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, 2002 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 April 10, 2002
---------------------------------------      -----------------------------------
     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 --  February 28, 2002 .....................3

           Condensed Statements of Operations --
           Three and Nine Months Ended
           February 28, 2002 and February 28, 2001............................4

           Condensed Statements of Cash Flows-- Nine
           Months Ended February 28, 2002 and February 28, 2001...............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
                                FEBRUARY 28, 2002
                                   (Unaudited)

                                     ASSETS

CURRENT ASSETS:
     Cash and cash equivalents                                   $   12,400

Marketable Equity securities                                         10,600


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

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


                      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

     Accounts payable - affiliates                               $   30,900

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                                         (1,922,200)
     Unrealized holding gain on
        marketable equity securities                                  4,400
                                                                 ----------
                                                                     (6,100)
                                                                 ----------
                                                                 $   24,800
                                                                 ==========


            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                 Nine Months Ended
                                       February 28,                       February 28,
                                -------------------------       --------------------------
                                   2002             2001            2002            2001
                                   ----             ----            ----            ----

REVENUES:
<S>                             <C>             <C>             <C>              <C>
     Interest                   $     - -       $     100       $     200        $    400


COSTS AND EXPENSES:
     General and
        administrative              4,200           2,500          16,200           11,500
                                ----------      ---------       ----------       ---------

NET LOSS                        $  (4,200)      $  (2,400)      $ (16,000)       $ (11,100)
                                =========       =========       =========        =========

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

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

*    Less than $0.01 per share.



            See accompanying notes to condensed financial statements.

                                        4

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                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                        Nine Months Ended
                                                          February 28,
                                                  ----------------------------
                                                     2002              2001
                                                     ----              ----

CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                               <C>               <C>
     Net Loss                                     $ (16,000)        $ (11,100)
     Adjustments to reconcile
        net loss to net cash provided by
        operating activities:
        Increase in accounts
          payable - affiliate                        16,200            11,500
                                                  ---------         ---------

NET CASH PROVIDED BY
     OPERATING ACTIVITIES                               200               400
                                                  ---------         ---------

NET INCREASE IN CASH AND
     CASH EQUIVALENTS                                   200               400

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

CASH AND CASH EQUIVALENTS AT
     END OF PERIOD                                $  12,400         $  12,100
                                                  =========         =========
</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 February 28, 2002 and the Condensed
Statements of Operations for the three and nine months ended February 28, 2002
and 2001, and Condensed Statements of Cash Flows for the nine months ended
February 28, 2002 and 2001 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 February 28, 2002 the
results of operations and cash flows for the three and nine month periods ended
February 28, 2002 and 2001.

     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 February 28, 2002 and
2001, are not necessarily indicative of the operating results which may be
experienced for the full year.



                                        6

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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 $16,000 during the nine months
ended February 28, 2002. This reduction resulted in a working capital deficit of
$18,500 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 $16,200
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, 2002 unless USE should
call for payment of its indebtedness. To continue operating long-term, the
Company must secure drilling or construction contracts and continue to favorably
negotiate the terms of its debt to USE.

RESULTS OF OPERATIONS

     The Company had no revenues from operations during the most recently
completed nine months ended February 28, 2002 or the corresponding nine months
ended February 28, 2001. The Company, however, recorded interest revenue of $200
and $400 for the nine months ended February 28, 2002 and February 28, 2001
respectively on funds held in interest bearing accounts.

     General and administrative costs increased by $4,700 during the nine months
ended February 28, 2002 from the same period of the previous year. This increase
was primarily professional fees associated with the year end audit. Operations
resulted in losses of $16,000 and $11,100 for the nine months ended February 28,
2002 and 2001, respectively.

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



                                        7

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                           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 February 28, 2002.



                                        8

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                                   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: March 15, 2002                By:  /s/  Harold F. Herron
                                         ---------------------------------------
                                                HAROLD F. HERRON,
                                                Chief Executive Officer



Date: March 15, 2002                By:  /s/  Robert Scott Lorimer
                                         ---------------------------------------
                                                ROBERT SCOTT LORIMER,
                                                Principal Financial Officer
                                                and Chief Accounting Officer


                                        9

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