You could refer to the recent 'Gold stocks to consider' thread for a heap of suggestions.
Dependiong on what you define as a "small cap" (they are not penny dreadfuls if thats what you are after), the 4 I suggested on that thread were, in order of personal preference:
1. DRM - holding 2. NST - holding 3. SLR 4. RMS
DRM I put ahead of NST only because of the very credible rumour that RMS is currently accumulating it (see Garimpeiro article in The Age last monday or refer to DRM board) and therefore SP will be somewhat supported during the current market turmoil. The rumour is credible not only because of who wrote the piece, but also that it makes perfect sense for RMS to acquire it (I actually rang up RMS last year when I was a shareholder to suggest it...the strange response I got was they they'd 'never heard of it'...strange since they had projects right next door to Mt Magnet, ie Magnet North)
The five things that the above all have in common are a focus on very high grade gold, top quality management, good cash balances, WA based, relatively tight capital structures (though NST has a few too many unlisted options on issue for my liking).
If you are after even smaller capped companies, then only one I would suggest is Kentor Gold (holding). I know I have ATV in my signature, but they have been so slow in progressing their project that I no longer really follow it (since I assume something is wrong).
