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Exhibit 1 

 The Appraisal 



The appraisal made by the Bureau of Land Management and 

 dated November 5, 1985, determined the value of land in Coyote 

 Spring Valley as S45 an acre, and that of Garfield Flat as S55 an 

 acre. The BLM review dated December 23, 1986, identified serious 

 flaws in the appraisal, which will be identified in .an addendum. 



On November 16, 1985, 560 acres of undeveloped private land, 

 known as the Butler Ranch, just across the state highway from 

 Coyote Spring Valley were sold for S401.79 an acre. See attached 

 Grant, Bargain and Sale and map. 



In explaining the wide discrepancy between the appraisal of 

 BLM land and the sale of Butler Ranch, Aerojet told Congressional 

 groups, state legislative committees and the press that there 

 "was a 2,200-foot lighted runway and springs of water on it" 

 (Butler Ranch) . 



A dozen years ago the Butler Ranch was the site of a brothel 

 called Sheri's. A rough landing strip for light planes was 

 established by blading off the sparse clumps of creosote, bursage 

 and burrobrush. A wind sock was installed on top of a 30-foot 

 pipe. There are no lights. (See photos.) The so-called springs 

 are no more than underground seepage - not artesian - that 

 support some vegetation. A well which only provided enough water 

 for domestic use was abandoned when the five brothel trailers and 

 small adjoining building burned to the ground a number of years 

 ago. 



Aerojet further claims that the terrain of Butler Ranch 

 differs from the rugged BLM site. However, this rugged terrain 

 of Coyote Spring Valley provides a superior wildlife habitat to 

 that of the Butler Ranch, thus providing a greater value to the 

 public. 



Another example highlighting the gross underevaluation is 

 the list of BLM land sales in Lincoln and Clark Counties in 1985. 

 Nineteen parcels totalling 166.77 acres were sold for S315,097, 

 an average price of just under $2,000. A 30.38-acre industrial 

 site in Lincoln County (see first item on the computer printout) 

 was sold to CPC (California Portland Cement) for 514,000 or more 

 than 5450 an acre. A Clark County 36.39-acre parcel sold for 

 $196,500, and .5-acre parcels in Lincoln County went for S700 to 

 $1,000 an acre. (It should be noted that Coyote Spring Valley 

 straddles the Clark-Lincoln County line.) 



A third example of the deficient appraisal relates to the 

 City of Mesquite. This city has appfied for a public lands 

 transfer to permit municipal expansion. A BLM appraisal has 



