Mr Fraser said the man's body has then been dragged on to shore and the group have started CPR.
"A registered nurse who was passing by has stopped to assist however it was quite clear that he had been in the water for some time and there was no way he would be revived."
He said there was nothing particularly out of the ordinary in the spot at Waikawau where Mr Smith's body was found.
There were a number of good fishing spots along the whole of the Thames Coast Rd, however there were always risks when fishing off rocks.
Mr Smith's fishing gear was located at the scene.
His death has been referred to the coroner.