----

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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                                                                                                                                      |   |
| Item 1. Financial Statements                                                                                                                                        |   |
| Balance Sheets July 31, 2010, and January 31, 2010                                                                                                                  |   |
| Statements of Loss for the three and six-month periods ended July 31, 2010 and 2009, and for the period from inception on December 21, 2001 to July 31, 2010.       |   |
| Statements of Cash Flows for the three and six-month periods ended July 31, 2010 and 2009, and for the period from inception on December 21, 2001 to July 31, 2010. |   |
| Notes to the Financial Statements                                                                                                                                   |   |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                 |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                                  |   |
| Item 4. Controls and Procedures                                                                                                                                     |   |
| PART II – Other Information                                                                                                                                   |   |
| Item 1.  Legal Proceedings                                                                                                                                |   |
| Item 1A. Risk Factors                                                                                                                                               |   |
| 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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|                                                                                                                  |   |     |       |   |        |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|----------|------------|--------|-------------|--------|
| American Goldfields Inc.                                                                                              |   |     |       |   |        |   |
| (An Exploration Stage Company)                                                                                        |   |     |       |   |        |   |
| Consolidated Balance Sheets                                                                                           |   |     |       |   |        |   |
| (Unaudited)                                                                                                           |   |     |       |   |        |   |
|                                                                                                                  |   | July 31, |       |   | January 31, |   |
|                                                                                                                  |   | 2010     |       |   | 2010        |   |
| Assets                                                                                                                |   |     |       |   |        |   |
| CURRENT ASSETS                                                                                                        |   |     |       |   |        |   |
|      Cash and cash equivalents                                                               |   | $        | 6,163      |   |        | $      | 811 |   |
|      Prepaid expenses                                                                        |   |     | -          |   |        |   | - |   |
|                                                                                                                  |   |     |       |   |        |   |   |   |
|           Total current assets                                      |   |     | 6,163      |   |        |   | 811 |   |
|                                                                                                                  |   |     |       |   |        |   |   |   |
| Reclamation deposits                                                                                                  |   |     | 41,800     |   |        |   | 41,800 |   |
|                                                                                                                  |   |     |       |   |        |   |   |   |
| Total Assets                                                                                                          |   | $        | 47,963     |   |        | $      | 42,611 |   |
|                                                                                                                  |   |     |       |   |        |   |   |   |
| Liabilities                                                                                                           |   |     |       |   |        |   |   |   |
| CURRENT LIABILITIES                                                                                                   |   |     |       |   |        |   |   |   |
|      Accounts payable and accrued liabilities                                                |   | $        | 21,953     |   |        | $      | 47,982 |   |
|                                                                                                                  |   |     |       |   |        |   |   |   |
|           Total current liabilities                                 |   |     | 21,953     |   |        |   | 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 July 31, 2010                   |   |     | 21,347     |   |        |   | 21,293 |   |
|      Additional paid-in capital                                                              |   |     | 4,007,517  |   |        |   | 3,967,571 |   |
| DEFICIT ACCUMULATED DURING THE EXPLORATION STAGE                                                                      |   |     | (4,002,854 | )      |        |   | (3,994,235 | ) |
|                                                                                                                  |   |     |       |   |        |   |   |   |
|           Total stockholders' equity                                |   |     | 26,010     |   |        |   | (5,371 | )  |
|                                                                                                                  |   |     |       |   |        |   |   |   |
| Total Liabilities and Stockholders' Equity                                                                            |   | $        | 47,963     |   |        | $      | 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 July 31, |       |   | For the Six-Months Ended July 31, |   |       | 2001 to      |   |
|                                                                      |   | 2010                                |       |   | 2009                              |   |       | 2010         |   |   | 2009       |   |   | July 31,2010 |       |
| Expenses                                                                  |   |                                |       |   |                              |   |       |         |   |   |       |   |   |         |       |
|      Mineral claim payments and                  |   |                                |       |   |                              |   |       |         |   |   |       |   |   |         |       |
|        exploration expenditures        |   | $                                   | -          |   |                              | $      | 22,125     |         |   | $      | -          |   |   | $            | 32,653     |   |   | $ | 2,800,525 |   |
|      Office, rent and sundry                     |   |                                | 1,945      |   |                              |   | -          |         |   |   | 5,308      |   |   |         | 2,106      |   |   |   | 566,436 |   |
|      Professional fees                           |   |                                | 1,206      |   |                              |   | 7,205      |         |   |   | 1,206      |   |   |         | 9,503      |   |   |   | 238,707 |   |
|      Transfer agent fees                         |   |                                | 55         |   |                              |   | -          |         |   |   | 105        |   |   |         | -          |   |   |   | 6,445 |   |
|      Amortization                                |   |                                | -          |   |                              |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 18,000 |   |
|      Directors’ fees                       |   |                                | 1,500      |   |                              |   | -          |         |   |   | 2,000      |   |   |         | 894        |   |   |   | 37,154 |   |
|      Interest expense                            |   |                                | -          |   |                              |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 1,070 |   |
|      Consulting fees                             |   |                                | -          |   |                              |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 583,027 |   |
| Total expenses                                                            |   |                                | (4,706     | )      |                              |   | (29,330    | )            |   |   | (8,619     | )      |   |         | (45,156    | ) |   |   | (4,251,364 | ) |
|                                                                      |   |                                |       |   |                              |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| Gain on disposal of mineral properties                                    |   |                                | -          |   |                              |   | -          |         |   |   | -          |   |   |         | -          |   |   |   | 236,745 |   |
| Interest income                                                           |   |                                | -          |   |                              |   | -          |         |   |   | -          |   |   |         | 33         |   |   |   | 11,765 |   |
|                                                                      |   |                                |       |   |                              |   |       |         |   |   |       |   |   |         |       |   |   |   |   |   |
| Net loss for the period                                                   |   | $                                   | (4,706     | )      |                              | $      | (29,330    | )            |   | $      | (8,619     | )      |   | $            | (45,123    | )  |   | $ | (4,002,854 | ) |
| 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 |         |   |   | 21,337,674 |   |   |         | 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 Six Months Ended July 31, |    |    | December 21, 2001 to |   |
|                                                                                           |   | 2010                              |    |    | 2009                 |   |    | July 31, 2010 |   |
| Cash provided by (used in):                                                                    |   |                              |    |    |                 |   |    |          |   |
|                                                                                           |   |                              |    |    |                 |   |    |          |   |
| Cash flows used in operating activities                                                        |   |                              |    |    |                 |   |    |          |   |
|      Net loss for the period                                          |   | $                                 | (8,619  | )       |                 | $      | (45,123 | )        |   | $ | (4,002,854 | ) |
|      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 |   |                              | (26,029 | )  |                 |   | 14,833  |          |   |   | 26,496 |   |
|       Net cash used in operating activities                      |   |                              | (34,648 | )       |                 |   | (29,396 | )             |   |   | (2,229,358 | ) |
|                                                                                           |   |                              |    |    |                 |   |    |          |   |   |   |   |
| 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                                                                    |   |                              | 5,352   |    |                 |   | (29,396 | )        |   |   | 6,163 |   |
|                                                                                           |   |                              |    |    |                 |   |    |          |   |   |   |   |
| Cash, beginning of period                                                                      |   |                              | 811     |    |                 |   | 75,128  |          |   |   | - |   |
| Cash, end of period                                                                            |   | $                                 | 6,163   |    |                 | $      | 45,732  |          |   | $ | 6,163 |   |
|                                                                                           |   |                              |    |    |                 |   |    |          |   |   |   |   |
| 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, July 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  |        |   |   | 3.67     |   |   | $           | 0.06   |   |     |   | 50,000 |   |   | $ | 0.06 |   |
| $        | 1.00   |   |        |   | 200,000 |        |   |   | 5.92     |   |   | $           | 1.00   |   |     |   | 200,000 |   |   | $ | 1.00 |   |
| $        | 1.20   |   |        |   | 500,000 |        |   |   | 5.25     |   |   | $           | 1.20   |   |     |   | 500,000 |   |   | $ | 1.20 |   |
|     |   |   |        |   |    |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |   |
|     |   |   |        |   | 750,000 |        |   |   | 5.32     |   |   | $           | 1.07   |   |     |   | 750,000 |   |   | $ | 1.07 |   |

----

|                      |   | Warrants Outstanding |      |
|---------------------------|--------|----------------------|-----------|
| Balance, January 31, 2010 |   |                 | 1,523,300 |   |
| Warrants granted          |   |                 | -         |   |
| Warrants exercised        |   |                 | (54,054   | ) |
| Balance, July 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:   September 13, 2010 AMERICAN GOLDFIELDS INC. By:   /s/ Richard Kern       Richard Kern       President, Chief Executive       Officer, Secretary and Treasurer       (Principal Executive, Financial, and Accounting Officer) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----