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Colleen Reid was reported missing yesterday after failing to arrive at Queenstown Airport to pick up a relative.
She was believed to be driving from Dunedin to Queenstown yesterday and was last known to be in the Cromwell area about 12.30pm, police said.
The vehicle was located at about 11.30am today, nearly 24 hours after she was last seen.
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A spokesman from Hato Hone St John said they sent an ambulance and a rapid response team to the scene.
"The crew assessed one patient at the scene, transporting them to Lakes District Hospital in a serious condition."
Gibbston Highway (State Highway 6) reopened shortly before 2pm.
Police have thanked members of the public for their help locating the woman.