A plume of ash is released as Mount Agung volcano erupts, seen from the Kubu s ubdistrict in Karangasem Regency on Indonesia's resort island of Bali on May 31, 2019. AFP-Yonhap

A Korean man who went missing while hiking on Mount Agung on Indonesia's Bali island on New Year's day has been found dead, according to officials Friday.

The remains of the 31-year-old male, whose identity was withheld, were discovered at the bottom of a ravine on the volcanic mountain in Bali on Thursday, according to the South Korean consulate on the island.

The man embarked on a solo climb of Mount Agung on Wednesday but lost contact the following day. It was reported that he had been in contact with a friend in Korea during the hike.

The consulate has informed the victim's family about the accident and plans to discuss funeral arrangements once they arrive in Bali. (Yonhap)