Police were notifying next of kin and would formally confirm the identities of the deceased.
The Robinson R22 helicopter had not been heard from since 1.30pm yesterday.
The Rescue Co-ordination Centre (RCCNZ) yesterday directed searchers to cover a 1250sq km area in the Awarua region, between Invercargill and Bluff. Helicopters with night vision equipment searched late into the night, but found no sign of the aircraft.
Three helicopters, police, ground searchers, and Coastguard air and marine vessels resumed the search at daybreak today after reports of sightings helped narrow the search area.
RCCNZ senior mission controller Tracey Brickles said rescuers extended their heartfelt sympathies to the families of the two men.
She thanked everyone who had been involved in the search.
Mr Wright, chief executive of Stewart Island Helicopters, was training Mr Munro in his own helicopter when the aircraft went missing.
Mr Munro's wife Glennis said her husband had flown aeroplanes for 25 years and was a week away from sitting his helicopter pilot licence test.
"He has flown heaps and heaps of hours (in planes) and he wanted to have a helicopter before he died, so he got a helicopter," she said.
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- NZPA
