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On Sunday evening, Corey Chugg and a friend were exploring Mt Barrow, located to the northeast of Launceston, when they lost contact with each other.
The 32-year-old has been unaccounted for since then, sparking concern from the police regarding his well-being.
An extensive search operation involving emergency responders, all-terrain vehicles, drones, and a helicopter has been underway in the region since Sunday night.
Earlier today, search teams successfully located him at the base of a steep slope near a creek, situated on the perimeter of the designated search zone.
“As they navigated the usual trail, the team called out, and Mr. Chugg responded with a greeting, identifying himself and expressing immense relief at being discovered,” reported Inspector Aleena Crack.
“I’ve spoken to the rescuers themselves, and they were incredibly pleased and very happy.
“It’s always a great relief when you find somebody alive and well, much better than any alternative outcome and everyone is really happy with how it’s gone today.”
Conditions have been favourable over the past few days, with temperatures around the mid-teens to mid-20s and no rainfall recorded.
But temperatures dropped last night with a low of 7.7 degrees recorded about 6.30am.
“Thankfully, there was water around, and he’s been able to keep himself busy and occupied and as well as possible,” Crack said. 
Chugg was winched to safety and able to speak with emergency services.
He received a medical assessment before being taken to the hospital.
He is suffering from some exposure-related illness and has a foot injury, but the extent of his physical condition is unknown at this stage.
Police have contacted his family to let them know he has been found alive. 
They will be speaking to him after he recovers to understand how he became lost.
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