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A police spokeswoman said the man was reported missing at 7.55pm yesterday.
Detective Sergeant Derek Shaw said the 52-year-old man was a fencing contractor who had been dropped off at Old Woman Hut near Bannockburn and was repairing a line of fence in the area.
"He was due out at 4.30 pm yesterday and didn't make the rendezvous with the main contractor, he said.
Mr Shaw said he had his "foxy dog" with him.
A Central Otago Search and Rescue team located the man at Hawksburn Catchment at 8.40am and he was airlifted to Dunstan Hospital.
Mr Shaw said the man had "lacerations and a possible concussion".
He didn't have any camping gear on him, police confirmed.