Montana Mineral Exchange Act - Sets forth a mineral rights exchange under which the Secretary of the Interior is directed to convey to Great Northern Properties all mineral interests in certain Federal tracts concurrent with conveyance from Great Northern Properties to the United States all of its mineral interests underlying the Cheyenne tract.
Requires the Secretary, following such conveyance, to take [sic] such mineral interests into trust for the benefit of the Northern Cheyenne Tribe (Tribe).
Conditions the exchange upon: (1) waiver by the Tribe of all claims relating to the failure of the United States to previously acquire in trust for the Tribe as part of the Northern Cheyenne Reservation the private mineral interests underlying the Cheyenne tracts; and (2) joint written notification to the Secretary by the Tribe and Great Northern Properties that they have agreed upon a formula for sharing revenue from coal produced from any portion of the Federal tracts.
Establishes in the Treasury: (1) the Northern Cheyenne Permanent Fund; and (2) the Northern Cheyenne Ancillary Fund.
Prescribes procedural guidelines for: (1) transfers from the Ancillary Fund to the Permanent Fund; and (2) expenditures from the Permanent Fund.
Requires the Tribe to develop a Permanent Fund plan, in consultation with the Secretary, for the investment, management, administration, and expenditure of the amounts in the Permanent Fund.
Prescribes guidelines for Federal disbursements to the Tribe.