If you’ve been watching the rapid rise of gold prices (and what investor hasn’t recently), you’ve probably been on the prowl for mining and gold stocks to play the upside of this precious metal. Large-cap gold  stocks like Barrick Gold (NYSE: ABX), AngloGold (NYSE: AU) and Newmont Mining (NYSE: NEM) are probably at the top of your list.

But have you considered staking a claim in small-cap gold stocks? My latest screens for penny stock picks in the metal and mining sector has turned up some shining buys! To be clear these are not microcaps or pink sheets, but low-priced buys trading for under $3 on major exchanges. While they are higher risk than the gold majors, these metal and mining stocks are much lower risk investments then their thinly traded counterparts that go for just a penny or two per share.

Here are my top 5 cheap gold miners to buy:

Anooraq Resources (ANO)

Anooraq Resources (AMEX: ANO) is involved with the exploration and development of mineral deposits in South Africa.  In the last 12 months, ANO stock has jumped 51.2%, compared to smaller gains by the broader markets.  More recently, the stock is up 42.3% since Oct 1.  Anooraq trades at just $1.27, making it a very affordable stock right now.  Based on its recent performance, this penny stock is worth buying.

Quaterra Resources (QMM)

Quaterra Resources (AMEX:

QMM) is a junior exploration company that focuses on precious metals in Mexico and the western United States.  Since last October, the penny stock has climbed 97.3%, compared to a gain of just 10% by the S&P 500.  Since August, the stock has gained 7.5% as well.  QMM is an inexpensive stock as it currently trades at $1.44.   The company may only have a market cap of $1.77 million, but due to its low stock price and recent performance, QMM is a penny stock worth taking a chance on.

Claude Resources (CGR)

Based in Canada, Claude Resources (AMEX: CGR) acquires, explores and develops precious metal properties.  The company operates on properties in northern Saskatchewan and north-western Ontario.  Over the past 52 weeks, this penny stock has skyrocketed +92.5%, while the broader markets have risen moderately.  With a stock price of $1.55, CGR is close to its 52-week high of $1.67.

Great Basin Gold (GBG)

Mining company Great Basin Gold  (AMEX: GBG) is involved with the acquisition, exploration, development and trial mining of precious metal deposits in Tanzania and Mozambique.  Since this time last year, the penny stock has soared 71.8%, or $1.12.  This penny stocks current trading price is $2.67, not far from its 52-week high of $2.94.  Finally, with a quarterly revenue growth of 73.4% in its last income statement, GBG is a penny stock worth buying now.

Almaden Minerals (AAU)

Almaden Minerals (AMEX:AAU) is engaged in the acquisition, exploration and development of mineral properties in Canada, Mexico and the U.S.  AAU has had the most successful year of any of the stocks on this list, up 178% year-to-date.  During that time, the stock jumped to $2.92, from $1.05.  Even more impressive, the penny stock has gained 300% over the past 12 months.  Almaden Minerals is a penny stock worth buying based on its tremendous yearly performance.