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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM  10-Q

(Mark One)
[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the quarterly period ended September 30, 2012
   
[  ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the transition period from __________ to ______________

000-53207
(Commission File Number)
   
PLATA RESOURCES, INC.
(Exact name of registrant as specified in its charter)
   
Nevada
75-3267338
 
(I.R.S. Employer Identification No.)
   
2911 Park Avenue, Pasay City, Metro Manilla, Philippines
 
(Address of principal executive offices)
(Zip Code)
   
632-886-788
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes [X]   No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
 
Yes [  ]  No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
[  ]
Accelerated filer
[  ]
       
Non-accelerated filer
[  ]
Smaller reporting company
[X]
(Do not check if a smaller reporting company)
     

 
 
1

 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes [  ]  No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court

 
Yes [  ]  No [  ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
November 14, 2012:   191,400,000 common shares
 
 
2

 

 
TABLE of CONTENTS

   
 Page
 
PART I – FINANCIAL INFORMATION
 
     
Item 1.
Consolidated Financial Statements
  4
     
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
  11
     
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
  17
     
Item 4.
Controls and Procedures
  17
     
 
PART II – OTHER INFORMATION
 
     
Item 1.
Legal Proceedings
  18
     
Item 1A.
Risk Factors
  18
     
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
  18
     
Item 3.
Defaults Upon Senior Securities
  18
     
Item 4.
Removed and Reserved
  18
     
Item 5.
Other Information
  18
     
Item 6.
Exhibits
  18
     
 
SIGNATURES
  19
 

 
3

 

 
PART I—FINANCIAL INFORMATION

 
Item 1. Financial Statements.



PLATA RESOURCES, INC.
(Pre-exploration Stage Company)

FINANCIAL STATEMENTS

September 30, 2012
(Unaudited)
 


 
Page
   
Financial Statements
 
   
Condensed Balance Sheets
5
   
Condensed Statements of Operations
6
   
Condensed Statements of Cash Flows
7
   
Notes to Condensed Financial Statements
8 to 10

 
4

 

PLATA RESOURCES, INC.
(Pre-exploration Stage Company)

CONDENSED BALANCE SHEETS

   
September 30,
2012
   
December 31,
2011
   
(Unaudited)
   
 
ASSETS
         
CURRENT ASSETS
         
     Cash
  $ 369     $ 369  
                 
TOTAL CURRENT ASSETS
  $ 369     $ 369  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
               
                 
CURRENT LIABILITIES
               
Accounts payable
  $ 12,511     $ 5,368  
     Advances from related parties
    17,165       12,535  
                 
 TOTAL CURRENT LIABILITIES
    29,676       17,903  
                 
STOCKHOLDERS’ DEFICIENCY
               
Common stock
               
Issued and outstanding
               
         750,000,000 shares authorized, at $0.001 par valued
               
191,400,000 shares of common stock (December 31, 2011 –191,400,000)
    191,400       191,400  
     Additional paid-in capital
    (85,700 )     (85,700 )
Deficit accumulated during the pre-exploration stage
    (135,007 )     (123,234 )
                 
TOTAL  STOCKHOLDERS’ DEFICIENCY
    (29,307 )     (17,534 )
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
  $ 369     $ 369  
                 
                 

The accompanying notes are an integral part of these condensed financial statements.

 
5

 

PLATA RESOURCES, INC.
 (Pre-exploration Stage Company)

CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
   
Three Months Ended
September 30
   
 
Nine Months Ended
September 30
   
July 17, 2007 (inception) to September 30,
 
   
2012
   
2011
   
2012
   
2011
   
2012
 
                               
REVENUE
  $ -     $ -     $ -     $ -     $ -  
                                         
EXPENSES
                                       
     Impairment loss on mineral claim
  $ -     $ -     $ -     $ -     $ 5,000  
     Exploration costs
    -       -       -       -       4,113  
General and administrative
    3,661       3,186       11,773       12,078       125,894  
                                         
NET INCOME  (LOSS)
  $ (3,661 )   $ (3,186 )   $ (11,773 )   $ (12,078 )   $ (135,007 )
                                         
BASIC AND DILUTED LOSS PER COMMON SHARE   $ (0.00 )   $ (0.00  )   $ (0.00 )   $ (0.00  )        
                                         
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING -BASIC AND DILUTED     191,400,000       191,400,000       191,400,000       191,400,000          

 

The accompanying notes are an integral part of these condensed financial statements.


 
6

 

 

PLATA RESOURCES, INC.
(Pre-exploration Stage Company)

 CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
   
Nine months ended
September 30,
 2012
   
Nine months ended
September 30,
2011
   
July 17,
 2007 (inception) to
September 30,
2012
 
                   
OPERATING ACTIVITIES
                 
Net loss for the period
  $ (11,773 )   $ (12,078 )   $ (135,007 )
Adjustments to reconcile net loss to net cash used in operating activities:
                       
       Impairment loss on mineral claims
    -       -       5,000  
       Capital contributions – expenses paid by Officers
    -       -       44,200  
    Changes in accounts payables
    7,143       (9,546 )     12,511  
                         
NET CASH USED IN OPERATING ACTIVITIES
    (4,630 )     (21,624 )     (73,296 )
                         
INVESTING ACTIVITIES:
                       
Acquisition of mineral claims
    -       -       (5,000 )
                         
NET CASH USED IN INVESTING ACTIVITIES
    -       -       (5,000 )
                         
FINANCING ACTIVITIES
                       
Proceeds on sale of common stock
    -       -       61,500  
   Advances from related party
    4,630       3,210       17,165  
                         
NET CASH PROVIDED BY FINANCING ACTIVITIES
    4,630       3,210       78,665  
                         
NET INCREASE (DECREASE) IN CASH
    -       (18,414 )     369  
                         
CASH, BEGINNING
    369       18,821       -  
                         
CASH, ENDING
  $ 369     $ 407     $ 369  
                         
SUPPLEMENTAL CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES
    Capital contributions – expenses paid by Officers
  $ -     $ -     $ 44,200  
                         

The accompanying notes are an integral part of these condensed  financial statements.

 
7

 

PLATA RESOURCES, INC.
(Pre-exploration Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2012
(UNAUDITED)
 
 
NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

The Company, Plata Resources, Inc., was incorporated under the laws of the State of Nevada on July 17, 2007 with the authorized capital stock of 750,000,000 shares at $0.001 par value.

The Company was organized for the purpose of acquiring and developing mineral properties.  At the report date mineral claims, with unknown reserves, had been acquired.  The Company has not established the existence of a commercially minable ore deposit and therefore has not reached the development stage and is considered to be in the pre-exploration stage.

NOTE 2 – GOING CONCERN

Going concern
To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $135,007.  As at September 30, 2012, the Company has a working capital deficit of $29,307.  The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses.  The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt about the Company’s ability to continue as a going concern.  The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Unaudited Financial Statements
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q.  They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements.  However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2011 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission.  The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods
 
The Company recognizes income and expenses based on the accrual method of accounting.
 
Dividend Policy
 
The Company has not yet adopted a policy regarding payment of dividends.
 
Basic Income (Loss) Per Share
 
The Company computes loss per share in accordance with “ASC-260,” “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.  The Company has no common stock equivalents.


 
8

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Use of Estimates
 
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes

The Company follows the liability method of accounting for income taxes in accordance with FASB accounting standards for Accounting for Income Taxes and Accounting for Uncertainty in Income Taxes.  Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances.  Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. The estimated Net Operating Loss Carry-Forward to date is $135,007. The approximate deferred tax asset of $41,000 has been fully offset by a valuation allowance.

Foreign Currency Translations

The books of the Company are maintained in United States dollars and this is the Company’s functional and reporting currency.  Translations denominated in other than the United States dollar are translated as follows with the related transaction gains and losses being recorded in the Statement of Operations:

(i)  
Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date;
(ii)  
Non-Monetary items including equity are recorded at the historical rate of exchange; and
(iii)  
Revenues and expenses are recorded at the period average in which the transaction occurred.

Impairment of Long-Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicated that the related carrying amounts may not be recoverable.  The assets are subject to impairment consideration un ASC 360-10-35-17 if events or circumstances indicate that heir carrying amounts might not be recoverable.  When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment of Disposal of Long-Lived Assets.

Fair value of financial instruments
 
The estimated fair values of financial instruments were determined by management using available market information and appropriate valuation methodologies. The carrying amounts of financial instruments including cash approximate their fair value because of their short maturities.

Revenue Recognition

The Company has no revenues to date from its operations. Once revenues are generated, management will establish a revenue recognition policy

Advertising Accounting Policy

The Company accounts for its advertising cost in accordance with ASC Topic 720. The Company expenses advertising costs as incurred. For the period ended September 30, 2012 and September 30, 2011 the Company incurred advertising expenses in the amount of $0 and $0 respectively.

 
9

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Statement of Cash Flows

For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

Mineral Claim Acquisition and Exploration Costs

Mineral property acquisition costs are initially capitalized when incurred.  These costs are then assessed for impairment when factors are present to indicate the carrying costs may not be recoverable.  Mineral exploration costs are expensed as incurred.

Environmental Requirements

At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made.
 
Recent pronouncements
 
The Company has evaluated all recent accounting pronouncements and believes that none will have a material effect on the company’s financial statements.

NOTE 4 – ACQUISITION OF MINERAL CLAIM

On August 1, 2007, the Company acquired the Bontoc Glold Claim located in the Republic of Philippines from Castillo Explorations LLC., an unrelated company, for considerations of $5,000.  The Bontoc Gold Claim is located in the Philippines near the town of Bontoc.  Under Philippine law, the claim remains in good standing as long as the Company has an interest in it.  There is no annual maintenance fee or minimum exploration work required on the claim.

As of December 31, 2007, the Company determined the $5,000 mineral property acquisition cost was impaired, and recorded a related impairment loss in the statement of operations.

NOTE 5 – SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

For the nine months ended September 30, 2012, a Director made advances of $4,630 to the Company.

Officers-Directors and their families have acquired 63% of the common stock issued, have made advances to the Company of $17,165, and have contributions to capital of $44,200 in the form of expenses paid for the Company.  The advances are non-interest bearing and payable on demand.

NOTE 6 – CAPITAL STOCK

On September 18, 2007, the Company completed a private placement consisting of 120,000,000 post-split common shares sold to the directors and officers for a total consideration of $2,000.  On October 31, 2007, the Company completed a private placement of 71,400,000 post-split common shares for a total consideration of $59,500.

On January 22, 2009, the shareholders of the Company approved a 20 to 1 forward split, resulting in an increase of the outstanding shares of common stock from 3,190,000 to 63,800,000.  On March 6, 2012, the Company issued a dividend of two shares of common stock for each share of common stock issued and outstanding.  This stock dividend increased the number of shares issued and outstanding to 191,400,000 from 63,800,000.  All share references have been retroactively adjusted for the forward stock split and stock dividend.


 
10

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Our Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this Form 10-Q. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

The following discussion should be read in conjunction with the information contained in the financial statements of Plata Resources, Inc. (“Plata Resources” or “the Company”) and the notes which form an integral part of the financial statements which are attached hereto.

The financial statements mentioned above have been prepared in conformity with accounting principles generally accepted in the United States of America and are stated in United States dollars.

We were incorporated on July 17, 2007 under the laws of the State of Nevada.   We are a pre-exploration stage company.   A pre-exploration stage company is one engaged in the search of mineral deposits or reserves but is not in either the development or production stage.  It might take us years before we are able to be in either the development or production stage and the chances are that we might never be in either of these two stages.  Our mineral property is called the Bontoc Gold Claim (the “Bontoc Claim”) and is located in the Philippines.   We own 100% of the Bontoc Claim.  It consists of one – 9 unit claim block containing 102.5 hectares which have been staked and recorded with the Mineral Resources Department of the Ministry of Energy and Mineral Resources of the Government of the Republic of Philippines.

We have no revenue, have achieved losses since inception, have no operations and have relied upon the sale of our securities and loans from our officers and directors to fund our operations.

Our administrative office is located at 2911 Park Avenue, Pasay City, Metro Manila, Philippines (Tel:  632-886-788) and our registered statutory office is located at Suite 129 – 123 W Nye Lane, Carson City, Nevada, 89706.

Plata Resources presently has minimal day-to-day operations; mainly comprising the maintaining of the Bontoc Claim in good standing on an annual basis and preparing the various reports to be filed with the United States Securities and Exchange Commission (the “SEC”) as required.
 
LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2012, we had $369 in cash as compared to $369 in cash at December 301, 2011. Plata Resources has had no revenue since inception and its accumulated deficit is $135,007.  To date, the growth of Plata Resources has been funded by the sale of shares and advances by its directors in order to meet the requirements of filing with the SEC.

The plan of operations during the next twelve months is for us to explore the Bontoc Claim as recommended by Geraldo Peralta and maintain the Company in good standing with the regulatory authorities for the next several years.   Presently we do not have the funds to consider any additional mineral claims.

Our management estimates that a minimum of $19,166 will be required over the next twelve months to pay for such expenses as bookkeeping ($3,640), work undertaken by the independent accountant ($5,700), Edgar fees ($1,680), office and miscellaneous ($500), payments to the transfer agent for annual fees and issuance of shares ($1,000) and payment to third party creditors in the amount of $8,850.  At present, we do not have sufficient funds to pay for future expenses and eliminate accounts payable from the cash we have on hand. Our future operations and growth will be dependent on our ability to raise capital for expansion and to seek revenue sources.
 
 
11

 
RESULTS OF OPERATIONS

For the three month period ended September 30, 2012 we had no revenue. Expenses for this period totaled $3,661 as compared to expenses for the period ended September 30, 2011 of $3,186 resulting in a net loss of $3,661 for the three month period ended September 30, 2012 as compared to a net loss of $3,186 for the three months period ended September 30, 2011. The net loss for the period was a result of Impairment loss on mineral claim of nil as compared to Impairment loss on mineral claim of nil for the three months ended September 30, 2011, Exploration costs of nil as compared to Exploration costs of nil for the three months ended September 30, 2011 and General and administration expenses totaling $3,661 as compared to General and administration expenses of $3,186 for the three months ended September 30, 2011.

For the nine month period ended September 30, 2012 expenses totaled $11,773 as compared to expenses for the nine month period ended September 30, 2011of $12,078 resulting in a net loss of $11,773 for the nine month period ended September 30, 2012 as compared to a net loss of $12,078 for the nine months period ended September 30, 2011. The net loss for the period was a result of Impairment loss on mineral claim of nil as compared to Impairment loss on mineral claim of nil for the nine months ended September 30, 2011, Exploration costs of nil as compared to Exploration costs of nil for the nine months ended September 30, 2011and General and administration expenses totaling $11,773 as compared to General and administration expenses of $12,078 for the nine months ended September 30, 2011.

Our Mineral Property

Plata has purchased a 100% interest in the Bontoc Claim. Our claim consists of one – 9 unit claim block containing 102.5 hectares which have been staked and recorded with the Mineral Resources Department of the Ministry of Energy and Mineral Resources of the Government of the Republic of Philippines.

The Bontoc Claim was staked to cover gold zones within the claim boundaries.  Previous exploration work to investigate the mineral potential of the Bontoc Claim has outlined some favorable areas for continued exploration and development.

Description and Location
 
Bontoc Claim consists of 1 unpatented mineral claim, located 23 kilometers Southeast of the city of Bontoc  at UTM co-ordinates Latitude 17°07’00”N and Longitude 120°58’00”E. The mineral claim was assigned to Plata by Castillo Explorations LLC and the said assignment was filed with the Mineral Resources Department of the Ministry of Energy and Mineral Resources of the Government of the Republic of the Philippines.

Accessibility, Climate, Local Resources, Infrastructure and Topography
 
Bontoc Gold Claim is accessible from the city of Bontoc by traveling on the country’s only highway system which for the most part consists of one lane in each direction and by taking an all weather gravel road. The province is nestled deep in the Cordillera mountain range. Landlocked, it is bounded by the mountains of Benguet on the west and those of the Mountain Province in the north. The terrain is mountainous, sloping into gently rolling hills and plateaus. Its mountain ranges reach an elevation of 2,523 meters above sea level. V-shaped gullies, creeks, streams and U-shaped rivers drain through the valleys. It is the premier mining district. Some 80% of the total Philippine gold production comes from the Cordillera.

The Philippines is situated between 5 and 22 degrees North latitude.  This means the country falls within the so-called tropical climate zone, a zone characterized by high temperatures the whole year round, relatively high rainfall and lush vegetation. Rainfall on the city can occur in every month, but the wettest months are October, November and December.  Annual rainfall is approximately 1.5 meters.  Due to the steep, deforested, mountains on average 60 percent of the rainwater runs off fast to the sea.  The remaining 40 percent partly evaporates and partly seeps through to the island’s underground water aquifier.

 Bontoc has an experienced work force and will provide all the necessary services needed for an exploration and development operation, including police, hospitals, groceries, fuel, helicopter services, hardware and other necessary items. Drilling companies and assay facilities are present in Bontoc.
 
 
12

 
History
 
Deposits of shell and eroded sand formed the basis for the limestone, which makes up most of Philippines. This limestone was, over the ages, pushed upwards, making it possible to find today sea fossils high in the country’s mountains. This pushing up continues today. It is caused by the fact that the Philippine Plate, on which most of the country lies, is slowly diving under the Eurasian Plate of the mainland of Asia.
 
The Philippines is characterized by steep mountains without any substantial forest cover. Highest peaks reach over 1,000 meters. The island is 300 km long and 35 km wide. High, steep mountains, short distances and lack of forest cover mean that rainwater runs fast to the sea, causing substantial erosion.
 
The island has vast copper, gold and coal reserves which are mined mainly in the central part.
 
Plata is preparing to conduct preliminary exploration work on its claim.

Regional Geology of the Area
 
The hilly terrains and the middle level plain contain crystalline hard rocks such as charnockites, granite gneiss, khondalites, leptynites, metamorphic gneisses with detached occurrences of crystalline limestone, iron ore, quartzo-feldspathic veins and basic intrusives such as dolerites and anorthosites.  Coastal zones contain sedimentary limestones, clay, laterites, heavy mineral sands and silica sands. The hill ranges are  sporadically capped with laterites and bauxites of residual nature.  Gypsum and phosphatic nodules occur as sedimentary veins in rocks of the cretaceous age.  Gypsum of secondary replacement occurs in some of the areas adjoining the foot hills of the Western Ghats.  Lignite occurs as sedimentary beds of tertiary age.  The Black Granite and other hard rocks are amenable for high polish. These granites occur in most of the districts except the coastal area.
 
Stratigraphy
 
The principal bedded rocks for the area of Bontoc Claim (and for most of the Philippines for that matter) are Precambrian rocks which are exposed along a wide axial zone of a broad complex.

Intrusive
 
In general the volcanoes culminate with effluents of hydrothermal solutions that carry precious metals in the form of naked elements, oxides or sulphides.
 
These hydrothermal solutions intrude into the older rocks as quartz veins. These rocks may be broken due to mechanical and chemical weathering into sand size particles and carried by streams and channels. Gold occurs also in these sands as placers.
 
Recent exploration result for gold occurrence in Bontoc, Mountain Province is highly encouraging. Gold belt in sheared gneissic rocks is found in three subparallel auriferous load zones where some blocks having 250 to 500 metre length and 1.5 to 2 metre width could be identified as most promising ones.
 
Structure
 
(a)           Depositional Environment/Geological Settings:
 
Veins form in high-grade, dynamothermal metamorphic environment where metasedimentary belts are invaded by igneous rocks.
 
 
13

 
(b)           Host/Associated Rock Types:
 
Hosted by paragneisses, quartzites, clinopyroxenites, wollastonite-rich rocks, pegmatites. Other associated rocks are charnockites, granitic and intermediate intrusive rocks, quartz-mica schists, granulites, aplites, marbles, amphibolites, magnetite-graphite iron formations and anorthosites.
 
(c)            Tectonic Setting(s):

Katazone (relatively deep, high-grade metamorphic environments associated with igneous activity; conditions that are common in the shield areas).

Deposit Types
 
Deposits are from a few millimetres to over a metre thick in places. Individual veins display a variety of forms, including saddle-, pod- or lens-shaped, tabular or irregular bodies; frequently forming anastomosing or stockwork patterns. Mineralization is located within a large fractured block created where prominent northwest-striking shears intersect the north striking caldera fault zone. The major lodes cover an area of 2 km and are mostly within 400m of the surface. Lodes occur in three main structural settings:
 
 (i)           steeply dipping northweststriking shears;
(ii)           flatdipping (1040) fractures (flatmakes); and
(iii)           shatter blocks between shears.

Most of the gold occurs in tellurides and there are also significant quantities of gold in pyrite.

Mineralization
 
No mineralization has been reported for the area of the property but structures and shear zones affiliated with mineralization on adjacent properties pass through it.

Exploration
 
Previous exploration work on the Bontoc Claim has not been recorded if it was ever done. Governmental records indicate that no detailed exploration has been completed on the property.

Property Geology
 
To the east of the property is intrusives consisting of rocks such as tonalite, monzonite, and gabbro while the property itself is underlain by sediments and volcanics. The intrusives also consist of a large mass of granodiorite towards the western most point of the property.

The area consists of interlayered chert, argillite and massive andesitic to basaltic volcanics. The volcanics are hornfelsed, commonly contain minor pyrite, ­pyrrhotite. 
 
Drilling Summary
 
No drilling is reported on the Bontoc Claim.

 
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Sample Method, Sample Preparation, Data Verification
 
All the exploration conducted to date has been conducted according to generally accepted exploration procedures with methods and preparation that are consistent with generally accepted exploration practices. No opinion as to the quality of the samples taken can be presented. No other procedures of quality control were employed.
Interpretation and Conclusions
 
The locale of the Bontoc Claim is underlain by the units of the Precambrian rocks that are found at those mineral occurrence sites.

These rocks consisting of cherts and argillites (sediments) and andesitic to basaltic volcanic have been intruded by granodiorite. Structures and mineralization probably related to this intrusion are found throughout the region and occur on the claim. They are associated with all the major mineral occurrences and deposits in the area.

Mineralization found on the claim is consistent with that found associated with zones of extensive mineralization. Past work however has been limited and sporadic and has not tested the potential of the property.

Potential for significant amounts of mineralization to be found exists on the property and it merits intensive exploration.

Recommendations
 
A two phased exploration program to further delineate the mineralized system currently recognized on Bontoc Claim is recommended.

The program would consist of air photo interpretation of the structures, geological mapping, both regionally and detailed on the area of the main showings, geophysical survey using both magnetic and electromagnetic instrumentation in detail over the area of the showings and in a regional reconnaissance survey and geochemical soil sample surveying regionally to identify other areas on the claim that are mineralized and in detail on the known areas of mineralization. The effort of this exploration work is to define and enable interpretation of a follow-up diamond drill program, so that the known mineralization and the whole property can be thoroughly evaluated with the most up to date exploration techniques.
The proposed budget for the recommended work in US $43,964 or PHP 1,786,500 is as follows:

 
Phase I
 
US Dollars
   
Philippine Peso
 
             
Geological Mapping
 
$
8,084
     
328,500
 
Geological Surveying
   
7,530
     
306,000
 
                 
Total Phase I
   
15,614
     
634,500
 
 
 
Phase II
 
 US Dollars
   
 Philippine Peso
 
             
Geological surveying and surface sampling (including sample collection an assaying)
   
28,350
     
1,152,000
 
                 
Total Phase II
   
28,350
     
1,152,000
 
                 
Total of Phases I and II
 
$
43,964
     
1,786,500
 
 
 
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Competitive Factors
 
The gold mining industry is fragmented, that is there are many, many gold prospectors and producers, small and large. We do not compete with anyone. That is because there is no competition for the exploration or removal of minerals from the Bontoc Claim. Plata will either find gold on its claim or not. If we do not, we will cease or suspend operations. We are an infinitely small participant in the gold mining market. Readily available gold markets exist in Philippines and around the world for the sale of gold. Therefore, we believe we will be able to sell any gold that we are able to recover.
 
Regulations
 
Our mineral exploration program is subject to the Philippine mineral requirements.  The type of mining permit required in the Philippines by the Company is a MGB Form 50-1.  During the exploration stage, the Company will engage the services of an exploration company who will be responsible for any fees and bonding requirements needed.  The exact amount of the fees and bonding requirements will be known upon application for a mining permit.  The Company, in conjunction with the exploration company, will make application to the Department of Environment and Natural Resources (DENR) Mines and Geosciences of the Philippines for its mining permit.   The time frame for obtaining a mining permit is anywhere from 21 to 90 business days. .
 
Subcontractors
 
We intend to use the services of subcontractors for manual labor exploration work on the Bontoc Claim. It is the directors’ intention to engage the services of Geraldo Peralta, Professional Engineer, if he is available when needed, to supervise Phase I of our exploration program.  If Mr. Peralta is not available the directors will attempt to locate another geologist to supervise the exploration program.
 
Employees and Employment Agreements
 
At present, we have no full-time employees.  Our officers and directors do not have employment agreements with us. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt plans in the future. There are presently no personal benefits available to our officers and directors. Our officers and directors will handle our administrative duties.  They engage a geologist to supervise the surveying and exploration work on the Bontoc claim.
 
Plan of Operation
 
We are a start up, pre-exploration stage corporation and have not yet generated or realized any revenues from our business operations.  In the future, unless we earn revenue or issue shares from our Treasury there might be the problem of Plata continuing as an on-going business. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. There is no assurance we will ever reach this point. Accordingly, we must raise cash from sources other than the sale of minerals found on Bontoc Claim. Our only other source for cash at this time is investments by others. In the future, we must raise cash to implement our project and stay in business.
 
 We will be conducting research in the form of exploration of our claim. Our exploration program is explained in as much detail as possible as in the prior pages.  We will complete Phase I in the late fall of 2012.
 
We are not going to buy or sell any plant or significant equipment during the next twelve months.
 
Our exploration target is to find an ore body containing gold or other salable minerals, if any. Our success depends upon finding mineralized material. This includes a determination by our directors and officers if the Bontoc Claim contains reserves.   There is no assurance there is any mineralization on the Bontoc Claim. Mineralized material is a mineralized body, which has been delineated by appropriate spaced drilling or underground sampling to support sufficient tonnage and average grade of metals to justify removal. If we do not find mineralized material or we cannot remove mineralized material, either because we do not have the money to do it or because it is not economically feasible to do it, we will cease operations and our shareholders will lose their investment in Plata.
 
In addition, we may not have enough money to complete our entire exploration program as set forth by Geraldo Peralta on the Bontoc claim.   We will have to raise additional funds to complete Phase II of our exploration program and there is no certainty that we will be able to do so when the time occurs. At the present time, we have not made any plans to raise additional money. If we need additional money and cannot raise it, we will have to suspend or cease operations.
 
We must conduct exploration to determine what amount of minerals, if any, exist on the Bontoc Claim and if any minerals which are found can be economically extracted and profitably processed.
 
 
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Our claim is undeveloped raw land. Exploration and surveying has not been initiated and will not be initiated until Phase I is started and completed.  To our knowledge and that of Geraldo Peralta, as set forth in his report, the Bontoc Claim has never been mined and there are no records of such with the Department of Mines for the Republic of the Philippines.
 
Before minerals retrieval can begin, we must explore for and find mineralized material. After that has occurred we have to determine if it is economically feasible to remove the mineralized material. Economically feasible means that the costs associated with the removal of the mineralized material will not exceed the price at which we can sell the mineralized material. We cannot predict what that will be until we find mineralized material.
 
We do not know if we will find mineralized material. We believe that activities occurring on adjoining properties are not material to our activities. The reason is that whatever is located on adjoining property may or may not be located on our claim.
 
We do not claim to have any minerals or reserves whatsoever at this time on any of the Bontoc Claim.
 
We intend to complete Phase I of our exploration program during the late fall of 2012 which will consist of geological mapping at a cost of $8,084 and geological surveying at a cost of $7,530.  Our total cost for Phase I will be $15,614. The entire program, being both Phases I and II will consist of air photo interpretation of the structures, geological mapping, both regionally and detailed on the area of the main showings, geological survey using both magnetic and electromagnetic instrumentation in detail over the area of the showing and in a regional reconnaissance survey and geochemical soil sample surveying regionally to identify other areas on our claim that are mineralized and in detail on the known areas of mineralization.   The effort of our exploration work is to define and enable interpretation of a follow-up diamond drill program, so that the known mineralization and the whole property can be thoroughly evaluated with the most up to date exploration techniques.
 
We estimate it will take up to 5 to 7 days to complete Phase I of our exploration program. The initial work on the Bontoc has commenced and has been detailed above.  The completion is expected to occur during this summer.
 
There is no historical financial information about us upon which to base an evaluation of our performance. We are a pre-exploration stage corporation and have not generated any revenues from operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of the Bontoc claim, and possible cost overruns due to price and cost increases in services.  To become profitable and competitive, we will conduct the research and exploration of the Bontoc claim before we start production of any minerals we may find. In the future we will have to seek equity funding to give us sufficient working capital to meet our ongoing obligations and continue our exploration activities on the Bontoc claim.  We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in an additional dilution to existing shareholders.
 
Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

The Company is a smaller reporting Company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.
 
Item 4.  Controls and Procedures.

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Accounting Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of September 30, 2012 (the “Evaluation Date”). Based on that evaluation, the Principal Executive Officer and Principal Accounting Officer have concluded that these disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses in internal control over financial reporting discussed in our Annual Report on Form 10-K for the year ended December 31, 2011 (“2010 Annual Report”).
 
Disclosure controls and procedures are those controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Principal Executive Officer and Principal Accounting Officer, to allow timely decisions regarding required disclosure.

Notwithstanding the assessment that our internal control over financial reporting was not effective and that there were material weaknesses as identified in the 2011 Annual Report, we believe that our financial statements contained in our Quarterly Report on Form 10-Q for the quarter ended Septmber 30, 2012 fairly present our financial condition, results of operations and cash flows in all material respects
 
Changes in Internal Controls
 
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2012  that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
 
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PART II—OTHER INFORMATION
 
Item 1. Legal Proceedings.

There are no legal proceedings to which Plata Resources is a party, or to which the Bontoc Claim is subject, nor to the best of management’s knowledge are any material legal proceedings contemplated.
 
Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Act of 1934 and are not required to provide the information under this item.
 
Item 2. Unregistered Sales of Securities and Use of Proceeds.

None
 
Item 3. Defaults Upon Senior Securities.

None
 
Item 4. Submission of Matters to a Vote of Security Holders.

None
 
Item 5. Other Information.

None
 
Item 6. Exhibits.
31.1
 
Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer
     
31.2
 
Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer *
     
32.1
 
Section 1350 Certification of Chief Executive Officer
     
32.2
 
Section 1350 Certification of Chief Financial Officer **
 
 
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SIGNATURES*

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
PLATA RESOURCES, INC.
 
     (Registrant)
   
   
Date:  November 19, 2012
By /s/ DEXTER R. CALISO 
 
Chief Executive Officer, President and Director
   
   
Date:  November 19, 2012
By /s/ PRESENTACION A. CORANES 
 
Chief Financial Officer,
Secretary and Director
   


 
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