UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q





(X
      )
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF
      1934





For
      the quarter period endedMarch 31,
      2010





(  )
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF
      1934





For
      the transition period
      form                                                      
      toCommission
      File number   333-148984





PLATA RESOURCES,
      INC.


(Exact
name of registrant as specified in its charter)





Nevada
            75-3267338(State or other
      jurisdiction of incorporation or organization)
            (I.R.S. Employer Identification
      No.)





2911 Park Avenue, Pasay City, Metro Manilla,
      Philippines(Address
      of principal executive offices)





632-886-788(Issuer’s
      telephone number)





N/A(Former
      name, former address and former fiscal year, if changed since last
      report)





Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a small reporting company. See
definition of “large accelerated filer”, “accelerated filer” and “small
reporting company” Rule 12b-2 of the Exchange Act.





Large
accelerated
filer   [   ]                                                                                                           Accelerated
filer                    [   ]





Non-accelerated
filer     [   ]  (Do not check
if a small reporting
company)                            Small
reporting company     [X]





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 PROCEDING FIVE YEARS





Indicate by check mark whether the
registrant has filed all documents and reports required to be filed by Section
12, 13 or 15(d) of the Securities Exchange Act of 1934 after the distribution of
securities 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:





April 20,
2010: 63,800,000 common shares









-1-





INDEX





PageNumberPART
      1.
            FINANCIAL
      INFORMATIONITEM
      1.
            Financial
      Statements (unaudited)
            3Balance
      Sheet as at March 31, 2010 and December 31, 2009
            4Statement
      of Operations
              For
      the three months ended March 31, 2010 and 2009 and for the period July 17,
      2007 (Date of Inception) to March 31, 2010
            5Statement
      of Cash Flows
              For
      the three months ended March 31, 2010 and 2009 and for the period July 17,
      2007 (Date of  Inception) to March 31, 2010
            6Notes
      to the Financial Statements.
            7ITEM
      2.
            Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
            10ITEM
      3.
            Quantitative
      and Qualitative Disclosures about Market Risk
            17ITEM
      4.
            Controls
      and Procedures
            17ITEM
      4T.
            Controls
      and Procedures
            18PART
      11.
            OTHER
      INFORMATION
            19ITEM
      1.
            Legal
      Proceedings
            19ITEM
      1A.
            Risk
      Factors
            19ITEM
      2.
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            22ITEM
      3.
            Defaults
      Upon Senior Securities
            22ITEM
      4.
            Submission
      of Matters to a Vote of Security Holders
            22ITEM
      5.
            Other
      Information
            22ITEM
      6.
            Exhibits
            22SIGNATURES.
            23









-2-





PART
1 – FINANCIAL INFORMATION




ITEM
1.   FINANCIAL STATEMENTS




The
accompanying balance sheets of Plata Resources, Inc. (pre-exploration stage
company) at March 31, 2010 (with comparative figures as at December 31, 2009)
and the statement of operations for the three months ended March 31, 2010 and
2009 and for the period from July 17, 2007 (date of inception) to March 31, 2010
and the statement of cash flows for the three months ended March 31, 2010 and
2009 and for the period from July 17, 2007 (date of inception) to March 31, 2010
have been prepared by the Company’s management in conformity with accounting
principles generally accepted in the United States of America.  In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature.





Operating
results for the three months ended March 31, 2010 are not necessarily indicative
of the results that can be expected for the year ending December 31,
2010.











-3-











PLATA
RESOURCES, INC.


(Pre-exploration
Stage Company)


BALANCE
SHEETS





(Unaudited
– Prepared by Management)





March
      31,2010
            December
      31,2009ASSETSCURRENT
      ASSETSCash
            $   21,962
            $  20,889Accounts
    receivable
            -
            3,572Total Current
    Assets
            $   21,962
            $  24,461LIABILITIES
      AND STOCKHOLDERS’ EQUITYCURRENT
      LIABILITIESAccounts payable
            $   12,509
            $  13,358Accounts payable – related
      parties
            4,718
            4,560Total Current
      Liabilities
            17,227
            17,918STOCKHOLDERS’
      EQUITYCommon
      stock750,000,000 shares authorized, at
      $0.001 par value;63,800,000 shares issued
      and outstanding
            63,800
            63,800Capital in excess of par
      value
            34,100
            30,200Deficit accumulated during the
      pre-exploration stage
            (93,165)
            (87,457)Total Stockholders’
      Equity
            4,735
            6,543$    21,962
            $  24,461














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














-4-











PLATA
RESOURCES, INC.


(Pre-exploration
Stage Company)


STATEMENT
OF OPERATIONS


For the
three months ended March 31, 2010 and 2009 and for the period from July 17, 2007
(date of inception) to March 31, 2010








Three
              months
      ended
              March 31, 2010
            Three
              months
      ended
              March 31, 2009
            From
      July 17, 2007
              (date
      of inception)
              to March 31, 2010REVENUES
            $  -
            $   -
            $   -EXPENSESAcquisition,
      staking and geological  report
            -
            1,572
            6,572Administrative
            5,708
            6,807
            86,593NET
      LOSS FROM OPERATIONS
            $   (5,708)
            $  (8,379)
            $  (93,165)NET
      LOSS PER COMMON SHAREBasic
      and diluted
            $   (0.00)
            $  (0.00)AVERAGE
      OUTSTANDING SHARESBasic
            63,800,000
            63,800,000














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











-5-








PLATA
RESOURCES, INC.


(Pre-exploration
Stage Company)


STATEMENT
OF CASH FLOWS


For the
three months ended March 31, 2010 and 2009 and for the period from July 17, 2007
(date of inception) to March 31, 2010


(Unaudited
– Prepared by Management)





Three
      monthsended
              March 31, 2010
            Three
      monthsended
              March 31, 2009
            From
      July 17, 2007
              (date
      of inception)  to
              March 31, 2010CASH
      FLOWS FROM OPERATINGACTIVITIES:Net
      loss
            $
      (5,708)
            $   (8,379)
            $(93,165)Adjustments
      to reconcile net loss to net cashprovided
      by operating activities:Capital
      contributions – expenses
            3,900
            3,900
            36,400Changes
      in accounts receivable
            3,572Changes
      in accounts payable
            (849)
            (564)
            12,509Net
      Cash  Provided (Used) in Operations
            915
            (5,043)
            (44,256)CASH
      FLOWS FROM INVESTINGACTIVITIES:
            -
            -
            -CASH
      FLOWS FROM FINANCINGACTIVITIESProceeds from loan (to) from
      related party
            158
            70
            4,718Proceeds from issuance of common
      stock
            -
            -
            61,500158
            70
            66,218Net
      Increase (Decrease) in Cash
            1,073
            (4,973)
            21,962Cash
      at Beginning of Period
            20,889
            31,764
            -CASH
      AT END OF PERIOD
            $
      21,962
            $  26,791
            $  21,962











The
accompanying notes are an integral part of these unaudited financial
statements




















-6-











PLATA
RESOURCES, INC.


(Pre-exploration
Stage Company)


NOTES
TO FINANCIAL STATEMENTS


March 31,
2010


(Unaudited
– Prepared by Management)





1.           ORGANIZATION





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.








2.           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 and Diluted Net
      Income (loss) Per Share





Basic
      net income (loss) per share amounts are computed based on the weighted
      average number of shares actually outstanding.   Diluted
      net income (loss) per share amounts are computed using the weighted
      average number of common and common equivalent shares outstanding as if
      shares had been issued on the exercise of the common share rights unless
      the exercise becomes antidulutive and then only the basic per share
      amounts are shown in the report.





Evaluation of Long-Lived
Assets





The
Company periodically reviews its long term assets and makes adjustments, if the
carrying value exceeds fair value.





Income
Taxes





The
Company utilizes the liability method of accounting for income
taxes.  Under the liability method deferred tax assets and liabilities
are determined based on differences between financial reporting and the tax
bases of the assets and liabilities and are measured using the enacted tax rates
and laws that will be in effect, when the differences are expected to be
reversed.   An allowance against deferred tax assets is recorded,
when it is more likely than not, that such tax benefits will not be
realized.





On March
31, 2010 the Company had a net operating loss carry forward of $93,165 for
income tax purposes.  The tax benefit of approximately $27,900 from
the loss carry forward has been fully offset by a valuation reserve because the
future tax benefit is undeterminable since the Company is unable to establish a
predictable projection of operating profits for future years.  Losses
will expire during 2031.














-7-








PLATA
RESOURCES, INC.


(Pre-exploration
Stage Company)


NOTES
TO FINANCIAL STATEMENTS


March 31,
2010


(Unaudited
– Prepared by Management)





2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued





Foreign Currency
Translations





Part of
the transactions of the Company were completed in Canadian dollars and have been
translated to US dollars as incurred, at the exchange rate in effect at the
time, and therefore, no gain or loss from the translation is
recognized.  The functional currency is considered to be US
dollars.





Revenue
Recognition





Revenue
is recognized on the sale and delivery of a product or the completion of a
service provided.





Advertising and Market
Development





The company expenses advertising and
market development costs as incurred.





Financial
Instruments





The
      carrying amounts of financial instruments are considered by management to
      be their fair value due to their short term
  maturities.





Estimates and
Assumptions





Management
uses estimates and assumptions in preparing financial statements in accordance
with general accepted accounting principles.  Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses.   Actual results could vary from the estimates that
were assumed in preparing these financial statements.





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.





Unproven Mining Claim
Costs





Cost of
acquisition, exploration, carrying and retaining unproven properties are
expensed as incurred.

















-8-











PLATA
      RESOURCES, INC.


(Pre-exploration
Stage Company)


NOTES
TO FINANCIAL STATEMENTS


March 31,
2010


(Unaudited
– Prepared by Management)





2.           SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES - Continued





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 Accounting
Pronouncements





The
Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial
statements.





3.           AQUISITION
OF MINERAL CLAIM





On
      August 1, 2007, the Company acquired the Bontoc Gold Claim located in the
      Republic of Philippines from Castillo Explorations LLC., an unrelated
      company, for the consideration 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.





4.           SIGNIFICANT
TRANSACTIONS WITH RELATED PARTY





Officers-directors
and their families have acquired 63% of the common stock issued and have made no
interest, demand loans to the Company of $4,718 and have made contributions to
capital of $36,400 in the form of expenses paid for the Company.





5.
            CAPITAL
      STOCK





On
September 18, 2007, Company completed a private placement consisting of
40,000,000 post split common shares sold to directors and officers for a total
consideration of $2,000.  On October 31, 2007, the Company completed a
private placement of 23,800,000 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.  The 63,800,000 post split common shares are
shown as split from the date of inception.





6.           SUBSEQUENT
EVENTS





The
Company has evaluated subsequent events from the balance sheet date to April 21,
2010 and has found no material subsequent events to report.

















-9-














ITEM
2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS





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 Wnye 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.




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.







LIQUIDITY
AND CAPITAL RESOURCES





Plata
Resources has had no revenue since inception and its accumulated deficit is
$93,165.  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 $23,749 will be required over the next
twelve months to pay for such expenses as bookkeeping ($3,940), work undertaken
by the independent accountant ($4,550), Edgar fees ($1,250), 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 $12,509.  At present, we have sufficient funds to pay for future
expenses and eliminate accounts payable from the cash we have on
hand.  In subsequent years our future operations and growth will be
dependent on our ability to raise capital for expansion and to seek revenue
sources.






-10-







RESULTS
OF OPERATIONS





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, and we
hope the mineralization is similar to the Ramos Gold Claim, which is located
approximately 22 kilometers to the west of the Bontoc Claim, which produced in
excess of 32 million ounces of gold and is currently being reactivated on a
limited basis.  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.






-11-






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.




Numerous
showings of  mineralization have been discovered in the area and six
prospects have achieved significant production, with the nearby Ramos Gold Mine
(22 kilometers away) producing 185,000 ounces of Gold annually.




During
the 1990’s several properties west of Bontoc Claim were drilled by junior
mineral exploration companies.




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.




Gold at
the Ramos Gold Mine (which, as stated above, is in close proximity to the Bontoc
claim) is generally concentrated within extrusive volcanic rocks in the walls of
large volcanic caldera.




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.






-12-






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.




(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.






-13-






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.




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 area
is well known for numerous productive mineral occurrences including the Ramos
Gold Claim.




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.







-14-









The
proposed budget for the recommended work in US $43,964 or PHP 1,786,500 is as
follows:




Phase I
            US
      Dollars
            PhilippinePesoGeological
      Mapping
            $  8,084
            328,500Geological
      Surveying
            7,530
            306,000Total Phase I
            15,614
            634,500Phase IIGeological
      surveying and surface sampling(including
      sample collection an assaying)
            28,350
            1,152,000Total Phase II
            28,350
            1,152,000Total of Phases I and
      II
            $
      43,964
            1,786,500




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.  We must comply with these laws to operate our business.
Compliance with these rules and regulations will not adversely affect our
operations.




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.






-15-






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 as set forth in Geraldo Peralta’s
report dated August 16, 2007 in 2010.




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.




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 summer or fall of 2010
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.








-16-






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 DISCLOSURE ABOUT MARKET RISK.





We
believe that there have been no significant changes in our market risk exposures
for the three months ended March 31, 2010.




Trends




We are in
the pre-explorations stage, have not generated any revenue and have no prospects
of generating any revenue in the foreseeable future.  We are unaware
of any known trends, events or  uncertainties that have had, or are
reasonably likely to have, a material impact on our business or income, either
in the long term of short term.




ITEM
4.                      CONTROLS
AND PROCEDURES





Stanford
has considered certain internal control procedures as required by the
Sarbanes-Oxley (“SOX”) Section 404 A which accomplishes the
following:




Internal
controls are mechanisms to ensure objectives are achieved and are under the
supervision of the Company’s Chief Executive Officer and Chief Financial
Officer. Good controls encourage efficiency, compliance with laws and
regulations, sound information, and seek to eliminate fraud and
abuse.




These
control procedures provide reasonable assurance regarding the reliability of
financial reporting and the preparation of the Company’s financial statements
for external purposes in accordance with U.S. generally accepted accounting
principles.




Internal
control is "everything that helps one achieve one's goals - or better still, to
deal with the risks that stop one from achieving one's goals."




Internal
controls are mechanisms that are there to help the Company manage risks to
success.




Internal
controls is about getting things done (performance) but also about ensuring that
they are done properly (integrity) and that this can be demonstrated and
reviewed (transparency and accountability).




In other
words, control activities are the policies and procedures that help ensure the
Company’s management directives are carried out. They help ensure that necessary
actions are taken to address risks to achievement of the Company’s objectives.
Control activities occur throughout the Company, at all levels and in all
functions. They include a range of activities as diverse as approvals,
authorizations, verifications, reconciliations, reviews of operating
performance, security of assets and segregation of duties.






-17-







As of
March 31, 2010, the management of the Company assessed the effectiveness of the
Company’s internal control over financial reporting based on the criteria for
effective internal control over financial reporting established in Internal
Control—Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (“COSO”) and SEC guidance on conducting such
assessments.  Management concluded, during the three months ended
March 31, 2010, internal controls and procedures were not effective to detect
the inappropriate application of US GAAP rules.   Refer to
comments below.  Management realized there are deficiencies in the
design or operation of the Company’s internal control that adversely affected
the Company’s internal controls which management considers to be material
weaknesses.





In the
light of management’s review of internal control procedures as they relate to
COSO and the SEC the following were identified:





●              The
Company’s Audit Committee does not function as an Audit Committee should since
there is a lack of independent directors on the Committee and the Board of
Directors has not identified an “expert”, one who is knowledgeable about
reporting and financial statements requirements, to serve on the Audit
Committee.





●              The
Company has limited segregation of duties which is not consistent with good
internal control procedures.





●              The
Company does not have a written internal control procedurals manual which
outlines the duties and reporting requirements of the Directors and any staff to
be hired in the future.  This lack of a written internal control
procedurals manual does not meet the requirements of the SEC or good internal
control.





●              There
are no effective controls instituted over financial disclosure and the reporting
processes.





Management
feels the weaknesses identified above, being the latter three, have not had any
affect on the financial results of the
Company.    Management will have to address the lack of
independent members on the Audit Committee and identify an “expert” for the
Committee to advise other members as to correct accounting and reporting
procedures.





The
Company and its management will endeavor to correct the above noted weaknesses
in internal control once it has adequate funds to do so.   By
appointing independent members to the Audit Committee and using the services of
an expert on the Committee will greatly improve the overall performance of the
Audit Committee.   With the addition of other Board Members and
staff the segregation of duties issue will be address and will no longer be a
concern to management.  By having a written policy manual outlining
the duties of each of the officers and staff of the Company will facilitate
better internal control procedures.





Management
will continue to monitor and evaluate the effectiveness of the Company’s
internal controls and procedures and its internal controls over financial
reporting on an ongoing basis and are committed to taking further action and
implementing additional enhancements or improvements, as necessary and as funds
allow.





ITEM
4A.                      CONTROLS
AND PROCEDURES




There
were no material changes in the Company’s internal controls or in other factors
that could materially affect the Company’s disclosure controls and procedures
subsequent to the Evaluation Date, nor any significant deficiencies or material
weaknesses in such disclosure controls and procedures requiring corrective
actions.








-18-








PART
11 – 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





An
investment in our securities involves an exceptionally high degree of risk and
is extremely speculative. You should consider many important factors in
determining whether to purchase the shares in our Company. The following risk
factors reflect the potential and substantial material risks which could be
involved if you decide to purchase shares in our Company.




1.           We
are a pre-exploration stage company but have not yet commenced exploration
activities on the Bontoc Claim.   We expect to incur operating
losses for the foreseeable future.




We have
not yet commenced exploration on the Bontoc Claim located in the Philippines.
Accordingly, we have no way to evaluate the likelihood that our exploration
activities and our business endeavors will be successful. We were incorporated
on July 17, 2007 and to date have been involved primarily in organizational
activities and the acquisition of our mineral claim. We have not earned any
revenues as of the date of this 10-Q and have loss to date of $93,165. Potential
investors, who wish to acquire shares in our Company, should be aware of the
difficulties normally encountered by new mineral exploration companies and the
high rate of failure of such enterprises. The likelihood of success must be
considered in light of the problems, expenses, difficulties, complications and
delays encountered in connection with the exploration of the Bontoc that we plan
to undertake. These potential problems include, but are not limited to,
unanticipated problems relating to exploration, and additional costs and
expenses that may exceed current estimates. Prior to completion of our
exploration stage, we anticipate that we will incur increased operating expenses
without realizing any revenues. We expect to incur significant losses into the
foreseeable future. We recognize that if we are unable to generate significant
revenues from development and production of minerals from the Bontoc Claim, we
will not be able to earn profits or continue operations. There is no history
upon which to base any assumption as to the likelihood that we will prove
successful, and it is doubtful that we will generate any operating revenues or
ever achieve profitable operations. If we are unsuccessful in addressing these
risks, our business will most likely fail.




2.           There
is the risk that the Bontoc Claim does not contain any known ore body resulting
in any funds spent on future explorations might be lost.




There is
the likelihood of the Bontoc Claim containing little or no economic
mineralization or reserves of gold or any other minerals. We have a geological
report detailing previous exploration in the area, and the claim has been staked
per Philippines regulations. Even though the area around the Bontoc Claim is
rich in mineralization there is no assurance that the Bontoc Claim itself will
have any minerals on it.  This, being the case, the funds spent on
exploration of the Bontoc Claim might be spent without any meaningful results
being obtained.




3.           Because
we have not surveyed the Bontoc Claim, we may discover mineralization which
might not be within our actual claim boundaries.




While we
have a 100% ownership in the mineral on the Bontoc Claim, this should not be
construed as a guarantee of the Bontoc’s boundaries. Until the claim is
surveyed, the precise location of the boundaries of Bontoc Claim may be in
doubt. If we discover mineralization that is close to the Bontoc’s boundaries,
it is possible that some or all of the mineralization may occur outside its
boundaries. In such a case, we would not have the right to extract those
minerals.









-19-













4.           If
Plata discovers commercial reserves of gold or other minerals on the Bontoc, we
can provide no assurance that we will be able to successfully advance the Bontoc
into commercial production.




If our
exploration program is successful in establishing ore of commercial tonnage and
grade, we will require additional funds in order to advance the Bontoc into
commercial production. Obtaining additional financing would be subject to a
number of factors, including the market price for the minerals, investor
acceptance of the Bontoc and general market conditions. These factors may make
the timing, amount, terms or conditions of additional financing unavailable to
us. The most likely source of future funds is through the sale of equity
capital. Any sale of share capital will result in dilution to existing
shareholders. We may be unable to obtain any such funds, or to obtain such funds
on terms that we consider economically feasible and you may lose your investment
in our Company.




5.           Because
the probability of an individual mineral claim ever having reserves is extremely
remote, in all probability our Bontoc Claim might not contain any
reserves.




Because
the probability of an individual mineral claim ever having reserves is extremely
remote, in all probability our Bontoc Claim does not contain any reserves, and
any funds spent on exploration will be lost. If we cannot raise further funds as
a result, we may have to suspend or cease operations entirely which would result
in the loss of your investment.




6.           If
access to the Bontoc Claim is restricted by inclement weather, we may delay our
exploration program.




It is
possible that rain, during the wet season in the Philippines, could cause the
access roads to the Bontoc Claim by making it impossible to reach the claim
itself. If the roads are impassable we would be delayed in our exploration
timetable.




7.           There
has been relatively little if any exploration work on the Bontoc Claim to date
and no recorded drilling activity.




As
indicated in the geological report prepared by Geraldo Peralta, Professional
Geologist, dated August 16, 2007, there has been no detailed exploration work
undertaken on the Bontoc Claim and no recorded drilling
activity.   Therefore, the Bontoc Claim is a grass root
exploration program which might result in no mineralization being discovered at
all.   If this is the case, the money you have spent to acquire
shares in our Company might be lost.




8.           Our
two directors and officers are not professional geologists and therefore will
have to rely upon professional geologists in the exploration of the Bontoc
Claim.




Even
though our President, Dexter Caliso, has a Certificate in aerial mapping and
surveying from the Bureau of Mines and Geoscience in the Philippines, he does
not possess the exploration skills to supervise Phase I of the exploration
program on the Bontoc Claim.   Our other director and officer,
Presentacion Coranes has no background in mineral
exploration.   Therefore, the directors will have to rely upon
professional geologists to undertake the exploration program on the
Bontoc.  If a geologist cannot be found at the time the directors wish
to commence Phase I then it will have to be delayed.  This might
result in a lack of money in the future.




9.           If
we are fortunate in the future to recover ore from the Bontoc Claim, the demand
for our ore many be slow due to economic situations in world mineral prices
resulting in reduced revenues, if any, to Plata.




Our
continued success in the future, when and if we go into the production stage,
will be dependent on the growth in demand for ore. World prices of metals will
have an impact on our revenues; for example, if the prices are low for gold and
our production costs are high it will result in us either losing money or
discontinuing production. This will limit our ability to generate revenues and
our financial condition and operating results will be harmed.






-20-






10.           Our officers and directors have other
business besides Plata which will mean they will not be able or willing to
devote a sufficient amount of time to our business operations which might result
in our Company failing.




Messrs.
Dexter Caliso and Presentacion Coranes, who are our officers and directors,
currently devote approximately 4-5 hours per week each in providing management
services to Plata. While they presently possess adequate time to attend to the
Company’s interests, it is possible that the demands from other obligations
could increase, with the result that they would no longer be able to devote
sufficient time to the management of our business. This could negatively impact
our business development.




RISKS
ASSOCIATED WITH THIS PURCHASE OF OUR SHARES:




11.           The
trading in our shares will be regulated by the SEC’s Rule 15G-9 which
established the definition of a “Penny Stock”.




Our
shares are quoted on the Pink Sheets in the United States and therefore are
defined as a penny stock under the Securities and Exchange Act of 1934, and
rules of the Commission. The Exchange Act and such penny stock rules generally
impose additional sales practice and disclosure requirements on broker-dealers
who sell our securities to persons other than certain accredited investors who
are, generally, institutions with assets in excess of $5,000,000 or individuals
with net worth in excess of $1,000,000 or annual income exceeding $200,000
($300,000 jointly with spouse), or in transactions not recommended by the
broker-dealer. For transactions covered by the penny stock rules, a
broker-dealer must make a suitability determination for each purchaser and
receive the purchaser's written agreement prior to the sale. In addition, the
broker-dealer must make certain mandated disclosures in penny stock
transactions, including the actual sale or purchase price and actual bid and
offer quotations, the compensation to be received by the broker-dealer and
certain associated persons, and deliver certain disclosures required by the
Commission. Consequently, the penny stock rules may make it difficult for you to
resell any shares you may purchase in our Company, if at all.




12.           You
will incur immediate and substantial dilution of the price of your shares if we
have to issue additional share capital to meet our ongoing
commitments.




In the
event we wish to issue more shares from Treasury to meet our future demands for
funds it might result in our price per share less than the amount you paid for
your shares in our Company.   If this were the case, you would
have acquired shares at a higher price and with the additional shares being
issued you would suffer a dilution in the percentage of ownership you have in
Plata.




13.           Our directors and officers,
collectively own 40,000,000 common shares or 63% of the issued and outstanding
share capital of Plata.   In the future, if they wished to sell
either all or part their shares, they could adversely affect the market price of
the trading shares.




Due to
the amount of shares held by Messrs. Caliso and Coranes, if they were able to
sell even a small percentage of their shares it could have an adverse effect on
the market price and might restrict you from selling your shares at the price
you had hoped for.  Other than the shares owned by our two directors
which have been qualified under an effective registration statement on April 29,
2008, being 4,000,000 shares, the balance of their shares, being 36,000,000, are
subject to Rule 144 under the Securities Act of 1933 which restricts the ability
of our directors or officers to sell their shares.  Nevertheless, even
a small number of shares sold by them could affect the market value of the
shares considerably.




14.           We
have no plans in the immediate future to pay dividends.





We will
not be paying any dividends in the immediate future and will use whatever funds
we have, and especially those obtained from any revenues derived from our Bontoc
Claim, to re-invest into further exploration work.






-21-






ITEM
2.                      UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS





None





ITEM
3.                      DEFAULTS
UPON SENIOR SECURITIES





None





ITEM
4.                      SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS





There
have been no matters brought forth to the securities holders to vote upon during
this quarter.





ITEM
5.                      OTHER
INFORMATION





None





ITEM
6.                      EXHIBITS





The
following exhibits are included as part of this report by
reference:





Exhibit No.
            Description3.1
            Certificate
      of Incorporation (incorporated by reference from Plata Resources
      Registration Statement on Form SB-2 filed on January 31, 2008,
      Registration No. 333-148984).3.2
            Certificate
      of Correction (incorporated by reference from Plata Resources Registration
      Statement on Form SB-2 filed on January 31, 2008, Registration No.
      333-148984).3.3
            Articles
      of Incorporation (incorporated by reference from Plata Resources
      Registration Statement on Form SB-2 filed on January 31, 2008,
      Registration No. 333-148984).3.4
            Bylaws
      (incorporated by reference from Plata Resources Registration Statement on
      Form SB-2 filed on January 31, 2008, Registration No.
      333-148984)10.1
            Transfer
      Agent and Registrar Agreement (incorporated by reference from Plata
      Resources Registration Statement on Form SB-2 filed on January 31, 2008,
      Registration No. 333-148984).








-22-











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:
      April 27, 2010
            DEXTER R. CALISOChief
      Executive Officer, President and DirectorDate:
      April 27, 2010
            PRESENTACION A. CORANESChief
      Financial Officer,
              Secretary
      and Director



















-23-