The mining experiment station (or bureau of mine research) heretofore established in the college of engineering at West Virginia University shall be continued. It shall conduct investigations and make tests to better safeguard the lives of miners and to bring about greater efficiency and conservation in the mining and mineral industries, shall make such tests and investigations as may be required by the department of mines in the prosecution of its work, shall conduct such experiments and tests as may promote the development of the mineral industries of the state, and shall cooperate with the department of mines in the investigation of the cause of mine disasters and common mine accidents. The work of the mining experiment station shall be conducted under such rules, regulations and methods as may be prescribed by the board of Governors and approved by the department of mines.