelot.
SAR co-ordinator Sergeant Phil Simmonds said the group became separated due to going at different paces.
When the man failed to return to Crow Hut on Saturday night, his friends activated an emergency beacon at about 7.20pm.
Search crews located his body about 2km north of the hut in the Mt Lancelot area about 3.20pm on Sunday.
"While cause of death will be determined by the Coroner, the man appears to have taken a fall," Simmonds said. Weather was not thought to have played a factor.
The man's name will not be released until all his next-of-kin have been notified.