While the gold mining stocks are not really known for paying high dividends to shareholders (yet), there are actually some gold stocks that pay the highest dividends in the field that are worth checking out. Gold mining stocks have faced a bunch of issues in the past year and a half, suffering from rising production costs and some even with mine closures and strikes. However, I strongly feel an investments in gold mining stocks will pay off big in the future as the price of gold continues to climb to levels never seen before. Costs seem to be under control and operating margins will continue to grow, in my opinion. You can get paid to own a gold stock right now, however, by buying a mining stock that pays a nice dividend. I will list the highest dividend yields below. 

Please note that this post is for educational purposes only, and should not be viewed as investing advice. 

#1 Gold Resource Corp. (GORO)

Brief company overview: Gold Resource Corporation is engaged in the exploration for and production of gold and silver in Mexico. As of December 31, 2011, the Company held a 100% interest in six properties in Mexico's southern State of Oaxaca. During the year ended December 31, 2011, the Company produced a total of 66,159 ounces of gold equivalent from the El Aguila Project. 

This stock pays the highest dividend of any gold mining stock out there. The monthly dividend of .06 cents per share and a current share price of $13.75 gives GORO an annual yield of 5.24 percent. 

With an annual trailing EPS of 1.11, the stock has a trailing P/E of 12.55, making it rather cheap. The stock has a similar forward P/E as well.

The share price has suffered in the past year or two, going from nearly $30 a share in 2011 to its current price under $14. I view this as a buying opportunity, but I do not currently own any shares. 

#2 GoldFields (GFI)

Brief Overview: Gold Fields is engaged in gold mining and related activities, including exploration, extraction, processing and smelting. Gold Fields is a producer of gold and holder of gold reserves in South Africa, Ghana, Australia and Peru. In Peru, Gold Fields also produces copper. It is primarily involved in underground and surface gold and copper mining and related activities. It also has an interest in a platinum group metal exploration project in Finland. 

This has the second highest dividend yield of a gold stock out there, paying .1933 semi-annually, giving it a yield of 4.26 percent with a share price of $11.66.

The stock also appears cheap, with a trailing P/E ratio of 9.7 and a forward P/E ratio of around 6. 

I am bullish on GoldFields in the short term, thinking a possible run to $15 a share in the next 6 months is possible.

#3 Newmont Mining Corp. (NEM)

Brief Overview: Newmont Mining Corporation (Newmont) is a gold producer. The Company's operating segments include North America, South America, Asia Pacific and Africa. Its North America segment consists primarily of Nevada in the United States, La Herradura in Mexico and Hope Bay in Canada.  At December 31, 2011, Newmont had attributable proven and probable gold reserves of 98.8 million ounces and an aggregate land position of approximately 31,500 square miles.

This comes in third in highest dividend yield for a gold stock, at .35 cents quarterly with a 3.25 annual yield, with the current $43.12 share price.

The stock has a forward P/E ratio of 9.58, as analysts expect an annual 2013 EPS of $4.50. 

The story gets even more compelling in 2014, with an annual earnings estimate of $5.32 per share, giving them a 2014 Forward P/E of under 8. 

This is my favorite choice of the 5 stocks mentioned as I feel its the safest bet going forward.

#4 Nevsun Resources (NSU)

Brief Overview: Nevsun Resources Ltd. (Nevsun) is a gold and base metal mining and exploration company. The Company, through its subsidiaries, is engaged in the acquisition, exploration, development and production of mineral properties. As of December 31, 2011, the Company's portfolio consisted of the Bisha Property located in Eritrea, North-East Africa with gold, silver and base metal (copper and zinc) mineral resources and mineral reserves.

Nevsun pays a semi-annual dividend of .05 per share. With a current share price of $4.23, Nevsun has a dividend yield of 2.36 percent. 

With a trailing EPS of 4.72, Nevsuns trailing P/E is just 4.72. 

I would personally stay away from this stock as their operations are located in an unfriendly mining friendly region, but that is just my opinion.

#5 Barrick Gold Corp (ABX)

Brief Overview: Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities. Barrick also hold interests in oil and gas properties located in Canada. Its producing gold mines are concentrated in three regional business units (RBU): North America, South America, and Australia Pacific.

Barrick pays out .20 cents quarterly. With a share price of $32.39, their current annual yield is 2.47 percent. 

Barrick has a trailing EPS of 3.353, giving them a trailing P/E of 9.79. With 2013 earnings estimates at 4.80, Barrick has a Forward P/E of 6.47, making them look pretty cheap. 

I am bullish of ABX. 

What Other Gold Stocks Pay Nice Dividends?

I would also check out the streaming companies Franco Nevada and Royal Gold. 

Franco (FNV) pays an annual dividend of 1.33 percent, while Royal Gold pays out 1.06 percent. While this is nothing to get excited about, I see big potential for these streaming companies to increase their dividend payouts over the next few years. 

Thanks for reading and remember to do you own due dilligence when investing. What are you favorite gold stocks that pay the highest dividends?