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, 2001 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 Company 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)

Company's telephone Number:     (307) 856-9271


                                      NONE
--------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report)

     Indicate  by check mark  whether  the  Company:  (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
Company 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 12, 2001
-----------------------------                     ------------------------------
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 --  February 28, 2001 ...........................3

      Condensed Statements of Operations -- Three and Nine months
          Ended February 28, 2001 and February 29, 2000........................4

      Condensed Statements of Cash Flows for the Nine
        Months Ended February 28, 2001 and February 29, 2000...................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...............................................................8






                                       2
<PAGE>



                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

                             Condensed Balance Sheet
                                February 28, 2001
                                   (Unaudited)
<TABLE>
<S>                                                             <C>

         ASSETS

CURRENT ASSETS:
      Cash and temporary cash investments                            $   12,100
      Marketable securities                                               4,100
                                                                      ----------
         TOTAL CURRENT ASSETS                                            16,200

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

OTHER ASSETS                                                              1,800
                                                                      ----------
                                                                     $   18,000
                                                                      ==========

      LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
      Accounts payable - affiliates                                  $   12,100

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                                            (1,903,700)
      Unrealized holding loss on
         marketable equity securities                                    (2,100)
                                                                     -----------
                                                                          5,900
                                                                     -----------
                                                                     $   18,000
                                                                     ===========
</TABLE>


                                       3




<PAGE>



                              NORTHWEST GOLD, INC.

                       Condensed Statements of Operations
                                   (Unaudited)

<TABLE>
<S>                             <C>             <C>         <C>           <C>


                                  Three Months Ended          Nine months Ended
                                   February 28 & 29,          February 28 & 29,
                                 ---------------------      --------------------
                                 2001             2000      2001           2000
                                 ----             ----      ----           ----

REVENUES:
    Interest                   $   100      $    100      $    400     $    400

COSTS AND EXPENSES:
    General and
        administrative           2,500         2,500        11,500        9,300
                               --------       -------      --------     --------
NET INCOME (LOSS)              $(2,400)     $ (2,400)     $(11,100)    $ (8,900)
                               ========       =======      ========      =======
INCOME (LOSS)
    PER SHARE                  $     *      $      *      $     *      $  (0.03)
                               ========       =======      ========     ========
WEIGHTED AVERAGE
    NUMBER OF SHARES
    OUTSTANDING               7,809,794      500,000      7,809,794     354,984
                              =========      ========     ==========   =========

* 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>
<S>                                                     <C>             <C>

                                                            Nine months Ended
                                                             February 28 & 29,
                                                          ----------------------
                                                          2001            2000
                                                          ----            ----
CASH FLOWS FROM OPERATING ACTIVITIES:                  $(11,100)        $(8,900)
      Net Loss
      Adjustments to reconcile
         net loss to net cash
         used in operating activities:
      Increase in accounts
         payable - affiliate                             11,500         (14,100)
                                                        -------          -------
NET CASH PROVIDED BY
      OPERATING ACTIVITIES                                  400         (23,000)
                                                        -------          -------

CASH FLOWS FROM FINANCIAL ACTIVITIES:
      Reduction of debt to affiliates
      from the issuance of common stock                      --          23,300
                                                        -------          -------

NET INCREASE IN CASH
      AND CASH EQUIVALENTS                                  400             300

CASH AND CASH EQUIVALENTS AT
      BEGINNING OF PERIOD                                11,700          11,300
                                                        -------          -------
CASH AND CASH EQUIVALENTS AT
      END OF PERIOD                                     $12,100         $11,600
                                                        =======          =======
</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 February  28, 2001,  the  Condensed
Statements of Operations  for the three and nine months ended  February 28, 2001
and February 29, 2000,  and the Condensed  Statements of Cash Flows for the nine
months ended  February 28, 2001 and February 29, 2000 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, 2001,  the results of  operations  for the nine and three months
ended  February  28, 2001 and  February  29,  2000,  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 Company's May 31, 2000 Form 10- KSB.

     3) The results of operations  for the periods  ended  February 28, 2001 and
February 29, 2000 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 Company's  working  capital  decreased  $12,300  during the nine months
ended February 28, 2001. This decreased working capital to $4,100 as compared to
working  capital of $16,400 at May 31, 2000. The decrease in working capital was
primarily  as a  result  of an  increase  of  $11,500  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 other decrease in working capital is
as a result of the adjustment of the Company's  investments in publically traded
companies, one of which is USE, to market.

     The  Company  anticipates  that it will  be  able  to  meet  its  operating
requirements  for the  remainder  of the year  ending May 31,  2001  unless U.S.
Energy Corp. should call for payment of its indebtedness.  To continue operating
long-term, the Company must secure drilling or construction contracts.

Results of Operations

     The  Company  had no  revenues  from  operations  during the most  recently
completed nine months ended February 28, 2001 or the  corresponding  nine months
of the prior year  ended  February  28,  2000.  The  Company  recorded  interest
revenues of $400 on funds held in interest bearing accounts,  during each of the
nine month periods ending February 28, 2001 and February 28, 2000.

     General and administrative costs increased by $2,200 during the nine months
ending  February  28,  2001 from the same  period  of the  previous  year.  This
increase is primarily as a result of increased  stock transfer fees.  Operations
resulted in losses of $11,100 and $8,900 for the nine months ended  February 28,
2001 and 2000, respectively.

     The Company'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) During the quarter ended February 28, 2001 the Company filed one report
on Form 8-K. On February 1, 2001 under Item 4, the Company  reported  the change
in its outside accounting firm to Grant Thornton LLP.

                                   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:     April 12, 2001                By:     /s/ Harold F. Herron
                                                --------------------------------
                                                HAROLD F. HERRON,
                                                Chief Executive Officer



Date: April 12, 2001                    By:     /s/ Robert Scott Lorimer
                                                --------------------------------
                                                ROBERT SCOTT LORIMER,
                                                Principal Financial
                                                Officer and Chief
                                                Accounting Officer





                                       8
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