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, 1997 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 January 12, 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, 1997 ...........................3

     Condensed Statements of Operations -- Three and Six Months
       Ended November 30, 1997 and 1996.......................................4

     Condensed Statements of Cash Flows for the Six
       Months Ended November 30, 1997 and 1996................................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



<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
----------------------------

                             Condensed Balance Sheet
                                November 30, 1997

         ASSETS

CURRENT ASSETS:
      Cash and temporary cash investments                       $    10,500
      Marketable securities                                          15,400
                                                                -----------
         TOTAL CURRENT ASSETS                                        25,900

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

OTHER ASSETS                                                          1,900
                                                                -----------
                                                                $    27,800
                                                                ===========
      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable - affiliates                             $    60,200

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                                        (1,857,000)
      Unrealized holding gain on
         marketable equity securities                                 9,200
                                                                -----------
                                                                    (32,400)
                                                                -----------
                                                                $    27,800
                                                                ===========


            See accompanying notes to condensed financial statements.

                                       3

<PAGE>
<TABLE>
<CAPTION>



                                     NORTHWEST GOLD, INC.

                              Condensed Statements of Operations
                                          (Unaudited)



                                       Three Months Ended                  Six Months Ended
                                           November 30,                      November 30,
                                -------------------------------   -------------------------------
                                     1997             1996             1997             1996
                                     ----             ----             ----             ----

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


COSTS AND EXPENSES:
    General and
        administrative                   1,900            2,100            4,800            6,300
                                --------------   --------------   --------------   --------------
NET INCOME (LOSS)               $       (1,900)  $       (2,000)  $       (4,700)  $       (6,100)
                                ==============   ==============   ==============   ==============
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.








                  See accompanying notes to condensed financial statements.
                  

                                             4
</TABLE>

<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Cash Flows
                                   (Unaudited)


                                                          Six Months Ended
                                                             November 30,
                                                       ------------------------
                                                         1997            1996
                                                         ----            ----
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net Loss                                         $ (4,700)       $ (6,100)
      Adjustments to reconcile
         net loss to net cash
         used in operating activities:
      Increase in accounts
         payable - affiliate                              4,800           3,500
                                                       --------        --------
NET CASH PROVIDED BY (USED IN)
      OPERATING ACTIVITIES                                  100          (2,600)
                                                       --------        --------

NET INCREASE (DECREASE) IN CASH
      AND CASH EQUIVALENTS                                  100          (2,600)

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                                10,400          12,900
                                                       --------        --------
CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                    $ 10,500        $ 10,300
                                                       ========        ========







           See accompanying notes to condensed financial statements.


                                       5


<PAGE>


                              NORTHWEST GOLD, INC.
                     Notes to Condensed Financial Statements

     1) The  Condensed  Balance  Sheet as of November  30, 1997,  the  Condensed
Statements  of Operations  for the six months ended  November 30, 1997 and 1996,
and the Condensed Statements of Cash Flows for the six months ended November 30,
1997 and 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, 1997,  the results of operations  for the six
months ended  November 30, 1997 and 1996, 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,  1997  Form
10-KSB.

     3) The results of operations  for the periods  ended  November 30, 1997 and
1996 are not necessarily indicative of the operating results for the full year.












                                       6

<PAGE>



                              NORTHWEST GOLD, INC.

                     Notes to Condensed Financial Statements
                                   (continued)


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 $4,700.  This  decrease  was a result of an increase of
$4,800  in  accounts  payable  to  affiliates  which was  partially  offset by a
increase of $100 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 Registrant.  The increase in cash is a result of interest earned on
interest bearing accounts held by the Registrant.

     The  Registrant  anticipates  that it will  be  able  to meet  its  capital
requirements for the remainder of the year ending May 31, 1998 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 $100 and $200  during  the six month
periods ending November 30, 1997 and 1996 respectively on funds held in interest
bearing accounts.

     General and administrative  costs decreased by $1,500 during the six months
ended November 30, 1997 over the same period of the previous year. This decrease
was primarily in professional services. The registrant paid it audit fees in the
third quarter of fiscal 1998 where it paid the audit fees for fiscal 1997 in the
second quarter ended November 30, 1996.

     The Registrant'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
                  Registrant  on Form 8-K for the  quarter  ended  November  30,
                  1997.











                                       8


<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:  January 14, 1998              By:  /s/ Harold F. Herron
                                        ------------------------------
                                        HAROLD F. HERRON,
                                        Chief Executive Officer



Date:  January 14, 1998              By:  /s/ Robert Scott Lorimer
                                        ------------------------------
                                        ROBERT SCOTT LORIMER,
                                        Principal Financial Officer
                                        and Chief Accounting Officer






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