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 February 28, 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)

         Check 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 April 3, 1997
-----------------------------   ---------------------------------
Common stock, $.001 par value           26,797,500 Shares


Transitional Small Business Disclosure Format (Check One)
                                    Yes                                NO X


<PAGE>



                              NORTHWEST GOLD, INC.

                                      Index

PART I.               FINANCIAL INFORMATION

      ITEM 1.         Financial Statements

      Condensed Balance Sheet --  February 28, 1998...........................3

      Condensed Statements of Operations -- Three and Nine Months
        Ended February 28, 1998 and February 28, 1997.........................4

      Condensed Statements of Cash Flows for the Nine
        Months Ended February 28, 1998 and February 28, 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........................7

      Signatures..............................................................8


                                        2

<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1.               Financial Statements

                             Condensed Balance Sheet
                                February 28, 1998
                                   (Unaudited)

       ASSETS

CURRENT ASSETS:
      Cash and temporary cash investments                     $  10,600
      Marketable securities                                      15,400
                                                               ----------
         TOTAL CURRENT ASSETS                                    26,000

PROPERTY AND EQUIPMENT, at cost                                   8,700
      Less accumulated depreciation                              (8,700)
                                                               ----------
                                                                    -0-

OTHER ASSETS                                                      1,900
                                                               ----------
                                                              $  27,900
                                                               ==========

      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable - affiliates                           $  65,600

SHAREHOLDERS' EQUITY
      Common stock, $0.001 par value;
         authorized, 50,000,000 shares;
         issued and outstanding,
         26,797,500                                              26,800
      Additional paid-in capital                              1,788,600
      Accumulated deficit                                    (1,862,300)
      Unrealized holding gain on
         marketable equity securities                             9,200
                                                              ----------
                                                                (37,700)
                                                              ----------
                                                              $  27,900
                                                              ==========

 See  accompanying  notes  to  condensed   financial statements.

                                        3

<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>


                                    Three Months Ended                     Nine Months Ended
                                         February                              February
                                   ---------------------                 --------------------
                               28, 1998          28, 1997            28, 1998          28, 1997
                               --------          --------            --------          --------

<S>                               <C>                <C>                 <C>               <C>      
REVENUES:
    Interest                $          200    $          100      $          300    $          300

COSTS AND EXPENSES:
    General and
        administrative               5,500             1,900              10,300             8,200
                                  --------           -------            --------          --------
NET INCOME (LOSS)           $       (5,300)   $       (1,800)     $      (10,000)   $       (7,900)
                                  ========           =======            ========          ========

INCOME (LOSS)
    PER SHARE               $        *        $         *         $        *        $         *
                                  ========           =======            ========          ========

WEIGHTED AVERAGE
    NUMBER OF SHARES
    OUTSTANDING                 26,797,500        26,797,500          26,797,500        26,797,500
                                ==========        ==========          ==========        ==========

*  Less than $.01 per share.

</TABLE>

          See  accompanying  notes  to  condensed financial statements.

                                        4

<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>

                                      
                                                     Nine Months Ended
                                                         February
                                                   ----------------------
                                                28, 1998           28, 1997
                                               --------            --------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                               <C>                  <C>           
      Net Loss                          $       (10,000)     $      (7,900)
      Adjustments to reconcile
         net loss to net cash
         used in operating activities:
      Increase in accounts
         payable - affiliate                     10,200              5,400
                                                -------            -------
NET INCREASE (DECREASE) IN CASH AND
      CASH EQUIVALENTS                              200             (2,500)

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                        10,400             12,900
                                                -------             -------

CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                     $        10,400      $      10,400
                                                =======            =======
</TABLE>


       See accompanying notes to condensed financial statements.

                                        5

<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 February 28, 1998,  the Condensed
Statements of Operations for the three months and nine months ended February 28,
1998 and February 28, 1997,  and the Condensed  Statements of Cash Flows for the
nine months ended  February 28, 1998 and February 28, 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 February 28,  1998,  the results of  operations  for the three
months and nine months ended  February 28, 1998 and February 28, 1997,  and cash
flows for the nine 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,  1997  Form
10-KSB/A.

         3) The results of operations  for the periods  ended  February 28, 1998
and February 28, 1997 are not  necessarily  indicative of the operating  results
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 Registrant's  liquidity position decreased during the most recently
completed nine month period. Continuing losses increased the accumulated deficit
by $10,000  from May 31, 1997.  The working  capital  deficit also  increased by
$10,000 as a result of an  increase  of $10,200 in  accounts  payable  which was
offset by a net  increase  in cash of $200  resulting  from  interest  earned on
monies held in interest bearing accounts.

         The Registrant anticipates that it will be able to meet its
capital requirements for the remainder of the year ending May 31,
1998 with the exception of repayment   of debt to U.S. Energy Corp.
and Crested Corp. (USECC).  However the Registrant must secure
drilling or construction contracts and negotiate payment terms with
USECC in order to continue operating long-term.

Results of Operations

         The Registrant had no revenues from operations  during the three months
or nine months ended February 28, 1998 or the corresponding  period of the prior
year. The Registrant did however,  recognize $300 in interest  income during the
nine months ended February 28, 1998 and February 28, 1997.

         General  and  administrative  costs  increased  by $2,100  for the nine
months  ended  February  28, 1998 and  increased  by $3,600 for the three months
ended February 28, 1998, in each case compared to the  corresponding  periods in
1997.  The  increases  for the nine month period and the three month period were
due to increased  professional  fees for audits  performed  by the  Registrant's
independent accountant.

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

                           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
                  Registrant on Form 8-K for the quarter ended February 28,
                  1998.

                                        7

<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:  April 9, 1997         By:   s/ Harold F. Herron
                                   ------------------------------
                                   HAROLD F. HERRON,
                                   Chief Executive Officer


Date:  April 9, 1997         By:   s/ Robert Scott Lorimer
                                   ------------------------------
                                   ROBERT SCOTT LORIMER,
                                   Principal Financial Officer
                                   and Chief Accounting Officer


                                        8

<PAGE>