A man is dead after being plucked from shark infested waters off Leeman, near Jurien Bay, in a dramatic rescue this afternoon.
Police have confirmed that two fishermen were rescued from the water after one of them was spotted being circled by sharks by a news helicopter. One of them has since been confirmed dead.
The men failed to return from a fishing trip after they left Leeman, 300 kilometres north of Perth, last night.
While a Police Media spokesperson had previously said all three men had been found, they have since said that the search is continuing for a third man.
A reporter, watching one of the fishermen being rescued from the station's helicopter, said he could see one of the men naked in the water waving for help.
It is not known whether this was the man who died.
The man was wearing a lifejacket but seemed to be unaware of sharks in the vicinity.
"We are trying to keep the sharks away from him ... we just spotted a massive hammerhead next to him," the Channel Seven reporter told 6PR radio during a live cross.
He said an inflatable rescue raft was dropped to the man but it had drifted more than 100 metres away from him.
He did not appear to have the strength to swim to the raft, despite desperate efforts by the helicopter crew to direct him to it.
The reporter said he watched a rescue vessel approach and pull the exhausted man to rescue.
After the first man was brought to safety, crews were also able to rescue one of the two remaining men.
The surviving rescued man is being treated at the Leeman Medical Centre but it is not known what condition he is in.
The RAC rescue helicopter has been sent to assist.
Sergeant Naomi Smith said the men had left Leeman yesterday about 11am yesterday morning to go fishing and concerns were raised by friends last night when they failed to return.
Officers from water police, the police air wing and the local volunteer marine rescue crew launched the search for the 5.5 metre vessel this morning.