The former branch line which ran north east from the Great Central Railway's Swithland Yard towards the village of Mountsorrel was built in 1899 and fell out of use in the 1960s.
The track was taken up in the 1960s and the route abandoned.
The quarry it served is still operating, taking its stone out by a conveyor belt over another branch line formation.
Working at weekends, volunteers have cleared a distance of around 900 metres which had obviously become overgrown with vegetation.
Thanks to a generous donation of ballast from the quarry itself they are soon to start relaying the track.
It is ironic that similar stone to that which was once carried over the railway will now go underneath it to help in the rebuild.
Steve Cramp, who coordinates activities, is planning a historical walk on July 8. The walk will start and finish at the gateway of the Lord Lanesborough former private coal siding.
During the walk Steve will explain how the branch line used to operate and point out the various historical points of interest along the way.
He will also explain how the rebuilt railway will operate and discuss the recreations which they hope to stage.
The walk is open to anyone interested and there is no charge although donations to the Mountsorrel Railway project would be appreciated.
The walk will start at 7pm and last for between 75 and 90 minutes. Everyone is welcome and there is no need to book.
The project is still keen to recruit more volunteers and anyone interested should contact Steve Cramp on 0116 2301374 or by e-mail at firstname.lastname@example.org.