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, 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 April 9, 1997
-----------------------------                 ---------------------------------
Common stock, $.001 par value                          26,797,500 Shares



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                              NORTHWEST GOLD, INC.


                                      INDEX

PART I.           FINANCIAL INFORMATION

     ITEM 1.      Financial Statements

     Condensed Balance Sheet --  February 28, 1997 ...........................3
     Condensed Statements of Operations -- Three and Nine Months
         Ended February 28, 1997 and February 29, 1996........................4

     Condensed Statements of Cash Flows for the Nine
       Months Ended February 28, 1997 and February 29, 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............................7

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


                                        2

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                              NORTHWEST GOLD, INC.

                          PART I. FINANCIAL INFORMATION

ITEM 1.           FINANCIAL STATEMENTS

                             CONDENSED BALANCE SHEET
                                FEBRUARY 28, 1997

        ASSETS

CURRENT ASSETS:
     Cash and temporary cash investments                 $    10,400
     Marketable securities                                    38,700
                                                         -----------
        TOTAL CURRENT ASSETS                                  49,100

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

OTHER ASSETS                                                   1,800
                                                         -----------
                                                         $    50,900
                                                         ===========

     LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
     Accounts payable - affiliates                       $    53,800

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                                  (1,850,800)
     Unrealized holding gain on
        marketable equity securities                          32,500
                                                         -----------
                                                              (2,900)
                                                         -----------
                                                         $    50,900
                                                         ===========


            See accompanying notes to condensed financial statements.

                                        3

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                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)



                                    Three Months Ended       Nine Months Ended
                                         February                 February
                                   --------------------    ---------------------
                                   28, 1997    29, 1996    28, 1997     29, 1996
                                   --------    --------    --------     --------

REVENUES:
   Interest                        $   100      $ 100      $   300      $   300
                                   -------      -----      -------      -------

COSTS AND EXPENSES:
   General and
      administrative                 1,900       (400)       8,200        8,900
                                   -------      -----      -------      -------
NET INCOME (LOSS)                  $(1,800)     $ 500      $(7,900)     $(8,600)
                                   =======      =====      =======      =======
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

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                              NORTHWEST GOLD, INC.

                       CONDENSED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                           Nine Months Ended
                                                                February
                                                       -------------------------
                                                        28, 1997       29, 1996
                                                        --------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net Loss                                          $ (7,900)       $ (8,600)
     Adjustments to reconcile
        net loss to net cash
        used in operating activities:
     Increase in accounts
        payable - affiliate                               5,400           8,900
                                                       --------        --------
NET CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES                                (2,500)            300

NET INCREASE (DECREASE) IN CASH
     AND CASH EQUIVALENTS                                (2,500)            300

CASH AND CASH EQUIVALENTS AT
     BEGINNING OF PERIOD                                 12,900          12,500
                                                       --------        --------
CASH AND CASH EQUIVALENTS AT
     END OF PERIOD                                     $ 10,400        $ 12,800
                                                       ========        ========


            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, 1997,  the  Condensed
Statements  of  Operations  for the nine  months  ended  February  28,  1997 and
February  29,  1996,  and the  Condensed  Statements  of Cash Flows for the nine
months ended  February 28, 1997 and February 29, 1996 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,  1997,  the results of  operations  for the nine
months ended  February  28, 1997 and  February 29, 1996,  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,  1996  Form
10-KSB.

     3) The results of operations  for the periods  ended  February 28, 1997 and
February 29, 1996 are not  necessarily  indicative of the operating  results 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  Registrant's  working  capital  decreased  during  the  most  recently
completed  nine months by $7,900.  This  decrease was a result of an increase of
$5,400 in accounts  payable to  affiliates  and the reduction of $2,500 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 decrease in cash is a result of the payment of annual audit fees
and filing fees to the SEC.

     The  Registrant  anticipates  that it will  be  able  to meet  its  capital
requirements for the remainder of the year ending May 31, 1997 if its affiliates
do not call for the  amounts  due them.  However,  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  nine months or the  corresponding  period of the prior year.  In both
periods however,  the Registrant recorded interest revenue of $300 on funds held
in interest bearing accounts.

     General and  administrative  costs decreased by $700 during the nine months
ended February 28, 1997 over the same period of the previous year. This decrease
was primarily in professional services.

     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, 1997.

                                        7

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                                   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

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