ST. PAUL, MN (KDAL) - An iron ore mining lease near Coleraine, that could bring between 50 and 220 million dollars into the state's Permanent School Trust Fund during the life of the mine, was approved Wednesday by the Minnesota Executive Council. The leasing company, Magnetation LLC is based in Grand Rapids and the project is in an area known as the Cushing and Buckeye Reserve on the west end of the Mesabi Range. Members of the Council include Governor Mark Dayton and the state's Secretary of State, Attorney General and Auditor. The DNR makes recommendations on mineral leases to the Executive Council which needs to approve them. This is only the first step in the development of the mine which still needs to go through the process of environmental review and permitting. The company will develop a comprehensive project plan within the next five years.