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Diaz Lake (, elevation 3,674 feet) is located just south of Lone Pine, California , United States in Owens Valley . The lake was formed by the 1872 Lone Pine Earthquake when 18 miles of the Owens Valley dropped approximately 20 feet (see Graben ) and a new spring opened, causing water to fill the lowland.

The lake was named for the Diaz family who established a ranch here when brother Rafael and Eleuterio Diaz emigrated from Chile in the 1860's. They owned and operated a successful Cattle Ranch until the land was sold to the city of Los Angeles .

Year-round fishing is available, and the "Diaz Lake Fish Derby" is held the first Saturday in March.