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 November 30, 1998 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) 856-9278


                                      NONE

--------------------------------------------------------------------------------
(Former name, former address and former 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 December 30, 1998
-----------------------------              ---------------------------------
Common stock, $.001 par value                      26,797,500 Shares



<PAGE>



                              NORTHWEST GOLD, INC.


                                      Index

PART I.        FINANCIAL INFORMATION

    ITEM 1.    Financial Statements

    Condensed Balance Sheet --  November 30, 1998 ...........................3

    Condensed Statements of Operations -- Three and Six Months
       Ended November 30, 1998 and 1997......................................4

    Condensed Statements of Cash Flows for the Six
      Months Ended November 30, 1998 and 1997................................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







<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1Financial Statements

                             Condensed Balance Sheet
                                November 30, 1998
<TABLE>
<S>                                                   <C>    

      ASSETS

CURRENT ASSETS:
    Cash and temporary cash investments               $     11,000
    Marketable securities                                   11,900
                                                         ----------
      TOTAL CURRENT ASSETS                                  22,900

PROPERTY AND EQUIPMENT, at cost                             29,000
    Less accumulated depreciation                          (29,000)
                                                         ----------
                                                              -0-

OTHER ASSETS                                                 1,900
                                                         ----------
                                                      $     24,800
                                                         ==========
    LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable - affiliates                     $     76,000

SHAREHOLDERS' EQUITY
    Common stock, $0.001 par value;
      authorized, 50,000,000 shares;
      issued and outstanding,
      26,797,500                                            26,700
    Additional paid-in capital                           1,788,700
    Accumulated deficit                                 (1,872,300)
    Unrealized holding gain on
      marketable equity securities                           5,700
                                                        -----------
                                                           (51,200)
                                                        -----------
                                                       $    24,800
                                                        ===========



</TABLE>




<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)

<TABLE>


                                Three Months Ended             Six Months Ended
                                   November 30,                  November 30,
                              ---------------------         --------------------
<S>                     <C>            <C>             <C>          <C>   

                               1998           1997           1998          1997
                               ----           ----           ----          ----
REVENUES:
   Interest                    $200           $--            $300          $100

COSTS AND EXPENSES:
   General and
     administrative           2,300         1,900           8,900         4,800
                             --------       -------        --------      -------
NET INCOME (LOSS)         $  (2,100)      $(1,900)      $  (8,600)      $(4,700)
                            ========       =======        ========      =======
INCOME (LOSS)
   PER SHARE              $    *          $   *         $    *         $     *
                            ========       =======        ========      =======
WEIGHTED AVERAGE
   NUMBER OF SHARES
   OUTSTANDING           26,797,500    26,797,500       26,797,500   26,797,500
                         ==========    ==========       ==========   ==========
</TABLE>

*  Less than $.01 per share.


            See accompanying notes to condensed financial statements.


<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)


                                                          Six Months Ended
                                                            November 30,
                                                    ----------------------
<TABLE>
<S>                                                  <C>               <C> 
                                                       1998              1997
                                                       ----              ----
CASH FLOWS FROM OPERATING ACTIVITIES:                $(8,600)          $(4,700)
    Net Loss
    Adjustments to reconcile
      net loss to net cash
      used in operating activities:
    Increase in accounts
      payable - affiliate                              8,800             4,800
                                                     -------            -------
NET CASH PROVIDED BY (USED IN)
    OPERATING ACTIVITIES                                 200               100
                                                      -------           -------

NET INCREASE (DECREASE) IN CASH
    AND CASH EQUIVALENTS                                 200               100

CASH AND CASH EQUIVALENTS AT
    BEGINNING OF PERIOD                               10,800            10,400
                                                     -------           -------
CASH AND CASH EQUIVALENTS AT
    END OF PERIOD                                    $11,000           $10,500
                                                     =======           =======
</TABLE>


            See accompanying notes to condensed financial statements.


<PAGE>


                              NORTHWEST GOLD, INC.

                     Notes to Condensed Financial Statements
                                   (continued)

                              NORTHWEST GOLD, INC.
                     Notes to Condensed Financial Statements

      1) The  Condensed  Balance  Sheet as of November 30, 1998,  the  Condensed
Statements  of Operations  for the six months ended  November 30, 1998 and 1997,
and the Condensed Statements of Cash Flows for the six months ended November 30,
1998 and November 30, 1997 have been prepared by the  Registrant  without audit.
In the opinion of the Registrant,  the accompanying financial statements contain
all  adjustments  (consisting of only normal  recurring  accruals)  necessary to
fairly present the financial position of the Registrant as of November 30, 1998,
the results of operations  for the six months ended  November 30, 1998 and 1997,
and cash flows for the six months then ended.

      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  Registrant's  May 31,  1998  Form
10-KSB.

      3) The results of operations  for the periods ended  November 30, 1998 and
1997 are not necessarily indicative of the operating results for the full year.








<PAGE>




Item 2.  Management's Discussion and Analysis of Financial
         -------------------------------------------------
         Condition and Results of Operations.
         ------------------------------------
Liquidity and Capital Resources

      The  Registrant's  working  capital  decreased  during  the most  recently
completed  six months by $8,600.  This  decrease  was a result of an increase of
$8,800 in  accounts  payable  to  affiliates  which was  partially  offset by an
increase of $200 in cash.  The  increase in accounts  payable was as a result of
USECB Joint Venture  ("USECB"),  a joint venture  between U.S.  Energy,  a major
shareholder of the Registrant  and Crested Corp.  paying certain  administrative
expenses  for the  Registrant.  The  increase  in cash is a result  of  interest
received on interest bearing cash accounts.

      The Registrant anticipates that it will be able to meet its administrative
capital  requirements  for the  remainder of the year ending May 31, 1999 if its
affiliates  do not call for the amounts  due them.  The  Registrant  must secure
drilling or construction  contracts or work out an agreement on its accounts due
to affiliates in order to continue operating long-term.

Results of Operations

      The  Registrant had no revenues from  operations  during the most recently
completed  six  months  or the  corresponding  period  of the  prior  year.  The
Registrant  recorded  interest  revenue  of $300 and $100  during  the six month
periods ending November 30, 1998 and 1997 respectively on funds held in interest
bearing accounts.

      General and administrative costs increased by $4,100 during the six months
ended November 30, 1998 over the same period of the previous year. This increase
was primarily in professional  services.  The Registrant recorded its audit fees
after they were paid by its  affiliate in the first quarter of fiscal 1999 where
it made a substantial  partial  payment of its audit fees for fiscal 1998 in the
third quarter ended February 28, 1998.

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







<PAGE>






                           PART II. OTHER INFORMATION

Item 6Exhibits and Reports on Form 8-K.

      (a)   Exhibits.  None.

      (b)   Reports on Form 8-K.  There were no reports  filed by the
            Registrant on Form 8-K for the quarter ended November 30, 1998.







<PAGE>



                                   SIGNATURES

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


                                    NORTHWEST GOLD, INC.
                                    (Registrant)



Date: December 30, 1998      By:   s/ Harold F. Herron
                                   ------------------------------
                                   HAROLD F. HERRON,
                                   Chief Executive Officer



Date: December 30, 1998      By:   s/ Robert Scott Lorimer
                                   ------------------------------
                                   ROBERT SCOTT LORIMER,
                                   Principal Financial Officer
                                   and Chief Accounting Officer







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