Over the last few months, council has been undertaking cultural heritage assessments and Environmental Impact Statement preparation, which are a key part of the groundwork for developing the circuit.

Mayor Graeme Hanger said that the studies were "well progressed" and community consultation was to follow.

"Community consultation for the project is to commence shortly," he said.

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The second circuit is expected to come at a cost of $52 million and, once complete, will generate millions of dollars for the economy each year.

To date, council has obtained $27.5 million for the project, with $15 million committed by the NSW Government and the remaining $12.5 coming from the Federal Government.

Cr Hanger said that council was "continuing to lobby state and federal governments for funding opportunities" for the circuit.As for when construction will start, there is no definite timeline available.

"The commencement of construction is dependent on the timing of NSW Planning approval being obtained," Cr Hanger said.

Member for Bathurst Paul Toole said the state government, like many other parties, was eager to see the track progress.

"We've got $15 million still sitting in the bank waiting to go to Bathurst Regional Council to build a second track at Mount Panorama," he said.

"We know council is going through the design process and hopefully in the next 12 months we can see the final design and some construction work."

Mr Toole said the project would not only enhance the motor sport offerings at Mount Panorama, particularly by bringing motorbikes back to Bathurst, but would create jobs and economic opportunities.

While there may be other grant opportunities available to council in the new financial year, Mr Toole said council could always consider staging the project to ensure the new track was built sooner.

"We all really want to see something happen sooner rather than later," he said

The new circuit will be located to the western side of McPhillamy and Reid parks, and below the ridge where the existing clay target club is located.

It will have a capacity of 50,000 spectators, as well as be home to commercial and industrial infrastructure.