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, 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 October 10, 2002
---------------------------------------     ------------------------------------
     Common stock, $.001 par value                   7,809,794 Shares



<PAGE>



                              NORTHWEST GOLD, INC.


                                      INDEX


PART I.   FINANCIAL INFORMATION

ITEM 1.   Financial Statements

          Condensed Balance Sheet -- August 31, 2002 ..........................3

          Condensed Statements of Operations -- Three Months Ended
          August 31, 2002 and 2001.............................................4

          Condensed Statements of Cash Flows-- Three Months Ended
          August 31, 2002 and 2001.............................................5

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

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

ITEM 3.   Controls and Procedures..............................................7

PART II.  OTHER INFORMATION

ITEM 1.   Legal Proceedings....................................................8

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

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

          Certificates......................................................9-10



                                        2

<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

ITEM 1.       FINANCIAL STATEMENTS


                             CONDENSED BALANCE SHEET
                                 AUGUST 31, 2002
                                   (Unaudited)

                                     ASSETS
<TABLE>
<CAPTION>

CURRENT ASSETS:

<S>                                                             <C>
       Cash and cash equivalents                                $    10,000

INVESTMENTS                                                           7,200


PROPERTY AND EQUIPMENT:
       Exploration equipment                                         29,000
       Less:  accumulated depreciation                              (29,000)
                                                                -----------
                                                                      --

OTHER ASSETS                                                          1,800
                                                                -----------
                                                                $    19,000
                                                                ===========


                      LIABILITIES AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES:
       Accounts payable                                         $    44,200

SHAREHOLDERS' EQUITY:
       Common stock, $.001 par value,
          Unlimited shares authorized,
          7,809,794 shares issued and outstanding                     7,800
       Additional paid-in capital                                 1,903,900
       Accumulated deficit                                       (1,937,800)
       Accumulated other comprehensive income                           900
                                                                -----------
TOTAL SHAREHOLDERS' DEFICIT                                         (25,200)
                                                                -----------
                                                                $    19,000
                                                                ===========
</TABLE>



            See accompanying notes to condensed financial statements.

                                        3

<PAGE>



                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                  Three Months Ended
                                                                      August 31,
                                                            ----------------------------
                                                                2002            2001
                                                            ------------    ------------

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


COSTS AND EXPENSES:
      General and administrative                                  9,300           6,300
                                                            -----------     -----------

NET LOSS                                                    $    (9,300)    $    (6,200)
                                                            ===========     ===========

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,
                                                   -----------------------
                                                      2002          2001
                                                   ---------     ---------


CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                <C>           <C>
      Net Loss                                     $ (9,300)     $ (6,200)
      Adjustments to reconcile
         net loss to net cash provided by
         operating activities:
         Increase in accounts
           payable - affiliate                        9,400         6,300
                                                   --------      --------

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

NET INCREASE IN CASH AND
      CASH EQUIVALENTS                                  100           100

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                             9,900        12,200
                                                   --------      --------

CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                $ 10,000      $ 12,300
                                                   ========      ========
</TABLE>


            See accompanying notes to condensed financial statements.

                                        5

<PAGE>



                              NORTHWEST GOLD, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS


     1) The Condensed Balance Sheet as of August 31, 2002, the Condensed
Statements of Operations for the three months ended August 31, 2002 and 2001,
and the Condensed Statements of Cash Flows for the three months ended August 31,
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 August 31, 2002 the results of
operations and cash flows for the three month periods ended August 31, 2002 and
2001.

     2) Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles generally
accepted in the United States of America have been condensed or omitted. It is
suggested that these financial statements be read in conjunction with the
Company's May 31, 2002 Form 10-KSB.

     3) The results of operations for the periods ended August 31, 2002 and
2001, 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 deficit increased by $9,300 during the three months
ended August 31, 2002 to a working capital deficit of $34,200 as compared to a
working capital deficit of $24,900 at May 31, 2002. The decrease in working
capital was primarily as a result of an increase of $9,400 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 not be able to meet its operating
requirements for the fiscal year ending May 31, 2003 unless it can continue to
rely upon USE to advance funds for its administrative costs and expenses. To
continue operating long-term, the Company must continue to favorably negotiate
the terms of its debt to USE and develop operations that generate cash flow. USE
has notified the management of the Company that it is negotiating with third
parties who have expressed an interest in purchasing all or a majority of USE's
ownership position in the Company.

RESULTS OF OPERATIONS

     The Company had no revenues during the quarter ended August 31, 2002, as
compared to interest revenue of $100 during the quarter ended August 31, 2001.

     General and administrative costs increased by $3,000 during the three
months ended August 31, 2002 from the same period of the previous year. This
increase was primarily contract services related to the Company's common stock
listing. Operations resulted in losses of $9,300 and $6,200 for the three months
ended August 31, 2002 and 2001, respectively.

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

ITEM 3.   CONTROLS AND PROCEDURES

     In the 90 day period before the filing of this report, the chief executive
and chief financial officers of the Company have evaluated the effectiveness of
the Company's disclosure controls and procedures. These disclosure controls and
procedures are those controls and other procedures we maintain, which are
designed to insure that all of the information required to be disclosed by the
Company in all its periodic reports filed with the SEC is recorded, processed,
summarized and reported, within the time periods specified in the SEC's rules
and forms. Disclosure controls and procedures include, without limitation,
controls and procedures designed to ensure that information required to be
disclosed by the Company in its reports filed or submitted under the Securities
Exchange Act of 1934 is accumulated and communicated to Company management,
including the chief executive and chief financial officers of the Company, as
appropriate to allow those persons to make timely decisions regarding required
disclosure.

     Subsequent to date when the disclosure controls and procedures were
evaluated, there have not been any significant changes in the Company's
disclosure controls or procedures or in other factors that could significantly
affect such controls or procedures. No significant deficiencies or material
weaknesses in the controls or procedures were detected, so no corrective actions
needed to be taken.


                                        7

<PAGE>



                           PART II. OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

     The Company is currently not involved and any legal proceedings.

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

     (a)  Exhibits.

          99.1     Certification Pursuant to Section 1350 of Chapter 63
                   of Title 18 of the United States Code

     (b) Reports on Form 8-K. There were no reports filed by the Company on Form
8-K for the quarter ended August 31, 2002.



                                   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 10, 2002                 By:  /s/  Harold F. Herron
                                            ------------------------------------
                                            HAROLD F. HERRON,
                                            Chief Executive Officer



Date: October 10, 2002                 By:  /s/  Robert Scott Lorimer
                                            ------------------------------------
                                            ROBERT SCOTT LORIMER,
                                            Principal Financial Officer
                                            and Chief Accounting Officer


                                        8

<PAGE>



                                  CERTIFICATION

     I, Robert Scott Lorimer, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Northwest Gold, Inc.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a.   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b.   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c.   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):

     a.   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b.   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

DATED this 10th day of October, 2002.


                                              /s/  Robert Scott Lorimer
                                            ------------------------------------
                                            Robert Scott Lorimer,
                                            Chief Financial Officer


                                        9

<PAGE>


                                  CERTIFICATION

         I, Harold F. Herron, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Northwest Gold, Inc.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a.   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b.   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c.   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit committee
of registrant's board of directors (or persons performing the equivalent
function):

     a.   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weaknesses in
          internal controls; and

     b.   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

DATED this 10th day of October, 2002.


                                            /s/  Harold F. Herron
                                            ------------------------------------
                                            Chief Executive Officer


                                       10

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