Toro Energy Ltd said on Thursday that it is presently negotiating with potential buyers from Japan and the United States to purchase uranium ore from its planned Wiluna project in Western Australia, which is projected to commence deliveries by 2013.

The company said that while it has started talking with uranium marketers and energy utilities on both mentioned countries, scheduled meetings with prospective clients from Europe, Korea and China should follow shortly.

Toro said that the project's on-site operations have started to carry out a test pit following the completion of the first stage of water barrier trials before actual excavation, while the project site's full environmental management plan has also been initiated, according to the company and would be submitted by the latter part of the year.

Company chair Erica Smythe said that demand for uranium is constantly growing though she noted that supply is tight at this time, noting that the long-term uranium price remains stable at $US60 per pound.

Ms Smythe said that the current price is low as compared to historical highs but the rate is still a significant premium on the spot price market, which is trading flat at around $US41 per pound.

She is confident that the company "remains well placed to emerge as one of Australia's new breed of uranium developers and producers in just over two years from now," as she added that Toro seats on a very secure fiscal position at this time, boasting more than $A56 million in cash resources.

As of 1400 on Thursday, Toro shares were trading at 7.2 cents, gaining 0.4 cents or 5.88 percent.