Organization, Consolidation and Presentation of Financial Statements

9 Months Ended

Mar. 31, 2012

Organization, Consolidation and Presentation of Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Placer Del Mar, Ltd. (the “Company”) was incorporated in the State of Nevada on May 13, 2005, and its year-end is June 30.  The Company is “An Exploration Stage Company” as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 918, Development Stage Entities. The Company obtained a mineral rights option agreement on June 3, 2005.  The Company has ongoing exploration activities on the property and is considered to be a Smaller Reporting Company for U.S. Securities and Exchange Commission filing purposes.  Management believes that based upon the definition of a Shell Company set forth in Footnote 172 to Amended Rule 144,  the Company is not a Shell Company because they have a limited operating history, were a start-up company,  and as such, does not have “no or nominal operations.  Specifically, the Company’s inception date was May, 13th 2005.  The Company began operations in September of 2006 and has had ongoing operations and has spent $208,695 to date on operations to confirm viable minerals within the claim. These funds have been expensed due to PCAOB and GAAP rules.  The Company will continue to dedicate funds through ongoing trenching seeking to identify and exploit any minerals within the mining claim asset. Further the Company paid an upfront fee of $2,000 for the Placer Del Mar claim, and retain 99% of the net smelter returns from any viable minerals within the claim. It is subject to a net smelter return of 1% to Mr. Almarez.

On December 8, 2010 the Company entered into a Mineral Extraction Agreement with Roca Cantera Y Marmol, Canteras Acabados Finos related to the extraction of only Mexican Shellstone-Limestone (“Conchuela”) on the property.  As of March 31, 2012 the Company had reported revenue of $197,927 from the Conchuela extraction. 

The Company is engaged in the exploration of mineral properties with a view to exploit any mineral deposits they discover that demonstrate economic viability.  The Company will continue our operations in Phase One exploring for mainly gold, tungsten, perlite, sulfides, titanium, and silver while Roca Cantera Y Marmol continues its mineral extraction of Conchuela.