Minerals Reclamation Foundation Establishment Act of 2007 - Establishes the Minerals Reclamation Foundation as a charitable, nonprofit, non-federal entity to: (1) obtain gifts, devises, and bequests of real and personal property for abandoned mine lands projects that further the conservation of natural, scenic, historic, scientific, educational, wildlife habitat, or recreational resources; (2) foster compensation or approved and authorized offsite mitigation for ongoing mining on federal lands, state lands, and split estate lands; and (3) work with other persons, including foundations, to foster wider public knowledge of issues related to mineral resource extraction, reclamation, and sustainable development, including minerals education.