The company is seeking approvals from the state and federal governments for the site’s Lake Maitland and Millipede deposits.

Lake Maitland has recently been confirmed to hold 7 million tonnes at 927 parts per million uranium oxide for 14.4 million pounds of uranium oxide.

Millipede resources, meanwhile, are considered in combination to the already approved Centipede deposit at 9.4Mt at 709ppm uranium oxide for 14.7Mlb of uranium oxide.

Mining and establishment of a processing facility has been approved at Centipede.

Mining has also already been approved at Wiluna’s Lake Way deposit, which is also planned to feed the plant at Centipede.

Toro managing director Vanessa Guthrie said much was already known about the environmental impacts of mining at Millipede and Lake Maitland through previous studies.

“Millipede is immediately adjacent to Centipede, which has been assessed and received environmental approval from government, while the former owner of Lake Maitland had undertaken extensive environmental studies on that deposit as part of previous proposed development plans,” she said.

“Toro’s overarching Wiluna strategy is to use one central processing plant adjacent to the Centipede deposit to reduce the regional footprint and environmental impacts by avoiding a duplication of operations and infrastructure.

“Accordingly, Toro is hopeful that the environmental assessment process for Millipede and Lake Maitland can be completed by mid-2016.”

Recent studies by Toro have indicated that the four deposits together could deliver about 30Mlb of production over a 16-year mine life at an average cost of $US31.10 ($A34.73) per pound.

The scoping work considered all four deposits with revised conceptual pit designs, a reassessed high-grade mining plan and new production schedules.

Initial capital costs for pre-strip and operation mining fleet, light vehicles, workshops, grade control and pre-production rigs were estimated at $27.3 million.

Economics of the study were modelled using a long-term uranium price of $US70/lb. Uranium was last trading at about $35.75/lb.

Earlier this month, the company announced that it had received an early $A1 million payment for part of its $10 million funding deal with South African resources investment fund RealFin Capital Partners.

The company expects the RealFin investment to provide further certainty as it plans a busy 2014 work program.

Subject to project financing and uranium market support, Toro is targeting first uranium sales in 2016.

Shares in Toro were unchanged today at 6.6c.