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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 July 31, 2011, and April 30, 2011                                                                                                         |   3  |
| Statements of Loss for the Six month periods ended July 31, 2011 and 2010, and for the period from inception on December 21, 2001 to July 31, 2011.      |   4  |
| Statements of Cash Flows for the Six month period ended July 31, 2011 and 2010, and for the period from inception on December 21, 2001 to July 31, 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)                                                                                                  |   |
|                                                                                                         |   | (unaudited) |   |   | (audited) |   |
|                                                                                                         |   | July 31, |   |   | January 31, |   |
|                                                                                                         |   | 2011 |   |   | 2011 |   |
| ASSETS                                                                                                       |   |   |   |   |   |   |
| Current assets                                                                                               |   |   |   |   |   |   |
|     Cash                                                                                 |   |   | 28,185 |   |   |   | 16,669 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Long-term assets                                                                                             |   |   |   |   |   |   |   |   |
|     Reclamation Deposits                                                                 |   |   | 41,800 |   |   |   | 41,800 |   |
|          Total assets                                           |   |   | 69,985 |   |   |   | 58,469 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                         |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                          |   |   |   |   |   |   |   |   |
|     Accounts payable and accrued liabilities                                             |   |   | 2,048 |   |   |   | 35,170 |   |
|     Loan Payable                                                                         |   |   | 50,000 |   |   |   | - |   |
|     Accrued interest loan payable                                                        |   |   | 568 |   |   |   | - |   |
|         Total current liabilities                                    |   |   | 52,616 |   |   |   | 35,170 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                         |   |   |   |   |   |   |   |   |
|     Preferred stock, par value $0.001, 100,000,000 share authorized                      |   |   |   |   |   |   |   |   |
|        no shares issued or outstanding at July 31, and January 31, 2011   |   |   | - |   |   |   | - |   |
|     Common stock: par value $0.001, 600,000,000 shares authorized,                       |   |   |   |   |   |   |   |   |
|       21,346,932 shares issued and outstanding at July 31 and January 31, 2011 |   |   | 21,347 |   |   |   | 21,347 |   |
|     Additional paid-in capital                                                           |   |   | 4,007,517 |   |   |   | 4,007,517 |   |
|     Deficit accumulated during the exploration stage                                     |   |   | (4,011,495 | ) |   |   | (4,005,565 | ) |
|         Total stockholders’ equity                             |   |   | 17,369 |   |   |   | 23,299 |   |
| Total liabilities and stockholders’ equity                                                             |   |   | 69,985 |   |   |   | 58,469 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements                                    |   |

----

|                                                                      |   |                        |       |   |                      |   |       |                 |   |
|---------------------------------------------------------------------------|--------|-----------------------------|------------|--------|---------------------------|--------|------------|----------------------|--------|
| American Goldfields Inc.                                                  |   |                        |       |   |                      |   |       |                 |   |
| (An Exploration Stage Company)                                            |   |                        |       |   |                      |   |       |                 |   |
| Consolidated Statements of Operations                                     |   |                        |       |   |                      |   |       | Inception            |   |
| (Unaudited)                                                               |   |                        |       |   |                      |   |       |  through        |   |
|                                                                      |   |                        |       |   | December 21,              |   |
|                                                                      |   |                        |       |   | 2001 to                   |   |
|                                                                      |   |                        |       |   |                      |   |       | July 31,2011         |   |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   | Inception |   |
|                                                                      |   | Three months ended July 31, |       |   | Six months ended July 31, |   |       | December 21, 2001 to |   |
|                                                                      |   | 2011                        |       |   | 2010                      |   |       | 2011                 |   |   | 2010 |   |   | July31, 2011 |   |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |
| Expenses                                                                  |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |
|   Mineral acquisition and exploration expenditures              |   | $                           | -          |   |                      | $      | -          |                 |   | $ | - |   |   | $ | - |   |   |   | 2,780,525 |   |
|   Office and Sundry                                             |   |                        | 338        |   |                      |   | 1,945      |                 |   |   | 1,798 |   |   |   | 5,308 |   |   |   | 541,143 |   |
|   Rent                                                          |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   | 29,018 |   |
|   Salaries and benefits                                         |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   |   |   |
|   Professional fees                                             |   |                        | 2,000      |   |                      |   | 1,206      |                 |   |   | 3,563 |   |   |   | 1,206 |   |   |   | 261,055 |   |
|   Transfer agent fees                                           |   |                        | -          |   |                      |   | 55         |                 |   |   | - |   |   |   | 105 |   |   |   | 6,445 |   |
|   Amortization                                                  |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   | 18,000 |   |
|   Interest                                                      |   |                        | 568        |   |                      |   | -          |                 |   |   | 568 |   |   |   | - |   |   |   | 1,638 |   |
|   Directors Fees                                                |   |                        | -          |   |                      |   | 1,500      |                 |   |   | - |   |   |   | 2,000 |   |   |   | 39,154 |   |
|   Consulting Fees                                               |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   | 583,027 |   |
|         Total expenses            |   |                        | 2,907      |   |                      |   | (4,706     | )                    |   |   | 5,930 |   |   |   | (8,619 | ) |   |   | (4,260,005 | ) |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expenses)                                                   |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Gain on disposal of mineral properties                                    |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   | 236,745 |   |
| Interest income                                                           |   |                        | -          |   |                      |   | -          |                 |   |   | - |   |   |   | - |   |   |   | 11,765 |   |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss for the period                                                   |   | $                           | 2,907      |   |                      | $      | (4,706     | )                    |   | $ | 5,930 |   |   | $ | (8,619 | ) |   | $ | (4,011,495 | ) |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss per share of common stock                                            |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
|   basic and diluted                                             |   | $                           | 0.00       |   |                      | $      | (0.00      | )                    |   | $ | 0.00 |   |   | $ | (0.00 | ) |   |   |   |   |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted averages shares outstanding                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
|   basic and diluted                                             |   |                        | 21,346,932 |   |                      |   | 21,346,932 |                 |   |   | 21,346,932 |   |   |   | 21,337,674 |   |   |   |   |   |
|                                                                      |   |                        |       |   |                      |   |       |                 |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements |   |

----

|                                                                                                           |   |                      |    |   |                 |   |    |          |   |
|----------------------------------------------------------------------------------------------------------------|--------|---------------------------|---------|--------|----------------------|--------|---------|---------------|--------|
| American Goldfields Inc.                                                                                       |   |                      |    |   |                 |   |    |          |   |
| (An Exploration Stage Company)                                                                                 |   |                      |    |   |                 |   |    |          |   |
| Consolidated Statements of Cash Flows                                                                          |   |                      |    |   |                 |   |    |          |   |
| (Unaudited)                                                                                                    |   |                      |    |   |                 |   |    |          |   |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |
|                                                                                                           |   |                      |    |   |                 |   |    | Inception     |   |
|                                                                                                           |   | Six months ended July 31, |    |   | December 21, 2001 to |   |
|                                                                                                           |   | 2011                      |    |   | 2010                 |   |    | July 31, 2011 |   |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |
| Cash flows used in operating activities                                                                        |   |                      |    |   |                 |   |    |          |   |
|     Net loss for the period                                                                |   |                      | (5,930  | )      |                 |   | (8,619  | )             |   |   | (4,011,495 | ) |
|     Adjustments to reconcile net loss to net cash used in operating activities:            |   |                      |    |   |                 |   |    |          |   |   |   |   |
|     Cash flows used in operating activities:                                               |   |                      |    |   |                 |   |    |          |   |   |   |   |
|       Stock-based compensation                                                   |   |                      | -       |   |                 |   | -       |          |   |   | 1,729,000 |   |
|       Amortization of web-site development costs                                 |   |                      | -       |   |                 |   | -       |          |   |   | 18,000 |   |
|       Changes in assets and liabilities:                                         |   |                      | -       |   |                 |   | -       |          |   |   | - |   |
|           Change in accounts payable and accrued liabilities |   |                      | (33,122 | )      |                 |   | (26,029 | )             |   |   | 6,591 |   |
|       Change in accrued interest                                                 |   |                      | 568     |   |                 |   | -       |          |   |   | 568 |   |
| Net cash used in operating activities                                                                          |   |                      | (38,484 | )      |                 |   | (34,648 | )             |   |   | (2,257,336 | ) |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
| Cash flows from financing activities                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
|     Proceeds from note payable                                                             |   |                      | 50,000  |   |                 |   | -       |          |   |   | 110,000 |   |
|     Repayments of Notes Payable                                                            |   |                      | -       |   |                 |   | -       |          |   |   | (60,000 | ) |
|     Issue of common stock                                                                  |   |                      | -       |   |                 |   | -       |          |   |   | 1,304,571 |   |
|     Proceeds from the exercise of of warrants                                              |   |                      | -       |   |                 |   | 40,000  |          |   |   | 258,750 |   |
|     Proceeds from the exercise of common stock options                                     |   |                      | -       |   |                 |   | -       |          |   |   | 774,000 |   |
|     Redemption of common shares                                                            |   |                      | -       |   |                 |   | -       |          |   |   | (60,000 | ) |
| Net cash used in financing activities                                                                          |   |                      | 50,000  |   |                 |   | 40,000  |          |   |   | 2,327,321 |   |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
| Cash flows from investing activites                                                                            |   |                      |    |   |                 |   |    |          |   |   |   |   |
|     Reclamation deposit                                                                    |   |                      | -       |   |                 |   | -       |          |   |   | (41,800 | ) |
| Net cash used in investing activities                                                                          |   |                      | -       |   |                 |   | -       |          |   |   | (41,800 | ) |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
| Increase (decrease) in cash                                                                                    |   |                      | 11,516  |   |                 |   | 5,352   |          |   |   | 28,185 |   |
| Cash, beginning of period                                                                                      |   |                      | 16,669  |   |                 |   | 811     |          |   |   | - |   |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
| Cash, end of period                                                                                            |   |                      | 28,185  |   |                 |   | 6,163   |          |   |   | 28,185 |   |
|                                                                                                           |   |                      |    |   |                 |   |    |          |   |   |   |   |
| The accompanying notes are an integral part of these financial statements                                      |   |

----

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|                    |   |        |   |   | Weighted |   |
|-------------------------|--------|-------------|--------|--------|----------|--------|
|                    |   |        |   |   | Average  |   |
|                    |   | Options     |   |   | Exercise |   |
|                    |   | Outstanding |   |   | Price    |   |
| Balance, April 30, 2011 |   |        | 50,000 |   |     | $      | 0.06 |   |
|                    |   |        |   |   |     |   |   |   |
| Options granted         |   |        | -      |   |     |   | - |   |
| Options exercised       |   |        | -      |   |     |   | - |   |
| Options Cancelled       |   |        | -      |   |     |   |   |   |
|                    |   |        |   |   |     |   |   |   |
| Balance, July 31, 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      |   | 2.67        |   | $   0.06 |   | 50,000      |   | $      0.06 |
|     |   |        |   |        |   |                    |   |        |   |                                      |
|     |   | 50,000      |   | 2.67        |   | $   0.06 |   | 50,000      |   | $      0.06 |

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

----

| ·   | $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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

----

|  Date:   September 16, 2011 AMERICAN GOLDFIELDS INC. By:  /s/ Richard Kehmeier       Richard Kehmeier       President, Chief Executive  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----