Gold-related equities have slumped during the past few years, so much so that some of the more promising gold projects have been valued by the market at just one or two dollars per ounce in the ground. Even the gold producers with Proven and Probable reserves have been severely tarnished by this gold-stock sell off. When trying to spot a bargain in this market, measuring a company based on market cap over its ounces of reserves will not only allow you to screen past the high-risk explorers, but also show how much you would need to pay when buying into one ounce of a producer’s reserves. The following five gold miners were found to be trading at a significant discount to the current price of gold, based on their reserves, and could be the first ones to rally during a sector rebound.

Luna Gold Corp. (TSX: LGC )

This cash-generating gold producer is engaged in the operation and exploration of promising gold projects. Luna’s primary asset is the Aurizona Gold Mine located in the north-east of Brazil. In total, Luna has close to 2.4 million troy ounces of gold reserves, while trading at a market cap of $49.7 million. This values the company’s reserves at $21.10/oz.

Jaguar Mining Inc. (TSXV: JAG )

Yet another Brazilian producer, Jaguar Mining is a gold miner with operations in an abundant greenstone belt in the state of Minas Gerais. Jaguar owns and controls 197,000 hectares of land, including the Gurupi Project in the northern state of Maranhão. The company boasts 3.1 million troy ounces of gold reserves while only trading at a market cap of $63.5 million. This puts Jaguar just below Luna Gold with its reserves valued at $20.75/oz.

Alamos Gold Inc. (TSX: AGI )

Alamos is a Canadian-based mid-tier gold producer that owns and operates the Mulatos Mine in Mexico. The 100% owned Mulatos Mine is a conventional open-pit, heap-leach operation with gold recovered through a carbon-in-column circuit. The company has by far the most reserves from the ones on the list with a total of 68.8 million troy ounces, and is trading at $13.43 for each ounce of gold reserve.

Seabridge Gold Inc. (TSX: SEA )

During the time of low gold prices between 1999 and 2002, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. The KSM Project, situated in British Columbia, is one of the largest undeveloped gold projects in the world. Proven and Probable reserves total 38.2 million ounces of gold and 9.9 billion pounds of copper. On the other hand, its Courageous Lake mine, located in Northern Territories, was estimated to have Proven and Probable reserves of 6.5 million ounces of gold. In total, Seabridge has over 45 million oz. of gold reserves, and trades at just over $10 per oz.

Chesapeake Gold Corp. (TSXV: CKG )

Lastly, Chesapeake Gold is focused on the exploration and development of mining projects in North America. Chesapeake’s flagship project is its 100% owned Metates gold deposit located in Durango state, Mexico. In total, the Feasibility Study has shown Proven and Probable reserves of 18.5 million ounces of gold, 526 million ounces of silver and 4.2 billion pounds of zinc. With the company’s current market cap of $100 million, Chesapeake is trading at a mere $5.43 per oz. of gold reserves. Not a bad bargain when the spot price of gold is at $1,200/oz.