Cold water's being poured on hopes that a settlement is imminent at Ihumatao.

The Maori King's flag was lowered at the site near Auckland Airport yesterday, sparking suggestions an announcement of a deal could be made by Waitangi Day.

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But Deputy Prime Minister Winston Peters told Mike Hosking that's not the case.

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"What is being said right now by a whole range of people is simply false.

"This is a long-range discussion that will take a long, long time to be completed."