To authorize a land exchange in South Dakota and Colorado.

Directs the Secretary of Agriculture to convey certain lands in Routt County, Colorado, in exchange for certain lands in Pennington County, South Dakota, which shall become part of the Black Hills National Forest.

Provides that if the values of such lands are not equal, they shall be equalized by the payment of cash as provided in the Federal Land Policy and Management Act of 1976, without regard to the provision in such Act which limits such payments to 25 percent of the total value of the lands transferred out of Federal ownership.

Provides that lands conveyed into private ownership or transferred to the Secretary of the Interior under this Act shall be subject to certain conservation easements already in effect by prior agreement in Routt County. Provides that lands conveyed into private ownership pursuant to this Act shall be subject to administrative and emergency ingress and egress easements in lieu of other easements previously granted. Requires all such easements conferred to permit the United States to maintain, improve, repair, or relocate existing roads and trails to accommodate appropriate uses of such easements.