Small caps round-up: Aer Lingus, Gold Oil, IndigoVision...

Airline Aer Lingus has confirmed that it is in talks with parties involved with the firm's pension scheme, which is said to be 400 million euros short, equivalent to $525m. The Irish Airlines Superannuation Scheme (IASS) is holding thetaljks with trade unions and Dublin Airport Authority and its union. Aer Lingus said it has "no obigation" to increase its employer contribution to the IASS above its current fixed rate. However, the group believes that it is in "the best interests of Aer Lingus, its shareholders and employees to constructively engage with the above named parties in order to address the issues represented by the funding shortfall in the IASS." The discussions are addressing both the funding position of the IASS and options for the provision of viable pension arrangements for future service. "The discussions are complex and at an early stage. No agreements have yet been reached and negotiations continue," the firm said. Gold-focused firm Thor Mining has increased the resource estimate for the Molyhil tungsten and molybdenum project in Australia's Northern Territory by a quarter. Overall tonnage rose to 4.7 million tonnes, with contained tungsten increasing by 10% and molybdenum leaping by 46%. The firm now plans to update the feasibility study due in February 2012, and to confirm capital and operating cost changes. Executive Chairman Mick Billing said: "The Molyhil story continues to get better and better. The recently announced improvement in recovery has positively impacted on the profitability and life of Molyhil, while this increase in the resource estimate provides further potential to extend the life of the mining operation. In particular the very high tungsten grades close to surface give us confidence in an early pay-back on the investment."Sticking with the gold miners, AIM-quoted gold producer Goldplat expects to report a "significant" increase in operating profit compared to the six months ended 2011 after gold recovery operations performed well. The Ghana gold recovery operation in particular is performing ahead of management expectations, while total gold production for the full year 2012 is expected to exceed full year 2011 production of 28,185oz. Chief Executive Officer Demetri Manolis said: "We are a highly cash generative and profitable gold production company and I am delighted to report that our two gold recovery operations in South Africa and Ghana have performed strongly for the first half of the trading year and expect to see this trend continue for the second half of the year." Oil exploration and production firm Tethys Petroleum has announced the official inauguration of its Aral Oil Terminal (AOT), a new oil storage and rail loading facility for oil shipments from the company's Doris oilfield into the Kazakh rail system. The AOT is located about 230 kilometres from the Doris oil field, significantly reducing the distance oil is currently trucked by road from the field. The opening of AOT will allow the company to initially double production to around 4,000 barrels of oil per day due to a halving of the road trucking distance.The AOT is owned and operated jointly through a 50/50 joint venture by Tethys and its Kazakh oil trading partner's company, Olisol Investment. First commercial shipments through the AOT are expected in February of this year, the firm said. Gold Oil, the AIM-listed oil and gas exploration and production company, has made a post-tax loss on ordinary activities of £0.14m for the six months ended October 31st. Operating loss for the period was £0.11m, compared to a loss of £0.79m the same period the previous year. The loss equated to 0.02p per share. The firm said the period has been a challenging one for all small cap companies in the sector. The company was keen to emphasise that it has made "significant progress" during the period in developing its assets in Colombia and Peru, adding that it is also progressing its other assets and positioning itself for growth as opportunities arise and as market conditions improve. Internet video security company IndigoVision has made a strong recovery in operating performance in the first half of the current financial year. However, for the six months to January 31st 2012, sales are expected to be a little below the record levels achieved in the corresponding period last year, but around 5% ahead of last year's second half. The sharp recovery in gross margins reported at the annual general meeting has been sustained throughout the period, and gross margins are expected to be around 60% for the first half of the year. Operating profits for the half year are expected to exceed £1.5m, before exceptional items, comfortably ahead of last year's first half and a very strong recovery from last year's second half. Jupiter Mines, in which Red Rock owns a 4.11% stake, has reported that its Mount Mason project has been completed. The project resource showed 5.9 million tonnes measured and indicated, grading 60.1% iron with a cut-off of more than 55%. At JMS's Mount Ida Magnetite Project, where Red Rock has a 1.5% gross production royalty interest, about 90% of the proposed drill holes over the Central Zone have been completed. The firm also said its 49.9%-owned Tsipi Borwa manganese project is on track for delivery of first ore in the second half of 2012. NR