A Colorado man has died while searching for the elusive $2million treasure said to be hidden somewhere in the Rocky Mountains by eccentric art dealer Forrest Fenn, marking at least the fifth such death within the last 10 years.

Michael Sexson, 53, from Deer Park, and his companion, a 65-year-old man from Thornton, had set out last week to look for the buried riches in a remote section of Dinosaur National Monument - the same area where the pair of adventurers got trapped in the snow in late February and had to be rescued.

On this occasion, by the time rescuers tracked down the two treasure hunters, who had been reported missing four days earlier, Sexson had died. His companion, who was said to be wearing more weather-appropriate gear, survived the ordeal and was airlifted to safety. 

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Michael Wayne Sexson, 53, was found dead in a remote part of Colorado's Dinosaur National Monument (pictured), where he and a friend were looking for Forrest Fenn's treasure

Fenn, 89, an eccentric art dealer, in 2010 announced that he had buried a treasure worth about $2million somewhere in the Rocky Mountains. This undated photo provided by Fenn shows a chest purported to contain gold dust, hundreds of gold coins, gold nuggets and other artifacts

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Since Fenn announced the treasure hunt in his 2010 memoir, The Thrill of the Chase, thousands of thrill-seekers have been drawn to the Rockies in search of the prize, and at least five men have now lost their lives trying to find it.

Fenn, 89, this week released a statement to The Denver Post mourning Sexson's loss.

'What happened was tragic,' Fenn told The Denver Post. 'My heart and prayers go out to the family and friends.'

Fenn's 2010 book, The Thrill of the Chase, contained this map pointing to the location of his treasure hidden somewhere in the Rocky Mountains 

In a separate message attributed to the art dealer on a Facebook group dedicated to the treasure hunt, he was quoted as urging people to halt the search during the winter months.

Sexson and his friend first tried their luck two weeks earlier, when they rented snowmobiles and made their way to the Colorado-Utah border, where they got stuck in deep snow. That time, they managed to call 911 and were brought to safety the same day.

The pair again rented snowmobiles on March 17 and made their way to the Wild Mountain area near the northwest boundary of Dinosaur National Monument, along the border of Utah and Colorado.

Moffat County Sheriff's Lt Chip McIntyre said Sexson and his friend came armed with a couple of bottles of water, some candy bars and a copy of Fenn's book. 

McIntyre said the treasure hunters did not have the necessary gear to survive days in the snow-bound wilderness: they were dressed in thin coats and bluejeans.

On Wednesday night, the person who rented the snowmobiles to the adventurers alerted the sheriff's office that they had not returned, Best IPTV Box 2020 and the following morning the wife of one of the men reported the pair missing, sparking a search.