Hope is fading for 17 missing fishermen after a South Korean trawler sank in the Southern Ocean, claiming at least five other lives.

The search for 17 people missing after a Korean fishing vessel sank in the Southern Ocean early today has been scaled down as it becomes increasingly unlikely further survivors will be found.

Five people are dead and 17 missing after a Korean fishing vessel sank in the freezing waters of the Southern Ocean, 2700km south east of Bluff, early this morning.

A seven-year-old girl who went missing in Palmerston North last night has been found safe and well, police say.

Pike River Coal will have to reduce its workforce when it is ready to re-establish operations, but CEO Peter Whittall says reports of possible receivership were "extremely premature".

The bodies of two kayakers were found on Lake Wakatipu this morning.

An Australian-based online mining journal today called for NZ police to be blocked from controlling mine rescues.

When Tanu Filo heard his son's voice on the phone, he thought it was a miracle.

International experts say they are shocked a mining disaster the magnitude of the Pike River tragedy occurred in a modern mine.

Police Commissioner Howard Broad today praised the work of Superintendent Gary Knowles, the police officer who led the mission to rescue 29 miners.

Pike River CEO Peter Whittall expressed his regret today at how he initially delivered his news to the families of the 29 miners lost in the disaster.

Rescue authorities are vowing to recover the bodies of the 29 miners - but admit they don't know when it will happen.

The Pike River CEO had to give the worst news possible to families who had looked to him for hope.

Before the service began, 29 candles flickered on a table near the altar surrounded by many unlit candles waiting to be lit by mourners.