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Mr. Smith began by explaining that Project Magnet, while initially enjoying extensive publicity, was not officially funded by the government. Instead, it stemmed from his initiative to employ the resources of the Department of Transport. Utilizing existing field organizations without government funding allowed him to gather data on UFO phenomena and track sightings through scientific instruments. The project operated for approximately four years, during which they sought to correlate UFO sightings with scientific measurements, including radio noises, gravitational disturbances, and radiation.