FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549


[X]  Quarterly  report  pursuant  to section  13 or 15(d) of the  Securities
     Exchange Act of 1934
     For the fiscal quarter ended August 31, 2001 or
[ ]  Transition  report  pursuant to section 13 or 15(d) of the Securities
     Exchange Act of 1934
     For the transition period from _____ to _____

Commission file number 0-10229

                              NORTHWEST GOLD, INC.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

  Wyoming                                                    81-0384984
-------------------------------------------------         ----------------------
  State or other jurisdiction of                            (I.R.S. Employer
  incorporation or organization)                            Identification No.)

  877 North 8th West, Riverton, WY                           82501
-------------------------------------------------         ----------------------
  (Address of principal executive offices)                   (Zip Code)

Registrant's telephone Number:    (307) 856-9271
                                -----------------


                                      NONE
--------------------------------------------------------------------------------
      (Former name, address and fiscal year, if changed since last report)

     Indicate by check mark  whether the  Registrant:  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  and Exchange Act
of 1934  during the  preceding  12 months (or for such  shorter  period that the
Registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                      YES   X               NO  ____
                          -----

     State the number of shares  outstanding of each of the issuer's  classes of
common stock, as of the latest practicable date.

           Class                               Outstanding at October 8, 2001
----------------------------------          ------------------------------------
  Common stock, $.001 par value                       7,809,794 Shares



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                              NORTHWEST GOLD, INC.


                                      INDEX


PART I.  FINANCIAL INFORMATION

ITEM 1.  Financial Statements

         Condensed Balance Sheet --  August 31, 2001 .....................3

         Condensed Statements of Operations -- Three Months Ended
           August 31, 2001 and August 31, 2000............................4

         Condensed Statements of Cash Flows-Three
           Months Ended August 31, 2001 and August 31, 2000...............5

         Notes to Condensed Financial Statements .........................6

ITEM 2.  Management's Discussion and Analysis of
         Financial Condition and Results of Operations....................7

PART II. OTHER INFORMATION

ITEM 6.  Exhibits and Reports on Form 8-K.................................8

         Signatures.......................................................9


                                        2

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                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            CONDENSED BALANCE SHEETS
                                 AUGUST 31, 2001
                                   (Unaudited)
<TABLE>
<CAPTION>

         ASSETS

CURRENT ASSETS:
<S>                                                                 <C>
      Cash and cash equivalents                                     $    12,300

Marketable Equity securities                                             10,600


PROPERTY AND EQUIPMENT, at cost                                          29,000
      Less accumulated depreciation                                     (29,000)
                                                                    -----------
                                                                          --

OTHER ASSETS                                                              1,800
                                                                    -----------
                                                                    $    24,700
                                                                    ===========

      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

      Accounts payable - affiliates                                 $    21,000

SHAREHOLDERS' EQUITY
      Common stock, $0.001 par value;
         Unlimited shares authorized,
         7,809,794 shares issued and outstanding,                         7,800
      Additional paid-in capital                                      1,903,900
      Accumulated deficit                                            (1,912,400)
      Unrealized holding gain on
         marketable equity securities                                     4,400
                                                                    -----------
                                                                          3,700
                                                                    -----------
                                                                    $    24,700
                                                                    ===========
</TABLE>


            See accompanying notes to condensed financial statements.

                                        3

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                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                               Three Months Ended
                                                   August 31,
                                          ---------------------------
                                              2001            2000
                                              ----            ----

REVENUES:
<S>                                       <C>             <C>
      Interest                            $       100     $       100


COSTS AND EXPENSES:
      General and administrative                6,300           3,700
                                          -----------     -----------

NET LOSS                                  $    (6,200)    $    (3,600)
                                          ===========     ===========

LOSS PER SHARE                            $      *        $      *
                                          ===========     ===========

WEIGHTED AVERAGE NUMBER
      OF SHARES OUTSTANDING                 7,809,794       7,809,794
                                          ===========     ===========
</TABLE>

*     Less than $0.01 per share.



            See accompanying notes to condensed financial statements.

                                        4

<PAGE>



                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                           Three Months Ended
                                                               August 31,
                                                        ------------------------
                                                          2001           2000
                                                          ----           ----

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                     <C>            <C>
      Net Loss                                          $ (6,200)      $ (3,600)
      Adjustments to reconcile
         net loss to net cash provided by
         operating activities:
         Increase in accounts
           payable - affiliate                             6,300          3,800
                                                        --------       --------

NET CASH PROVIDED BY
      OPERATING ACTIVITIES                                   100            200
                                                        --------       --------

NET INCREASE IN CASH AND
      CASH EQUIVALENTS                                       100            200

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                                 12,200         11,700
                                                        --------       --------

CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                     $ 12,300       $ 11,900
                                                        ========       ========
</TABLE>


            See accompanying notes to condensed financial statements.

                                        5

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                              NORTHWEST GOLD, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS


     1) The  Condensed  Balance  Sheet as of August 31,  2001 and the  Condensed
Statements  of  Operations  and Cash Flows for the three months ended August 31,
2001 and 2000,  have been prepared by the Company  without audit. In the opinion
of the Company,  the accompanying  financial  statements contain all adjustments
(consisting of only normal recurring  accruals)  necessary to fairly present the
financial  position  of the  Company  as of  August  31,  2001  the  results  of
operations and cash flows for the three months ended August 31, 2001 and 2000.

     2) Certain  information  and  footnote  disclosures  normally  included  in
financial  statements  prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  It is suggested that these financial
statements be read in conjunction with the Company's May 31, 2001 Form 10-KSB.

     3) The  results of  operations  for the periods  ended  August 31, 2001 and
2000,  are not  necessarily  indicative  of the  operating  results which may be
experienced for the full year.



                                        6

<PAGE>



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS.

LIQUIDITY AND CAPITAL RESOURCES

     The Company's  working capital  decreased by $6,200 during the three months
ended August 31, 2001.  This reduction  increased the working capital deficit to
$8,700 as compared to a working  capital  deficit of $2,500 at May 31, 2001. The
decrease in working  capital was  primarily as a result of an increase of $6,300
in accounts  payable to  affiliates.  The increase in accounts  payable was as a
result of the  Company's  parent,  U.S.  Energy  Corp.  ("USE")  paying  certain
administrative fees for Company and a management fee of $500 per month.

     The  Company  anticipates  that it will  be  able  to  meet  its  operating
requirements  for the  remainder  of the year  ending May 31,  2001  unless U.S.
Energy Corp. should call for payment of its indebtedness.  To continue operating
long-term, the Company must secure drilling or construction contracts.

RESULTS OF OPERATIONS

     The  Company  had no  revenues  from  operations  during the most  recently
completed  quarter  ended  August 31, 2001 or the  corresponding  quarter of the
prior year ended August 31, 2000. In both periods, however, the Company recorded
interest revenue of $100 on funds held in interest bearing accounts.

     General and  administrative  costs  increased by $2,600  during the quarter
ended August 31, 2001 from the same period of the previous  year.  This increase
was primarily  professional fees associated with the year end audit.  Audit fees
for fiscal 2000 were not recorded until the second quarter.  Operations resulted
in losses of $6,200 and $3,600 for the quarters  ended August 31, 2001 and 2000,
respectively.

     The Company's  operations  consist primarily of  administrative  activities
associated with the preparation of reports and documents required by law.



                                        7

<PAGE>




                           PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

     (a) Exhibits.  None.

     (b) Reports on Form 8-K. There were no reports filed by the Company on Form
8-K for the quarter ended August 31, 2001.



                                        8

<PAGE>



                                   SIGNATURES


     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.

                                            NORTHWEST GOLD, INC.
                                            Company



Date: October 8, 2001                  By:    /s/  Harold F. Herron
                                            ------------------------------------
                                            HAROLD F. HERRON,
                                            Chief Executive Officer



Date: October 8, 2001                  By:    /s/  Robert Scott Lorimer
                                            ------------------------------------
                                            ROBERT SCOTT LORIMER,
                                            Principal Financial Officer
                                            and Chief Accounting Officer

                                        9

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