----

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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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| 1.   | Clerical error in the footnote 2 of the financial statements of the Company as filed in the Form 10-Q, as amended; |
|----------------|--------------------------------------------------------------------------------------------------------------------|

| 2.   | Typographical error in the inception through date column heading on the Consolidated Statement of Operations which appeared twice; and |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Typographical error in the July 31, 2011 three month and nine month columns.  Parentheses were added to "Total expenses," "Net Loss for the period" and earnings per share numbers to ensure the presentation was consistent with other numbers presented therein. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                                                                                     | Page      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| PART I - Financial Information                                                                                                                           |   4  |
| Item 1. Financial Statements                                                                                                                             |   4  |
| Balance Sheets July 31, 2011, and April 30, 2011                                                                                                         |   4  |
| Statements of Loss for the Six month periods ended July 31, 2011 and 2010, and for the period from inception on December 21, 2001 to July 31, 2011.      |   5  |
| Statements of Cash Flows for the Six month period ended July 31, 2011 and 2010, and for the period from inception on December 21, 2001 to July 31, 2011. |   6  |
| Notes to the Financial Statements                                                                                                                        |   7  |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                      |   10 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                                                                       |   11 |
| Item 4. Controls and Procedures                                                                                                                          |   11 |
| PART II – Other Information                                                                                                                        |   12 |
| Item 1.  Legal Proceedings                                                                                                                     |   12 |
| Item 1A. Risk Factors                                                                                                                                    |   12 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                                                                      |   12 |
| Item 3. Defaults Upon Senior Securities                                                                                                                  |   12 |
| Item 4. Submission of Matters to a Vote of Security Holders                                                                                              |   12 |
| Item 5. Other Information                                                                                                                                |   12 |
| Item 6. Exhibits                                                                                                                                         |   12 |

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| American Goldfields Inc.                                                                                     |   |
|--------------------------------------------------------------------------------------------------------------|--------|
| (An Exploration Stage Company)                                                                               |   |
| Consolidated Balance Sheets                                                                                  |   |
| (Unaudited)                                                                                                  |   |
|                                                                                                         |   | (unaudited) |   |   | (audited) |   |
|                                                                                                         |   | July 31, |   |   | January 31, |   |
|                                                                                                         |   | 2011 |   |   | 2011 |   |
| ASSETS                                                                                                       |   |   |   |   |   |   |
| Current assets                                                                                               |   |   |   |   |   |   |
|     Cash                                                                                 |   |   | 28,185 |   |   |   | 16,669 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Long-term assets                                                                                             |   |   |   |   |   |   |   |   |
|     Reclamation Deposits                                                                 |   |   | 41,800 |   |   |   | 41,800 |   |
|          Total assets                                           |   |   | 69,985 |   |   |   | 58,469 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                         |   |   |   |   |   |   |   |   |
| Current liabilities                                                                                          |   |   |   |   |   |   |   |   |
|     Accounts payable and accrued liabilities                                             |   |   | 2,048 |   |   |   | 35,170 |   |
|     Loan Payable                                                                         |   |   | 50,000 |   |   |   | - |   |
|     Accrued interest loan payable                                                        |   |   | 568 |   |   |   | - |   |
|         Total current liabilities                                    |   |   | 52,616 |   |   |   | 35,170 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| Stockholders' equity                                                                                         |   |   |   |   |   |   |   |   |
|     Preferred stock, par value $0.001, 100,000,000 share authorized                      |   |   |   |   |   |   |   |   |
|        no shares issued or outstanding at July 31, and January 31, 2011   |   |   | - |   |   |   | - |   |
|     Common stock: par value $0.001, 600,000,000 shares authorized,                       |   |   |   |   |   |   |   |   |
|       21,346,932 shares issued and outstanding at July 31 and January 31, 2011 |   |   | 21,347 |   |   |   | 21,347 |   |
|     Additional paid-in capital                                                           |   |   | 4,007,517 |   |   |   | 4,007,517 |   |
|     Deficit accumulated during the exploration stage                                     |   |   | (4,011,495 | ) |   |   | (4,005,565 | ) |
|         Total stockholders’ equity                             |   |   | 17,369 |   |   |   | 23,299 |   |
| Total liabilities and stockholders’ equity                                                             |   |   | 69,985 |   |   |   | 58,469 |   |
|                                                                                                         |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of these financial statements                                    |   |

----

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

----

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

----

----

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

----

|     |   |   | Weighted    |   |   |        |   |   |     |   |   |        |   |   |     |   |
|----------|--------|--------|-------------|--------|--------|-------------|--------|--------|----------|--------|--------|-------------|--------|--------|----------|--------|
|     |   |   | Average     |   |   |        |   |   |     |   |   |        |   |   |     |   |
|     |   |   |        |   |   | Remaining   |   |   | Weighted |   |   | Number of   |   |   | Weighted |   |
| Range of |   |   | Number of   |   |   | Contractual |   |   | Average  |   |   | Options     |   |   | Average  |   |
| Exercise |   |   | Options     |   |   | Life        |   |   | Exercise |   |   | Currently   |   |   | Exercise |   |
| Prices   |   |   | Outstanding |   |   | in Years)   |   |   | Price    |   |   | Exercisable |   |   | Price    |   |
|     |   |   |        |   |   |        |   |   |     |   |   |        |   |   |     |   |
| $        | 0.06   |   |        |   | 50,000 |        |   |   | 2.67     |   |   | $           | 0.06   |   |     |   | 50,000 |   |   | $ | 0.06 |   |
|     |   |   |        |   |   |        |   |   |     |   |   |        |   |   |     |   |   |   |   |   |   |   |
|     |   |   |        |   | 50,000 |        |   |   | 2.67     |   |   | $           | 0.06   |   |     |   | 50,000 |   |   | $ | 0.06 |   |

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

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

----

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

----

----

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

----

|  Date:   December 13, 2011 AMERICAN GOLDFIELDS INC. By:   /s/ Richard Kehmeier       Richard Kehmeier       President, Chief Executive  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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----