The pilot and pilot rated passenger were performing a simulated single-engine landing with a left crosswind. According to the passenger, the pilot and he briefed the simulated single-engine procedure prior to the flight and determined that the simulated loss of engine power would be induced by pulling one of the engine mixtures to idle cutoff. He further remarked that they decided that the person at the controls would be responsible for maintaining directional control and any adjustments to the mixture, propeller, and throttle control settings. During the initial approach to land, the passenger pulled the left mixture control to idle to simulate a critical engine failure. The pilot stated that he did not adjust the throttle, propeller, or mixture control settings, and continued the approach to land. While on short final, the airspeed became too slow and the airplane started to balloon, and drift left of runway centerline. The pilot then advanced both engines to full throttle for a go-around, but the airplane yawed and banked to the left and the left wing struck the runway. The airplane then impacted the ground and slid to a stop off the left side of the runway. The left wing sustained substantial damage. The pilot reported that there were no preaccident mechanical malfunctions or failures with the airplane that would have precluded normal operation.