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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Form      10-QSB**

**[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE**

**ACT      OF 1934**

**For      the Quarterly Period Ended October 31, 2007**

**[      ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE**

**ACT      OF 1934**

*Commission      file number 000-49995*

**AMERICAN      GOLDFIELDS INC.**

|  Nevada (State                or other jurisdictionof                incorporation or organization)  | 71-0867612(I.R.S.                Employer Identification No.)  |
|---------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------|

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|                                                     | Page                              |
|----------------------------------------------------------|---------------------------------------------|
| PART                I  - Financial Information |                              |
|                                                     | Item                1. Financial Statements |    |
|                                                     |                                        | Item                2. Management’s Discussion and Analysis or Plan of                Operation |     |
|                                                     |                                        | Item                3 Controls and Procedures |     |
|                                                     |                                        | PART                II – Other Information |     |
|                                                     |                                        | Item                1.  Legal Proceedings |     |
|                                                     |                                        | Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds |     |
|                                                     |                                        | Item                3. Defaults Upon Senior Securities |     |
|                                                     |                                        | Item                4. Submission of Matters to a Vote of Security Holders |     |
|                                                     |                                        | Item                5. Other Information |     |
|                                                     |                                        | Item                6. Exhibits |     |

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**Item      1. Financial Statements**

|  American                Goldfields Inc.(An                Exploration Stage Company)Balance                Sheets(Unaudited)                                                                                          October                31          January                31                                                                                                                           2007                                   2007------------------------------------------------------------------------------------------                --------------------- -------------------AssetsCURRENT                ASSETS     Cash                and cash                equivalents                                                  $            61,834   $          385,512     Prepaid                expenses                                                                                 21,993                                  1,699                                                                                                       --                ------------------ -- ----------------           Total                current                assets                                                                        83,827              387,211 Reclamation                deposits                                                                               54,968               33,741Web-site                development costs,                net                                                                   -                                    500                                                                                                     --                ------------------ -- ---------------- Total                Assets                                                                              $          138,795    $         421,452========================================================================= Liabilities CURRENT                LIABILITIES     Accounts                payable and accrued                liabilities                         $           64,367   $         139,627     Accounts                payable – related party (note                4)                                             -                                30,000                                                                                                    --                ------------------ -- ----------------           Total                 current                liabilities                                                                  64,367             169,627                                                                                                    --                ------------------ -- ----------------Stockholders’                Equity SHARE                CAPITAL     Authorized          600,000,000                (January 31, 2007 – 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          20,667,878                (January 31, 2007 – 20,292,878) common             Shares                issued and outstanding at October 31,                2007                                                          20,668                              20,293     Additional                paid-in                capital                                                                                          2,847,182          2,460,257     Warrants                                                                                                                         702,264                            702,264 DEFICIT                ACCUMULATED DURING THE EXPLORATION                STAGE    (3,495,686)        (2,930,989)                                                                                                                   --                ------------------ -- ----------------           Total                stockholders'                equity                                                                                         74,428            251,825                                                                                                                                  -- ------------------ --                ---------------- Total                Liabilities and Stockholders'                Equity                                                          $          138,795    $       421,452======================================================================= The                accompanying notes are an integral part of these financial                statements. |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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|  American                Goldfields Inc.(An                Exploration Stage Company)Statements                of Loss(Unaudited)                                                                               Three-Months                Ended    Nine-Months Ended                                                                                          October                31                               October                31             Inception                                                                                       -------------------                       --------------------      December 21,                2001                                                                         2007                        2006                        2007                        2006     to October                31,2007                                                                                      -------                       -------        -------                       -------     --------------------Expenses     Mineral                claim payments and       exploration                expenditures             $    96,258    $ 62,674   $                509,647  $  152,973     $                2,218,755     Office                and                sundry                                                 9,228                        9,680                       26,158                       26,005           486,438     Rent                                                                         1,239                          741                          3,545                         2,997            18,711     Professional                fees                                                   2,574                       2,953                        16,378                         9,959          154,574     Transfer                agent                fees                                     75           375                                            170                                           410              6,205     Amortization                                                                 -                        1,500                             500                         4,500            18,000     Directors’                fees                                                      2,877                        1,120                          8,299                         3,777            20,219     Interest                                                                                         -                -                                                 -                                -               1,070     Consulting                fees                                                                           -                -                                 -                     222,100           583,027                                                                        ----------------------------------------------------------------------------Total                expenses                                                $    112,251  $   79,043   $                564,697  $  422,721     $                3,506,999 Interest                income                                                                 -                                -                                 -          2,979           11,313                                                          -------------------------------------------------------------------------------Net                loss for the                period                    $   (112,251)  $                (79,043)  $(564,697) $ (419,742) $(3,495,686)====================================================================== Basic                and diluted loss per share    of                common                stock                         $                      (0.01)   $                  (0.00)     $                     (0.03)  $    (0.02)==========================================================  Weighted                average shares outstanding–                basic and                diluted                            20,667,878  23,010,269   20,482,713  24,734,636============================================================ The                accompanying notes are an integral part of these financial                statements. |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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| American                Goldfields Inc.(An                Exploration Stage Company)Statements                of Cash Flows(Unaudited)                                                                  Three-Months                Ended  Nine-Months Ended                                                                       October                31              October                31           Inception                                                                    ------------------         ----------------     December                21, 2001                                                                       2007     2006         2007    2006     to                October 31, 2007------------------------------------------------------------------------    ---------------   ------------  ------------  ------------- ------------------Cash                provided by (used in): Cash                flows used in operating activities     Net                loss for the                period                               $  (112,251)                 $ (79,043)  $(564,697)                 $(419,742)  $(3,495,686)     Adjustments                to reconcile net loss to net       Cash                flows used in operating activities:         Stock-based                compensation                                                                  -                                 -      187,800                       195,600      1,729,000         Amortization                                                                                           -                          1,500             500                          4,500           18,000       Changes                in assets and liabilities         Prepaid                expenses                                       (19,717)                        (681)       (20,294)                                       4,306         (21,993)         Accounts                payable and accrued liabilities                                             36,022                           651                     (105,260)                     (10,172)         68,910                                                                   ----------------  -----------                 --------------  -------------  -----------------       Net                cash used in operating activities                 (95,946)                     (77,573)     (501,951)                    (225,508)    (1,701,769)                                                                   ----------------                 -----------   -------------  --------------                 ---------------Cash                flows from (used in)financing activities      Proceeds                from                loan                                                                      -             -                                  -                                  -                            60,000      Repayment                of loan                principal                                                      -                            -                                  -                                  -            (60,000)      Cancellation                of common                stock                                   -                            -                                  -                       (30,000)           (60,000)      Proceeds                from the issue of common stock                                  -                            -                                  -                                 -          1,104,571      Proceeds                from the exercise of stock options               -   240,000       199,500                     240,000            774,000                                                                   ---------------                 ----------  --------------    ------------                ------------------      Net                cash from financing                activities                                                                                  -   240,000        199,500    210,000          1,818,571                                                                   ---------------                 ----------  --------------    -----------                 -----------------Cash                flows used in investing activities      Reclamation                deposit                                                                              (11,127)                    (2,919)        (21,227)                    (6,533)                          (54,968)                                                                   --------------                 ------------  --------------    -----------                 ----------------      Net                cash used in investing                activities                                   (11,127)                   (2,919)         (21,227)    (6,533)          (54,968)                                                                   ---------------                 -----------  --------------    ----------                 ---------------- Increase                (decrease) in                cash                                                                      (107,073)                   159,508     (323,678)                   (22,041)           61,834 Cash,                beginning of                period                                                           168,907                   133,447       385,512    314,996                  -                                                                   --------------                 -----------  ---------------  ----------                 -----------------Cash,                end of                period                                                                                 $    61,834                 $292,955    $    61,834  $                292,955                     $   61,834====================================================================================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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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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**American      Goldfields Inc.**

**October      31, 2007 and 2006**

**1.      Basis of Presentation and Going Concern Considerations**

**2.      Issued Shares**

**3.      Stock Options**

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|                               |   | **2007**                    |     |   | 2006                    |   |
|------------------------------------|--------|-----------------------------|----------|--------|-------------------------|--------|
| Dividend                yield      |   | ** **                  | **0**    | **%**  |                    |   | 0 | % |
| Expected                volatility |   | ** **                  | **126**  | **%**  |                    |   | 139 | % |
| Risk-free                rate      |   | ** **                  | **4.61** | **%**  |                    |   | 4.43 | % |
| Expected                life       |   | **10                years** |     |   | 10                years |   |

Activity      under the 2004 Plan is summarized as      follows:

|                                                                                        Weighted                                                                                        Average                                                               Options             Exercise                                             Outstanding          Price                                                           -----------------   -----------------Balance,                January 31,                2007        925,000     $                            1.00 Options                granted                        300,000     $                             0.65Options                exercised                    (375,000)    $                            0.53                                            -----------------    ----------------- Balance,                October 31,                2007        850,000    $              1.09                                           ==========    ==========  |
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|                                            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                              6.42           $   0.06                              50,000         $      0.06           $1.00         200,000                             8.67           $   1.00                            200,000         $      1.00           $1.20         600,000                             8.00           $   1.20                            600,000         $      1.20   -----------------                ---------------                                                                   -----------                                              850,000             8.06           $   1.09            850,000         $      1.09                  ===============                                        ===========   |
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**4.      Related Party Transactions**

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**5.      Subsequent Event**

**Item      2.  Management’s Discussion and Analysis or Plan of      Operation**

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|   | · | $105,000                in connection with property option payments and $550,000 in exploration                expenditures of the Company’s                properties; |
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|   | · | $86,000                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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**Item      3. Controls and Procedures.**

* *

**Item      1. Legal Proceedings.**

**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

**Item      3. Defaults upon Senior Securities.**

**Item      4. Submission of Matters to a vote of Security Holders.**

**Item      5. Other information.**

**Item      6. Exhibits.**

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| Exhibit                No. | Description                                                      | Where                Found     |
|----------------------------|------------------------------------------------------------------|--------------------------------|
|                       |                                                             |                           |
| 4.1                        | Form                of Class A Warrant Agreement                 | Attached                Hereto |
|                       |                                                             |                           |
| 4.2                        | Form                of Class B Warrant Agreement                 | Attached                Hereto |
|                       |                                                             |                           |
| 10.1                       | Form                of Private Placement Subscription Agreement  | Attached                Hereto |
|                       |                                                             |                           |
| 31.1                       | Rule  13a-14(a)/15d14(a)                Certifications | Attached                Hereto |
|                       |                                                             |                           |
| 32.1                       | Section                1350 Certifications                       | Attached                Hereto |
|                       |                                                             |                           |

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**SIGNATURES**

|  Date:   December                14, 2007 AMERICAN                GOLDFIELDS INC. By:           /s/                Donald NealName:      Donald                NealTitle:        President,                Chief Executive                Officer,                Secretary and Treasurer |
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