Missing Victorian men found by deer hunters

Two men missing on a "geocaching" trip in regional Victoria have been found "in good spirits" by deer hunters.

Former Wangaratta mayor Geoff Dinning, 71, and Adrian Twit, 78, disappeared after setting off on the "geocaching" trip - an activity similar to orienteering - at Tatong on Friday morning, police said.

They became disorientated and, as the sun went down, decided to huddle into one another for warmth.

The pair had left their food, thermals and satellite phones locked in their car.

A family member raised the alarm when they failed to return home that afternoon, before a police and SES search of the Whiskey Creek Trail area located the men's car.

The duo were found in good spirits by deer hunters shortly before midday today and did not require any medical treatment.