Search for missing man an 'exercise' for police

Police say a renewed search for missing millionaire Graham Vanstone, two years after his disappearance, was little more than an exercise for search and rescue teams.

Police say they were not particularly hopeful they would find anything of interest in the search of a headland, carried out after receiving fresh information.

Mr Vanstone, 49, disappeared from his Akaroa home, 84km southeast of Christchurch, on September 5, 1999. He was thought to have had business worries.