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| Large accelerated filer  [  ]                                  | Accelerated filer  [  ] |
|------------------------------------------------------------------------------------|---------------------------------------------|
| Non-accelerated filer [  ] (Do not check if a smaller reporting company) | Smaller reporting company  [X]    |

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|                                                                                                                                                         | Page    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
| PART I - Financial Information                                                                                                                               | 3       |
| Item 1. Financial Statements                                                                                                                                 | 3       |
| Balance Sheets April 30, 2011, and January 31, 2011                                                                                                          | 3  |
| Statements of Loss for the three month periods ended April 30, 2011 and 2010, and for the period from inception on December 21, 2001 to April 30, 2011.      | 4  |
| Statements of Cash Flows for the three month period ended April 30, 2011 and 2010, and for the period from inception on December 21, 2001 to April 30, 2011. | 5  |
| Notes to the Financial Statements                                                                                                                            | 6  |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                          | 9  |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                           | 10      |
| Item 4. Controls and Procedures                                                                                                                              | 10      |
| PART II – Other Information                                                                                                                            | 11      |
| Item 1.  Legal Proceedings                                                                                                                         | 11      |
| Item 1A. Risk Factors                                                                                                                                        | 11      |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                                          | 11      |
| Item 3. Defaults Upon Senior Securities                                                                                                                      | 11      |
| Item 4. Submission of Matters to a Vote of Security Holders                                                                                                  | 11      |
| Item 5. Other Information                                                                                                                                    | 11      |
| Item 6. Exhibits                                                                                                                                             | 11      |

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|                                                                                                                |   |      |       |   |        |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------|------------|--------|-------------|--------|
| American Goldfields Inc.                                                                                            |   |      |       |   |        |   |
| (An Exploration Stage Company)                                                                                      |   |      |       |   |        |   |
| Consolidated Balance Sheets                                                                                         |   |      |       |   |        |   |
| (Unaudited)                                                                                                         |   |      |       |   |        |   |
|                                                                                                                |   | April 30, |       |   | January 31, |   |
|                                                                                                                |   | 2011      |       |   | 2011        |   |
| Assets                                                                                                              |   |      |       |   |        |   |
| CURRENT ASSETS                                                                                                      |   |      |       |   |        |   |
|      Cash and cash equivalents                                                             |   | $         | 14,071     |   |        | $      | 16,669 |   |
|      Prepaid expenses                                                                      |   |      | -          |   |        |   | - |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
|           Total current assets                                    |   |      | 14,071     |   |        |   | 16,669 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| Reclamation deposits                                                                                                |   |      | 41,800     |   |        |   | 41,800 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| Total Assets                                                                                                        |   | $         | 55,871     |   |        | $      | 58,469 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| Liabilities                                                                                                         |   |      |       |   |        |   |   |   |
| CURRENT LIABILITIES                                                                                                 |   |      |       |   |        |   |   |   |
|      Accounts payable and accrued liabilities                                              |   | $         | 15,595     |   |        | $      | 35,170 |   |
|      Notes Payable                                                                         |   |      | 20,000     |   |        |   |   |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
|           Total current liabilities                               |   |      | 35,595     |   |        |   | 35,170 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| Stockholders' Equity                                                                                                |   |      |       |   |        |   |   |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| SHARE CAPITAL                                                                                                       |   |      |       |   |        |   |   |   |
|      Authorized:                                                                           |   |      |       |   |        |   |   |   |
|           600,000,000 common                                      |   |      |       |   |        |   |   |   |
|             shares with a par value of $0.001 per share |   |      |       |   |        |   |   |   |
|           100,000,000 preferred shares with a par value of $0.001 |   |      |       |   |        |   |   |   |
|             per share                                   |   |      |       |   |        |   |   |   |
|      Issued:                                                                               |   |      |       |   |        |   |   |   |
|           21,346,932 (January 31, 2011 – 21,346,932) common |   |      |       |   |        |   |   |   |
|           issued and outstanding at April 30, 2011                |   |      | 21,347     |   |        |   | 21,347 |   |
|      Additional paid-in capital                                                            |   |      | 4,007,517  |   |        |   | 4,007,517 |   |
| DEFICIT ACCUMULATED DURING THE EXPLORATION STAGE                                                                    |   |      | (4,008,588 | )      |        |   | (4,005,565 | ) |
|                                                                                                                |   |      |       |   |        |   |   |   |
|           Total stockholders' equity                              |   |      | 20,276     |   |        |   | 23,299 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| Total Liabilities and Stockholders' Equity                                                                          |   | $         | 55,871     |   |        | $      | 58,469 |   |
|                                                                                                                |   |      |       |   |        |   |   |   |
| The accompanying notes are an integral part of these financial statements                                           |   |

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|                                                               |   |                       |       |   |         |   |       |          |   |
|--------------------------------------------------------------------|--------|----------------------------|------------|--------|--------------|--------|------------|---------------|--------|
| American Goldfields Inc.                                           |   |                       |       |   |         |   |       |          |   |
| (An Exploration Stage Company)                                     |   |                       |       |   |         |   |       |          |   |
| Consolidated Statements of Operations                              |   |                       |       |   |         |   |       |          |   |
| (Unaudited)                                                        |   |                       |       |   |         |   |       | Inception     |   |
|                                                               |   |                       |       |   |         |   |       | through       |   |
|                                                               |   | For the Three Months Ended |       |   | December 21, |   |
|                                                               |   | April 30, 2011             |       |   | 2001 to      |   |
|                                                               |   | 2011                       |       |   | 2010         |   |       | April 30,2011 |   |
| Expenses                                                           |   |                       |       |   |         |   |       |          |   |
|      Mineral claim payments and           |   |                       |       |   |         |   |       |          |   |
|        exploration expenditures |   | $                          | -          |   |         | $      | -          |          |   | $ | 2,780,525 |   |
|      Office, rent and sundry              |   |                       | 1,460      |   |         |   | 3,363      |          |   |   | 569,822 |   |
|      Professional fees                    |   |                       | 1,563      |   |         |   | -          |          |   |   | 259,055 |   |
|      Transfer agent fees                  |   |                       | -          |   |         |   | 50         |          |   |   | 6,445 |   |
|      Amortization                         |   |                       | -          |   |         |   | -          |          |   |   | 18,000 |   |
|      Directors’ fees                |   |                       | -          |   |         |   | 500        |          |   |   | 39,154 |   |
|      Interest expense                     |   |                       | -          |   |         |   | -          |          |   |   | 1,070 |   |
|      Consulting fees                      |   |                       | -          |   |         |   | -          |          |   |   | 583,027 |   |
| Total expenses                                                     |   |                       | (3,023     | )      |         |   | (3,913     | )             |   |   | (4,257,098 | ) |
|                                                               |   |                       |       |   |         |   |       |          |   |   |   |   |
| Gain on disposal of mineral properties                             |   |                       | -          |   |         |   | -          |          |   |   | 236,745 |   |
| Interest income                                                    |   |                       | -          |   |         |   | -          |          |   |   | 11,765 |   |
|                                                               |   |                       |       |   |         |   |       |          |   |   |   |   |
| Net loss for the period                                            |   | $                          | (3,023     | )      |         | $      | (3,913     | )             |   | $ | (4,008,588 | ) |
| Basic and diluted loss per share                                   |   |                       |       |   |         |   |       |          |   |   |   |   |
|     of common stock                            |   | $                          | (0.00      | )      |         | $      | (0.00      | )             |   |   |   |   |
|                                                               |   |                       |       |   |         |   |       |          |   |   |   |   |
| Weighted average shares outstanding                                |   |                       |       |   |         |   |       |          |   |   |   |   |
| – basic and diluted                                          |   |                       | 21,346,932 |   |         |   | 21,311,706 |          |   |   |   |   |
|                                                               |   |                       |       |   |         |   |       |          |   |   |   |   |

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|                                                                                           |   |                                     |    |   |                 |   |    |           |   |
|------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|----------------------|--------|---------|----------------|--------|
| American Goldfields Inc.                                                                       |   |                                     |    |   |                 |   |    |           |   |
| (An Exploration Stage Company)                                                                 |   |                                     |    |   |                 |   |    |           |   |
| Consolidated Statements of Cash Flows                                                          |   |                                     |    |   |                 |   |    |           |   |
| (Unaudited)                                                                                    |   |                                     |    |   |                 |   |    |           |   |
|                                                                                           |   |                                     |    |   |                 |   |    | Inception      |   |
|                                                                                           |   | For the Three Months EndedApril 30, 2011 |    |   | December 21, 2001 to |   |
|                                                                                           |   | 2011                                     |    |   | 2010                 |   |    | April 30, 2011 |   |
| Cash provided by (used in):                                                                    |   |                                     |    |   |                 |   |    |           |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |
| Cash flows used in operating activities                                                        |   |                                     |    |   |                 |   |    |           |   |
|      Net loss for the period                                          |   | $                                        | (3,023  | )      |                 | $      | (3,913  | )         |   | $ | (4,008,588 | ) |
|      Adjustments to reconcile net loss to net                         |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|        Cash flows used in operating activities:             |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|          Stock-based compensation                 |   |                                     | -       |   |                 |   | -       |           |   |   | 1,729,000 |   |
|          Amortization                             |   |                                     | -       |   |                 |   | -       |           |   |   | 18,000 |   |
|        Changes in assets and liabilities                    |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|          Prepaid expenses                         |   |                                     | -       |   |                 |   |    |           |   |   | - |   |
|          Accounts payable and accrued liabilities |   |                                     | (19,575 | )      |                 |   | (9,048  | )              |   |   | 20,138 |   |
|       Net cash used in operating activities                      |   |                                     | (22,598 | )      |                 |   | (12,961 | )              |   |   | (2,241,450 | ) |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| Cash flows from (used in)financing activities                                                  |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|       Proceeds from loan                                         |   |                                     | 20,000  |   |                 |   | -       |           |   |   | 80,000 |   |
|       Repayment of loan principal                                |   |                                     | -       |   |                 |   | -       |           |   |   | (60,000 | ) |
|       Cancellation of common stock                               |   |                                     | -       |   |                 |   | -       |           |   |   | (60,000 | ) |
|       Proceeds from the issue of common stock                    |   |                                     | -       |   |                 |   | -       |           |   |   | 1,304,571 |   |
|       Proceeds from the exercise of stock options                |   |                                     | -       |   |                 |   | -       |           |   |   | 774,000 |   |
|       Proceeds from the exercise of warrants                     |   |                                     | -       |   |                 |   | 40,000  |           |   |   | 258,750 |   |
|       Net cash from financing activities                         |   |                                     | 20,000  |   |                 |   | 40,000  |           |   |   | 2,297,321 |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| Cash flows used in investing activities                                                        |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|      Reclamation deposit                                              |   |                                     | -       |   |                 |   | -       |           |   |   | (41,800 | ) |
|                                                                                           |   |                                     | -       |   |                 |   | -       |           |   |   | (41,800 | ) |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| Increase (decrease) in cash                                                                    |   |                                     | (2,598  | )      |                 |   | (27,039 | )              |   |   | 14,071 |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| Cash, beginning of period                                                                      |   |                                     | 16,669  |   |                 |   | 811     |           |   |   | - |   |
| Cash, end of period                                                                            |   | $                                        | 14,071  |   |                 | $      | 27,850  |           |   | $ | 14,071 |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| SCHEDULE OF NON-CASH ACTIVITIES                                                                |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|       Settlement of accounts payable by contribution             |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|          from a shareholder                       |   | $                                        | -       |   |                 | $      | -       |           |   | $ | 4,543 |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|       Web-site development costs related to non –          |   |                                     |    |   |                 |   |    |           |   |   |   |   |
|          Employee stock-based compensation        |   | $                                        | -       |   |                 | $      | -       |           |   | $ | 18,000 |   |
|                                                                                           |   |                                     |    |   |                 |   |    |           |   |   |   |   |
| The accompanying notes are an integral part of these financial statements                      |   |

----

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|                      |   |        |     |   | Weighted |   |
|---------------------------|--------|-------------|----------|--------|----------|--------|
|                      |   |        |     |   | Average  |   |
|                      |   | Options     |     |   | Exercise |   |
|                      |   | Outstanding |     |   | Price    |   |
| Balance, January 31, 2011 |   |        | 750,000  |   |     | $      | 1.07 |   |
|                      |   |        |     |   |     |   |   |   |
| Options granted           |   |        | -        |   |     |   | - |   |
| Options exercised         |   |        | -        |   |     |   | - |   |
| Options Cancelled         |   |        | (700,000 | )      |     |   |   |   |
|                      |   |        |     |   |     |   |   |   |
| Balance, April 30, 2011   |   |        | 50,000   |   |     | $      | 0.06 |   |

----

|     |   | Weighted    |   |        |   |                    |   |        |   |                                      |
|----------|--------|-------------|--------|-------------|--------|-------------------------|--------|-------------|--------|-------------------------------------------|
|     |   | Average     |   |        |   |                    |   |        |   |                                      |
|     |   |        |   | Remaining   |   | Weighted                |   | Number of   |   | Weighted                                  |
| Range of |   | Number of   |   | Contractual |   | Average                 |   | Options     |   | Average                                   |
| Exercise |   | Options     |   | Life        |   | Exercise                |   | Currently   |   | Exercise                                  |
| Prices   |   | Outstanding |   | in Years)   |   | Price                   |   | Exercisable |   | Price                                     |
|     |   |        |   |        |   |                    |   |        |   |                                      |
| $0.06    |   | 50,000      |   | 2.92        |   | $   0.06 |   | 50,000      |   | $      0.06 |
|     |   | 50,000      |   | 2.92        |   | $   0.06 |   | 50,000      |   | $      0.06 |

|                      |   | Warrants Outstanding |      |
|---------------------------|--------|----------------------|-----------|
| Balance, January 31, 2011 |   |                 | 1,469,246 |   |
| Warrants granted          |   |                 | -         |   |
| Warrants exercised        |   |                 | -         |   |
| Balance, April 30, 2011   |   |                 | 1,469,246 |   |

|  Quantity              | ExercisePrice | ExercisePeriod                       |
|-----------------------------|---------------|--------------------------------------|
|                        |          |                                 |
| 403,600                     | $ 1.50        | November 4, 2005 to November 4, 2012 |
| 403,600                     | $ 2.00        | May 4, 2006 to May 4, 2013           |
| 403,600                     | $ 2.50        | November 4, 2006 to November 4, 2013 |
| 258,446                     | $ 0.74        | February 6, 2008 to February 6, 2013 |
| 1,469,246    |          |                                 |

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| ·   | $43,000 for operating expenses, including working capital and general, legal, accounting and administrative expenses associated with reporting requirements under the Securities Exchange Act of 1934. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit No. | Description                            | Where Found     |
|-------------|----------------------------------------|-----------------|
| 31.1        | Rule 13a-14(a)/15d14(a) Certifications | Attached Hereto |
| 32.1        | Section 1350 Certifications            | Attached Hereto |

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|  Date:   June 14, 2011 AMERICAN GOLDFIELDS INC. By:  /s/ Richard Kehmeier       Richard Kehmeier       President, Chief Executive       Officer, Secretary and Treasurer       (Principal Executive, Financial, and Accounting Officer) |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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