From Site:
"However, before you rush out to buy neodymium magnets to create your own shark-repelling gear, Herrmann cautions that the magnets appear to have an effective range of only 10 inches. Also, you'd need to align the magnetic poles outward and keep the magnets from clicking together, and once you had the necessary 10 to 20 pounds of magnets all over your body, you'd sink. So, at a cost of about $5 a magnet, you could theoretically turn yourself into a $400 shark-safe anchor at the bottom of the sea."
"Rather than being a solution to shark attacks on humans, Stroud and Herrmann hope the magnets or metals can help protect sharks from us.
Last year, the World Conservation Union announced that 20 percent of shark and ray species are close to extinction, and SharkDefense believes magnets or metals can create more-humane underwater fences than the often lethal nets currently keeping sharks out of swimming areas"
[via: http://www.wired.com]