The man, who was a staff member at the resort, was found dead in a creek next to a ski run after what police have described as a snowboarding accident.

The death occurred on the same night police and ambulance services rescued three people who had become lost while skiing in the Guthega area.

Police said the dead man, originally from Queensland, had been snowboarding with friends when he became separated from them just after 12.30pm on Wednesday.

A search began after he failed to turn up for work at 6pm and NSW Police were contacted by the man’s employer four hours later.

The man's body was found at 11.30pm after a joint operation with police, national parks and Perisher resort.

Detective Inspector Shane Box said the cause of death was uncertain, but said it had been a snowboarding accident.

"We know he hit an embankment and he was then found in a creek, but our inquiries are continuing," he said.

The man's family had been contacted.

A Perisher spokesman said the small alpine community was shocked. Perisher chief executive officer Peter Brulisauer said it was a very sad day for the man's family and the entire community.

"Our condolences go out to the young man’s family and friends during this difficult time,” he said.

A large search was also launched on Wednesday night by NSW Police, ambulance, SES and the National Parks and Wildlife Service, to find another man from Sydney who was reported missing in the Guthega area about 5pm by two friends.

The man was found at 2.30am on Thursday near Mount Anton.

Acting Monaro Superintendent Evan Quarmby said the man's two friends were reported missing in the afternoon for several hours before they were found by searchers.

"Last night could have ended in tragedy for another three people," he said.

"He [the man recovered at 2.30am] was a very lucky man as he was lost in the snow for eight hours."

Quarmby said the man was in reasonable health and was able to walk away with the assistance of emergency services.

The Snowy Hydro SouthCare helicopter was also tasked to retrieve a 21-year-old snowboarder from Jindabyne on Wednesday night after he suffered head injuries earlier in the day.

This was the second snow-related emergency call for the Canberra-based helicopter service this year after being tasked to Tumut hospital on July 1 after a patient was injured in a ski cat incident.

Inspector Box said people using the slopes this season should be careful and asked all cross-country skiers to ensure they have an EPIRB (a distress beacon).

"Pick up an EPIRB from the national parks office at Jindabyne, take that with [you] ... We had some people that got lost on the main range and we are behind the eight ball when we go and try to find them because we have to cover a lot of ground," he said.

"With an EPIRB we can pinpoint the particular area where they are."

Box also reminded drivers to be careful on snow-covered roads, to drive to the conditions and to not leave the trails in the snow fields.

Weatherzone meteorologist Rob Sharpe said temperatures at Perisher Valley sat near freezing for most of the night reaching a low of minus 1, although the wind chill lowered the apparent temperature to minus 4 degrees.

Mr Sharpe said winds were relatively light on the mountain on Wednesday night and there was little if any snowfall at Perisher.

A Bureau of Meteorology spokesman said conditions weren’t particularly cold or windy on Wednesday night although there had been quite a lot of snow at the resort with pretty good snow coverage.

A Perisher spokesman said there were more than 10,000 guests at the resort on Wednesday enjoying the early winter snowfall.

The death at Perisher on Wednesday night was the second fatality at ski resorts this year.

On June 26, a seven-year-old boy was playing with his siblings when heavy snow buried and killed him on Mount Buller in Victoria's north-east

On Sunday, 36-year-old Sydney snowboarder Mike Grace was trapped under up to two metres of snow after an avalanche at Thredbo resort.

Mr Grace and his friend Nicholas Bennett had ignored warning signs and crossed under ropes to reach an unofficial run known as “Hipcheck”, when the slope gave way.

Thredbo ski patrol manager David Kuhn said the pair undoubtedly triggered the avalanche and their story should be taken as a warning to all skiers who want to deviate from set trails.

On May 28, a couple in their 60s spent the night lost in freezing, stormy weather in the Snowy Mountains before managing to find their way back to Thredbo, nearly 24 hours after departing for a walk.

NSW superintendent Rod Smith said fortunately the pair had "enough nous and enough resources" to make it through the night.