Should the Commissioners of the Land Office find that the state owns a valuable mineral, they shall offer the necessary mineral lease for sale on competitive bids, and notice of such sale shall be published in at least one newspaper, authorized by law to publish legal notices, in the county in which the land is located. The notice shall state the terms and conditions under which sale will be made; the annual rental and/or royalty which will be acceptable to the Commissioners, and that the Commissioners have the right to reject any and all bids.