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AMERICAN GOLDFIELDSINC.

| 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 October 31, 2009, and January 31, 2009 (audited)                                                                                                                      |   |
| Statements      of Loss for the three and nine-month periods ended October 31, 2009 and      2008, and for the period from inception on December 21, 2001 to October      31, 2009.       |   |
| Statements      of Cash Flows for the three and nine-month periods ended October 31, 2009      and 2008, and for the period from inception on December 21, 2001 to      October 31, 2009. |   |
| 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)                                                                                        |   |             |       |   |             |   |
| Balance      Sheets                                                                                                        |   |             |       |   |             |   |
| (Unaudited)                                                                                                                |   |             |       |   |             |   |
|                                                                                                                       |   | October      31, |       |   | January      31, |   |
|                                                                                                                       |   | 2009             |       |   | 2009             |   |
| Assets                                                                                                                     |   |             |       |   |             |   |
| CURRENT      ASSETS                                                                                                        |   |             |       |   |             |   |
|      Cash      and cash equivalents                                                               |   | $                | 78         |   |             | $      | 75,128 |   |
|      Prepaid      expenses                                                                        |   |             | -          |   |             |   | 894 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
|           Total      current assets                                      |   |             | 78         |   |             |   | 76,022 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| Reclamation      deposits                                                                                                  |   |             | 41,800     |   |             |   | 41,800 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| Total      Assets                                                                                                          |   | $                | 41,878     |   |             | $      | 117,822 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| Liabilities                                                                                                                |   |             |       |   |             |   |   |   |
| CURRENT      LIABILITIES                                                                                                   |   |             |       |   |             |   |   |   |
|      Accounts      payable and accrued liabilities                                                |   | $                | 25,054     |   |             | $      | 48,067 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
|           Total      current liabilities                                 |   |             | 25,054     |   |             |   | 48,067 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| 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:                                                                                      |   |             |       |   |             |   |   |   |
|           21,292,878      (January 31, 2009 – 21,292,878) common   |   |             |       |   |             |   |   |   |
|           issued      and outstanding at October 31, 2009                |   |             | 21,293     |   |             |   | 21,293 |   |
|      Additional      paid-in capital                                                              |   |             | 3,967,571  |   |             |   | 3,967,571 |   |
| DEFICIT      ACCUMULATED DURING THE EXPLORATION STAGE                                                                      |   |             | (3,972,040 | )      |             |   | (3,919,109 | ) |
|                                                                                                                       |   |             |       |   |             |   |   |   |
|           Total      stockholders' equity                                |   |             | 16,824     |   |             |   | 69,755 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| Total      Liabilities and Stockholders' Equity                                                                            |   | $                | 41,878     |   |             | $      | 117,822 |   |
|                                                                                                                       |   |             |       |   |             |   |   |   |
| The      accompanying notes are an integral part of these financial      statements                                        |   |

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|                                                                                |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
|-------------------------------------------------------------------------------------|--------|------------------------------------------|------------|--------|-----------------------------------------|--------|------------|-------------------|--------|--------|------------|--------|--------|-------------------|------------|
| American      Goldfields Inc.                                                       |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
| (An      Exploration Stage Company)                                                 |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
| Statements      of Operations                                                       |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
| (Unaudited)                                                                         |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   | Inception         |       |
|                                                                                |   |                                     |       |   |                                    |   |       | December      21, |   |
|                                                                                |   | For      the Three-Months Ended Oct. 31, |       |   | For      the Nine-Months Ended Oct. 31, |   |       | 2001      to      |   |
|                                                                                |   | 2009                                     |       |   | 2008                                    |   |       | 2009              |   |   | 2008       |   |   | Oct.      31,2009 |       |
| Expenses                                                                            |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
|      Mineral      claim payments and                       |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |
|        exploration      expenditures             |   | $                                        | -          |   |                                    | $      | 26,595     |              |   | $      | 32,653     |   |   | $                 | 167,529    |   |   | $ | 2,800,525 |   |
|      Office,      rent and sundry                          |   |                                     | 1,758      |   |                                    |   | 5,030      |              |   |   | 3,864      |   |   |              | 26,590     |   |   |   | 559,293 |   |
|      Professional      fees                                |   |                                     | 6,050      |   |                                    |   | 2,999      |              |   |   | 15,553     |   |   |              | 10,632     |   |   |   | 217,141 |   |
|      Transfer      agent fees                              |   |                                     | -          |   |                                    |   | -          |              |   |   | -          |   |   |              | 50         |   |   |   | 6,340 |   |
|      Amortization                                          |   |                                     | -          |   |                                    |   | -          |              |   |   | -          |   |   |              | -          |   |   |   | 18,000 |   |
|      Directors’      fees                            |   |                                     | -          |   |                                    |   | 2,944      |              |   |   | 894        |   |   |              | 8,835      |   |   |   | 35,154 |   |
|      Interest      expense                                 |   |                                     | -          |   |                                    |   | -          |              |   |   | -          |   |   |              | -          |   |   |   | 1,070 |   |
|      Consulting      fees                                  |   |                                     | -          |   |                                    |   | -          |              |   |   | -          |   |   |              | -          |   |   |   | 583,027 |   |
| Total      expenses                                                                 |   |                                     | (7,808     | )      |                                    |   | (37,568    | )                 |   |   | (52,964    | )      |   |              | 213,636    |   |   |   | (4,220,550 | ) |
|                                                                                |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
| Gain      on disposal of mineral properties                                         |   |                                     | -          |   |                                    |   | -          |              |   |   | -          |   |   |              | 236,745    |   |   |   | 236,745 |   |
| Interest      income                                                                |   |                                     | -          |   |                                    |   | 156        |              |   |   | 33         |   |   |              | 312        |   |   |   | 11,765 |   |
|                                                                                |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
| Net      loss for the period                                                        |   | $                                        | (7,808     | )      |                                    | $      | (37,412    | )                 |   | $      | (52,931    | )      |   | $                 | 23,421     |   |   | $ | (3,972,040 | ) |
| Basic      and diluted loss per share                                               |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
|     of      common stock                                        |   | $                                        | (0.00      | )      |                                    | $      | (0.00      | )                 |   | $      | (0.00      | )      |   | $                 | (0.00      | ) |   |   |   |   |
|                                                                                |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
| Weighted      average shares outstanding                                            |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
| –      basic and diluted                                                      |   |                                     | 21,292,878 |   |                                    |   | 21,292,878 |              |   |   | 21,292,878 |   |   |              | 21,262,084 |   |   |   |   |   |
|                                                                                |   |                                     |       |   |                                    |   |       |              |   |   |       |   |   |              |       |   |   |   |   |   |
| The      accompanying notes are an integral part of these financial      statements |   |

----

|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |
|-----------------------------------------------------------------------------------------------------|--------|--------------------------------------------|---------|---------|---------------------------|--------|----------|-----------------------|--------|
| American      Goldfields Inc.                                                                       |   |                                       |    |    |                      |   |     |                  |   |
| (An      Exploration Stage Company)                                                                 |   |                                       |    |    |                      |   |     |                  |   |
| Statements      of Cash Flows                                                                       |   |                                       |    |    |                      |   |     |                  |   |
| (Unaudited)                                                                                         |   |                                       |    |    |                      |   |     |                  |   |
|                                                                                                |   |                                       |    |    |                      |   |     | Inception             |   |
|                                                                                                |   | For      the Nine Months Ended October 31, |    |    | December      21, 2001 to |   |
|                                                                                                |   | 2009                                       |    |    | 2008                      |   |     | October      31, 2009 |   |
| Cash      provided by (used in):                                                                    |   |                                       |    |    |                      |   |     |                  |   |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |
| Cash      flows used in operating activities                                                        |   |                                       |    |    |                      |   |     |                  |   |
|      Net      loss for the period                                          |   | $                                          | (52,931 | )       |                      | $      | 23,421   |                  |   | $ | (3,972,040 | ) |
|      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     |    |                      |   | 20,852   |                  |   |   | - |   |
|          Accounts      payable and accrued liabilities |   |                                       | (23,013 | )  |                      |   | (209,885 | )                     |   |   | 29,597 |   |
|       Net      cash used in operating activities                      |   |                                       | (75,050 | )       |                      |   | (165,612 | )                     |   |   | (2,195,443 | ) |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
| 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                     |   |                                       | -       |    |                      |   | 218,750  |                  |   |   | 218,750 |   |
|       Net      cash from financing activities                         |   |                                       | -       |    |                      |   | 218,750  |                  |   |   | 2,237,321 |   |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
| Cash      flows used in investing activities                                                        |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
|      Reclamation      deposit                                              |   |                                       | -       |    |                      |   | 13,168   |                  |   |   | (41,800 | ) |
|                                                                                                |   |                                       | -       |    |                      |   | 13,168   |                  |   |   | (41,800 | ) |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
| Increase      (decrease) in cash                                                                    |   |                                       | (75,050 | )       |                      |   | 66,306   |                  |   |   | 78 |   |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
| Cash,      beginning of period                                                                      |   |                                       | 75,128  |    |                      |   | 29,771   |                  |   |   | - |   |
| Cash,      end of period                                                                            |   | $                                          | 78      |    |                      | $      | 96,077   |                  |   | $ | 78 |   |
|                                                                                                |   |                                       |    |    |                      |   |     |                  |   |   |   |   |
| 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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The Company did not grant any stock options underthe 2004 plan during the three or nine-month periods ended October 31, 2009 or2008.

|                           |   |        |    |   | Weighted |   |
|--------------------------------|--------|-------------|---------|--------|----------|--------|
|                           |   |        |    |   | Average  |   |
|                           |   | Options     |    |   | Exercise |   |
|                           |   | Outstanding |    |   | Price    |   |
| Balance,      January 31, 2009 |   |        | 850,000 |   |     | $      | 1.09 |   |
|                           |   |        |    |   |     |   |   |   |
| Options      granted           |   |        | -       |   |     |   | - |   |
| Options      exercised         |   |        | -       |   |     |   | - |   |
|                           |   |        |    |   |     |   |   |   |
| Balance,      October 31, 2009 |   |        | 850,000 |   |     | $      | 1.09 |   |

|          |   | 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   |   | 4.42           |   | $   0.06 |   |  50,000   |   | $      0.06 |
| $1.00         |   | 200,000        |   | 6.67           |   | $   1.00 |   | 200,000        |   | $      1.00 |
| $1.20         |   | 600,000        |   | 6.00           |   | $   1.20 |   | 600,000        |   | $      1.20 |
|          |   |           |   |           |   |                    |   |           |   |                                      |
|          |   | 850,000        |   | 6.06           |   | $   1.09 |   | 850,000        |   | $      1.09 |

----

|                           |   | Warrants      Outstanding |      |
|--------------------------------|--------|---------------------------|-----------|
| Balance,      January 31, 2009 |   |                      | 1,523,300 |   |
| Warrants      granted          |   |                      | -         |   |
| Warrants      exercised        |   |                      | -         |   |
| Balance,      October 31, 2009 |   |                      | 1,523,300 |   |

|  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 |
| 312,500        | $      0.74   | February      6, 2008 to February 6, 2013 |
| 1,523,300      |          |                                      |

----

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| ·   | $110,000      in connection with mineral claim payments and $1,061,000 in exploration      expenditures of the Company’sproperties; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | $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, 2009 AMERICAN      GOLDFIELDS INC. By:   /s/ Richard      Kern       Richard      Kern       President,      Chief Executive       Officer,      Secretary and Treasurer       (Principal      Executive, Financial, and AccountingOfficer) |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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