----

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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 October 31, 2010, and January 31, 2010 (audited)                                                                                                            |   3  |
| Statements of Loss for the three and nine-month periods ended October 31, 2010 and 2009, and for the period from inception on December 21, 2001 to October 31, 2010.       |   4  |
| Statements of Cash Flows for the three and nine-month periods ended October 31, 2010 and 2009, and for the period from inception on December 21, 2001 to October 31, 2010. |   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)                                                                                                           |   |        |       |   |        |   |
|                                                                                                                  |   | October 31, |       |   | January 31, |   |
|                                                                                                                  |   | 2010        |       |   | 2010        |   |
| Assets                                                                                                                |   |        |       |   |        |   |
| CURRENT ASSETS                                                                                                        |   |        |       |   |        |   |
|      Cash and cash equivalents                                                               |   | $           | 19,605     |   |        | $      | 811 |   |
|      Prepaid expenses                                                                        |   |        | -          |   |        |   | - |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
|           Total current assets                                      |   |        | 19,605     |   |        |   | 811 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| Reclamation deposits                                                                                                  |   |        | 41,800     |   |        |   | 41,800 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| Total Assets                                                                                                          |   | $           | 61,405     |   |        | $      | 42,611 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| Liabilities                                                                                                           |   |        |       |   |        |   |   |   |
| CURRENT LIABILITIES                                                                                                   |   |        |       |   |        |   |   |   |
|      Accounts payable and accrued liabilities                                                |   | $           | 39,500     |   |        | $      | 47,982 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
|           Total current liabilities                                 |   |        | 39,500     |   |        |   | 47,982 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| Stockholders' Equity                                                                                                  |   |        |       |   |        |   |   |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| SHARE CAPITAL                                                                                                         |   |        |       |   |        |   |   |   |
|      Authorized:                                                                             |   |        |       |   |        |   |   |   |
|           600,000,000 (January 31, 2009 – 600,000,000) common |   |        |       |   |        |   |   |   |
|             shares with a par value of $0.001 per share   |   |        |       |   |        |   |   |   |
|           100,000,000 preferred shares with a par value of $0.001   |   |        |       |   |        |   |   |   |
|             per share                                     |   |        |       |   |        |   |   |   |
|      Issued:                                                                                 |   |        |       |   |        |   |   |   |
|           21,346,932 (January 31, 2010 – 21,292,878) common   |   |        |       |   |        |   |   |   |
|           issued and outstanding at October 31, 2010                |   |        | 21,347     |   |        |   | 21,293 |   |
|      Additional paid-in capital                                                              |   |        | 4,007,517  |   |        |   | 3,967,571 |   |
| DEFICIT ACCUMULATED DURING THE EXPLORATION STAGE                                                                      |   |        | (4,006,959 | )      |        |   | (3,994,235 | ) |
|                                                                                                                  |   |        |       |   |        |   |   |   |
|           Total stockholders' equity                                |   |        | 21,905     |   |        |   | (5,371 | )  |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| Total Liabilities and Stockholders' Equity                                                                            |   | $           | 61,405     |   |        | $      | 42,611 |   |
|                                                                                                                  |   |        |       |   |        |   |   |   |
| The accompanying notes are an integral part of these financial statements                                             |   |

----

|                                                                      |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
|---------------------------------------------------------------------------|--------|-------------------------------------|------------|--------|------------------------------------|--------|------------|--------------|--------|--------|------------|--------|--------|--------------|------------|
| American Goldfields Inc.                                                  |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
| (An Exploration Stage Company)                                            |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
| Consolidated Statements of Operations                                     |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
| (Unaudited)                                                               |   |                                |       |   |                               |   |       |         |   |   |       |   |   | Inception    |       |
|                                                                      |   |                                |       |   |                               |   |       | December 21, |   |
|                                                                      |   | For the Three-Months Ended Oct. 31, |       |   | For the Nine-Months Ended Oct. 31, |   |       | 2001 to      |   |
|                                                                      |   | 2010                                |       |   | 2009                               |   |       | 2010         |   |   | 2009       |   |   | Oct. 31,2010 |       |
| Expenses                                                                  |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
|      Mineral claim payments and                  |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |
|        exploration expenditures        |   | $                                   | -          |   |                               | $      | -          |         |   | $      | -          |   |   | $            | 32,653     |   |   | $ | 2,800,525 |   |
|      Office, rent and sundry                     |   |                                | 605        |   |                               |   | 1,758      |         |   |   | 5,913      |   |   |         | 3,864      |   |   |   | 567,041 |   |
|      Professional fees                           |   |                                | 2,000      |   |                               |   | 6,050      |         |   |   | 3,206      |   |   |         | 15,553     |   |   |   | 240,707 |   |
|      Transfer agent fees                         |   |                                | -          |   |                               |   | -          |         |   |   | 105        |   |   |         | -          |   |   |   | 6,445 |   |
|      Amortization                                |   |                                | -          |   |                               |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 18,000 |   |
|      Directors’ fees                       |   |                                | 1,500      |   |                               |   | -          |         |   |   | 3,500      |   |   |         | 894        |   |   |   | 38,654 |   |
|      Interest expense                            |   |                                | -          |   |                               |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 1,070 |   |
|      Consulting fees                             |   |                                | -          |   |                               |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 583,027 |   |
| Total expenses                                                            |   |                                | (4,105     | )      |                               |   | (7,808     | )            |   |   | (12,724    | )      |   |         | (52,964    | ) |   |   | (4,255,469 | ) |
|                                                                      |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| Gain on disposal of mineral properties                                    |   |                                | -          |   |                               |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 236,745 |   |
| Interest income                                                           |   |                                | -          |   |                               |   | -          |         |   |   | -          |   |   |         | 33         |   |   |   | 11,765 |   |
|                                                                      |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| Net loss for the period                                                   |   | $                                   | (4,105     | )      |                               | $      | (7,808     | )            |   | $      | (12,724    | )      |   | $            | (52,931    | )  |   | $ | (4,006,959 | ) |
| Basic and diluted loss per share                                          |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
|     of common stock                                   |   | $                                   | (0.00      | )      |                               | $      | (0.00      | )            |   | $      | (0.00      | )      |   | $            | (0.00      | ) |   |   |   |   |
|                                                                      |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| Weighted average shares outstanding                                       |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| – basic and diluted                                                 |   |                                | 21,346,932 |   |                               |   | 21,292,878 |         |   |   | 21,317,232 |   |   |         | 21,292,878 |   |   |   |   |   |
|                                                                      |   |                                |       |   |                               |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| 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        |   |
|                                                                                           |   | For the Nine Months Ended October 31, |    |    | December 21, 2001 to |   |
|                                                                                           |   | 2010                                  |    |    | 2009                 |   |    | October 31, 2010 |   |
| Cash provided by (used in):                                                                    |   |                                  |    |    |                 |   |    |             |   |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |
| Cash flows used in operating activities                                                        |   |                                  |    |    |                 |   |    |             |   |
|      Net loss for the period                                          |   | $                                     | (12,724 | )       |                 | $      | (52,931 | )           |   | $ | (4,006,959 | ) |
|      Adjustments to reconcile net loss to net                         |   |                                  |    |    |                 |   |    |             |   |   |   |   |
|        Cash flows used in operating activities:             |   |                                  |    |    |                 |   |    |             |   |   |   |   |
|          Stock-based compensation                 |   |                                  | -       |    |                 |   | -       |             |   |   | 1,729,000 |   |
|          Amortization                             |   |                                  | -       |    |                 |   | -       |             |   |   | 18,000 |   |
|        Changes in assets and liabilities                    |   |                                  |    |    |                 |   |    |             |   |   |   |   |
|          Prepaid expenses                         |   |                                  | -       |    |                 |   | 894     |             |   |   | - |   |
|          Accounts payable and accrued liabilities |   |                                  | (8,482  | )  |                 |   | (23,013 | )                |   |   | 44,043 |   |
|       Net cash used in operating activities                      |   |                                  | (21,206 | )       |                 |   | (75,050 | )                |   |   | (2,215,916 | ) |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |   |   |   |
| Cash flows from (used in)financing activities                                                  |   |                                  |    |    |                 |   |    |             |   |   |   |   |
|       Proceeds from loan                                         |   |                                  | -       |    |                 |   | -       |             |   |   | 60,000 |   |
|       Repayment of loan principal                                |   |                                  | -       |    |                 |   | -       |             |   |   | (60,000 | ) |
|       Cancellation of common stock                               |   |                                  | -       |    |                 |   | -       |             |   |   | (60,000 | ) |
|       Proceeds from the issue of common stock                    |   |                                  | -       |    |                 |   | -       |             |   |   | 1,304,571 |   |
|       Proceeds from the exercise of stock options                |   |                                  | -       |    |                 |   | -       |             |   |   | 774,000 |   |
|       Proceeds from the exercise of warrants                     |   |                                  | 40,000  |    |                 |   | -       |             |   |   | 258,750 |   |
|       Net cash from financing activities                         |   |                                  | 40,000  |    |                 |   | -       |             |   |   | 2,277,321 |   |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |   |   |   |
| Cash flows used in investing activities                                                        |   |                                  |    |    |                 |   |    |             |   |   |   |   |
|      Reclamation deposit                                              |   |                                  | -       |    |                 |   | -       |             |   |   | (41,800 | ) |
|                                                                                           |   |                                  | -       |    |                 |   | -       |             |   |   | (41,800 | ) |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |   |   |   |
| Increase (decrease) in cash                                                                    |   |                                  | 18,794  |    |                 |   | (75,050 | )           |   |   | 19,605 |   |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |   |   |   |
| Cash, beginning of period                                                                      |   |                                  | 811     |    |                 |   | 75,128  |             |   |   | - |   |
| Cash, end of period                                                                            |   | $                                     | 19,605  |    |                 | $      | 78      |             |   | $ | 19,605 |   |
|                                                                                           |   |                                  |    |    |                 |   |    |             |   |   |   |   |
| 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                      |   |

----

----

|                      |   |        |    |   | Weighted |   |
|---------------------------|--------|-------------|---------|--------|----------|--------|
|                      |   |        |    |   | Average  |   |
|                      |   | Options     |    |   | Exercise |   |
|                      |   | Outstanding |    |   | Price    |   |
| Balance, January 31, 2010 |   |        | 750,000 |   |     | $      | 1.07 |   |
|                      |   |        |    |   |     |   |   |   |
| Options granted           |   |        | -       |   |     |   | - |   |
| Options exercised         |   |        | -       |   |     |   | - |   |
|                      |   |        |    |   |     |   |   |   |
| Balance, October 31, 2010 |   |        | 750,000 |   |     | $      | 1.07 |   |

|     |   | 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 |   | 3.42        |   | $   0.06 |   |  50,000 |   | $      0.06 |
| $1.00    |   | 200,000      |   | 5.67        |   | $   1.00 |   | 200,000      |   | $      1.00 |
| $1.20    |   | 500,000      |   | 5.00        |   | $   1.20 |   | 500,000      |   | $      1.20 |
|     |   |         |   |        |   |                    |   |         |   |                                      |
|     |   | 750,000      |   | 6.06        |   | $   1.07 |   | 750,000      |   | $      1.07 |

----

|                      |   | Warrants Outstanding |      |
|---------------------------|--------|----------------------|-----------|
| Balance, January 31, 2010 |   |                 | 1,523,300 |   |
| Warrants granted          |   |                 | -         |   |
| Warrants exercised        |   |                 | (54,054   | ) |
| Balance, October 31, 2010 |   |                 | 1,469,246 |   |

|  Quantity | ExercisePrice | ExercisePeriod                       |
|----------------|---------------|--------------------------------------|
|           |          |                                 |
| 403,600        | $ 1.50        | November 4, 2005 to November 4, 2010 |
| 403,600        | $ 2.00        | May 4, 2006 to May 4, 2011           |
| 403,600        | $ 2.50        | November 4, 2006 to November 4, 2011 |
| 258,446        | $ 0.74        | February 6, 2008 to February 6, 2013 |
| 1,469,246      |          |                                 |

----

----

| ·   | $380,000 in connection with mineral claim payments and $1,840,000 in exploration expenditures of the Company’s properties; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | $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:   December 14, 2010 AMERICAN GOLDFIELDS INC. By:   /s/ Richard Kehmeier       Richard Kehmeier       President, Chief Executive       Officer, Secretary and Treasurer       (Principal Executive, Financial, and Accounting Officer) |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----