A man, believed to be 44 years old, was shaken but unhurt after falling down an old gold-mine shaft at Nenthorn, between Middlemarch and Macraes Flat, on Saturday.
Police southern communications Sergeant Lindsay Turner said a friend of the man walked for 15 minutes to raise the alarm.
It was believed the man fell about 3m down the shaft.
Search and rescue staff were being assembled and the cliff rescue team was about to be flown in to the area when police received another call to say friends had managed to get the man out of the shaft.
"They were carrying the man back out to the four-wheel-drive track. He's very lucky."
The search teams and helicopter were stood down.
