Directs the Secretary of the Interior to convey at fair market value specified lands near Dixon, New Mexico, to the University of New Mexico.
Requires the Secretary to be assured by the University that there are no valid mining claims, with due exception on the described lands. Prohibits the University from conveying the lands or commercially mining the land. Provides that, if necessary for the security of the United States, the University may lease the land for mining to a person designated by the Secretary with any royalties to be paid to the United States.