 In July 1936, the La Luz property was optioned by The Tonopah Mining Company of Nevada, in association with Ventures Limited.The option was exercised in July 1938 and a Canadian corporation, La Luz Mines Limited, was formed.The cost of purchase, equipment, and operation was in excess of $3,000,000; Tonopah's investment was $240,000 with 120,000 shares of stock or ten percent of the outstanding shares.