I heard this news on the local Bathurst radio when I was out there last week. Went searching for info but couldn't find any. Good find.
On the track they would need to pull the walls back if they intend on using any section of the existing track. Having said I hope this gets up. It would be bloody unreal to ride it. Lord knows we need another track in NSW, one of a decent quality that is.
There are pics of the suggested track out there, one was even referred to from here. So if you feel like threadhunting, then by all means have a look for the pics. Failing finding it here, it'll be somewhere else on the interwebs.