Sadly, a body has been located in bushland near Mayfield as part of the ongoing investigation into missing Launceston teenager Billy Ray Waters.

Two youths were taken into custody about 3.30pm and are currently assisting police with their inquiries.

“A body of a man was located around 2.30pm this afternoon and has not yet been formally identified but it is believed to be Billy,” Detective Acting Inspector Craig Fox said.

“Our thoughts and condolences are with Billy’s family and loved ones at this difficult time.”

Enquiries have established the last confirmed sighting of Billy was on Holbrook Street in Invermay on 4 August. His disappearance was reported to police on 11 August.

Investigations are continuing. Anyone with information should contact Northern CIB on 131444 or report anonymously to Crime Stoppers on 1800 333 000 or crimestoppertas.com.au