The White-winged Guan (Penelope albipennis) is a Peruvian endemic cracid classified as critically endangered due to hunting pressure and habitat loss. It inhabits a narrow strip in the Peruvian northern dry forests, one of the worlds most threatened ecosystems. It was thought to be extinct until its rediscovery in 1977. In 1978 the "White-winged Guan Conservation Project" began. The wild population has been previously evaluated in 1978, 1987 and 1990 and is estimated at 300 individuals. Although the species is protected by national laws, other conservation measures have been taken to insure its long term survival, including public awareness, education in local schools, research and other measures. One of these measures is a captive breeding program which has been in operation since 1980 to supply selected birds for two reintroduction programs, one of them running since 2001. Here I present preliminary results of a new population survey made from 2001-2005, and compare the results to the three previous evaluations, establishing a population trend and making recommendations for further surveys. I also analyze how the reintroduced populations and the protected areas system are supporting conservation of the wild populations. I also assess the main threats to the species, ranking the most serious and how they could be mitigated. I provide a new approach for assessing the White-winged Guans area of distribution based on recent research, with new data on the species habitat composition. Finally, I make recommendations for the species long term conservation.