Small caps round-up: Ariana, Gemfields, Sareum

Turkey-focused gold miner Ariana Resources has set up a 50:50 joint venture to combine its two main projects, Sindirgi and Tavsan, into a single conceptual entity.The company confirmed its partner in the 'Red Rabbit' project as Turkish turn-key construction firm Proccea Construction."A Memorandum of Understanding provides for the negotiation of formal joint venture documentation which is expected to lead to the establishment of a long term gold mining operation in Turkey," said Ariana. The London-listed firm will get a $500,000 good-will payment and Proccea will earn-in to its 50% share in the venture by committing $8m of funding to feasibility and plant construction.Cancer drug discovery specialist Sareum narrowed its loss before tax for the year ended 30 June 2009 to £1.14m from £2.02m a year earlier.Chairman Paul Harper said he's actively talking to third parties who have shown interest in one or more of the group's oncology programmes."With sufficient cash resources to fund the ongoing business plan for the foreseeable future, the company looks forward to further development and commercialisation of these cancer drug programmes," the firm said.Gemfields has received all the $5.9m raised from the sale of rough emeralds in London late July and says the response from stakeholders wanting to attend next month's auction has been "very positive"."We are confident that the forthcoming auction will build on the success experienced in our July auction," said chief executive Ian Harebottle.During the quarter ending 30 September 2009, Gemfields realised revenues of $425,000 from the non-auction sale of two specimens.National building consultancy and quantity surveying group Baqus said it is facing pressure on margins as it announced reduced pre-tax profit of £0.74m in the year to 30 June 2009, from £1.06m a year earlier.Revenue rose from £7.70m to £7.85m, however, whole cash balances stood at £1.16m, even after the company paid £0.6m to partially redeem outstanding loan notes in December.A final dividend of 0. 06468p has been declared, making the full year dividend 0.11468p.Fuel cell systems developer Protonex Technology expects to post a significant increase in revenues in the second half of its financial year, which runs to end-September, from the levels seen in the first half.Based on the second half performance, the board expects full year revenues and cash flow to be in line with expectations. Sareum Ariana Gemfields Grou.