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                                 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 SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended March 31, 1999

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

                 For the transition period from       to      
                                                -----    -----

                      Commission File Number:  000-25132

                                ICHOR CORPORATION
             (Exact name of Registrant as specified in its charter)

           Delaware                                  25-1741849
(State or other jurisdiction of                   (I.R.S. Employer
 incorporation or organization)                  Identification No.)

 Suite 1250, 400 Burrard Street, Vancouver
         British Columbia, Canada                      V6C 3A6
 (Address of principal executive offices)           (Postal Code)

                                (604) 683-5767
             (Registrant's telephone number, including area code)

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 the number of shares outstanding of each of the Registrant's classes 
of common stock, as of the latest practicable date:

               Class                          Outstanding at May 12, 1999
               -----                          ---------------------------
        Common Stock, $0.01                            4,907,520
             par value


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FORWARD-LOOKING STATEMENTS

Statements in this report, to the extent that they are not based on historical 
events, constitute forward-looking statements.  Forward-looking statements 
include, without limitation, statements regarding the outlook for future 
operations, forecasts of future costs and expenditures, the evaluation of 
market conditions, the outcome of legal proceedings, the adequacy of reserves 
or other business plans.  Investors are cautioned that forward-looking 
statements are subject to an inherent risk that actual results may vary 
materially from those described herein.  Factors that may result in such 
variance, in addition to those accompanying the forward-looking statements, 
include changes in interest rates, prices and other economic conditions; 
actions by competitors; natural phenomena; actions by government authorities; 
uncertainties associated with legal proceedings; technological development; 
future decisions by management in response to changing conditions; and 
misjudgments in the course of preparing forward-looking statements.


                        PART I.  FINANCIAL INFORMATION
                                 ---------------------

ITEM 1.  FINANCIAL STATEMENTS



                               ICHOR CORPORATION

                       CONSOLIDATED FINANCIAL STATEMENTS

                   FOR THE THREE MONTHS ENDED MARCH 31, 1999

                                  (Unaudited)


                                     -2-

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                               ICHOR CORPORATION
                          Consolidated Balance Sheets
                                  (Unaudited)
                             (Dollars in thousands)
<TABLE>
<CAPTION>
                                            March 31, 1999  December 31, 1998
                                            --------------  -----------------
<S>                                         <C>               <C>
                                    ASSETS

Current Assets
  Cash and cash equivalents                 $          694     $           50
  Accounts receivable, net                             510                560
  Notes receivable                                   1,400              2,080
  Advances to affiliates                               587                540
  Other assets                                          50                 51
                                            --------------     --------------
     Total current assets                            3,241              3,281
                                            --------------     --------------
                                            $        3,241     $        3,281
                                            ==============     ==============

                     LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Accounts payable and other liabilities    $           19     $            8
  Advance from an affiliate                          1,092              1,132
                                            --------------     --------------
     Total current liabilities                       1,111              1,140

Shareholders' Equity
  Preferred stock                                        5                  5
  Common stock                                          50                 50
  Additional paid-in capital on
    preferred stock                                  4,400              4,400
  Additional paid-in capital on
    common stock                                     5,743              5,743
  Retained deficit                                  (7,997)            (7,986)
                                            --------------     --------------
                                                     2,201              2,212
  Less cost of shares of common stock
    held in treasury                                   (71)               (71)
                                            --------------     --------------
     Total equity                                    2,130              2,141
                                            --------------     --------------
                                            $        3,241     $        3,281
                                            ==============     ==============
</TABLE>

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


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                               ICHOR CORPORATION
                     Consolidated Statements of Operations
                                  (Unaudited)
               (Dollars in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                            For the Three      For the Three
                                            Months Ended       Months Ended
                                            March 31, 1999     March 31, 1998
                                            --------------     --------------
<S>                                         <C>                <C>
Revenues
  Interest income                           $           48     $            1
  Gain on disposal of a subsidiary                       -                437
  Other income                                          13                  -
                                            --------------     --------------
                                                        61                438
                                            --------------     --------------

Costs and expenses
  General and administrative expenses                   72                108
  Interest expense                                       -                101
                                            --------------     --------------
                                                        72                209
                                            --------------     --------------

Net (loss) income                           $          (11)    $          229
                                            ==============     ==============

Basic and diluted (loss) earnings
  per share                                 $        (0.01)    $         0.04
                                            ==============     ==============
</TABLE>

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


                                     -4-


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                               ICHOR CORPORATION
                     Consolidated Statements of Cash Flows
                                  (Unaudited)
                             (Dollars in thousands)
<TABLE>
<CAPTION>
                                            For the Three      For the Three
                                            Months Ended       Months Ended
                                            March 31, 1999     March 31, 1998
                                            --------------     --------------
<S>                                         <C>                <C>

Cash Flows from Operating Activities:
  Net (loss) income from continuing
    operations                              $          (11)    $          229
  Adjustments to reconcile net (loss)
    income to net cash used in operating
      activities
    Gain on disposal of a subsidiary                     -               (437)

  Changes in current assets and liabilities,
    net of effect of a subsidiary disposed
    Cash held in escrow                                  -                145
    Accounts receivable                                 50               (595)
    Accounts payable and other liabilities              11                (61)
    Advances to affiliates                             (47)                 -
    Advances from affiliates                           (40)                 -
    Other assets                                         1                  -
                                            --------------     --------------
      Net cash used in operating activities
       of continuing operations                        (36)              (719)

Cash Flows from Investing Activities:
  Decrease in note receivable                          680                  -
                                            --------------     --------------
      Net cash provided by investing
       activities of continuing operations             680                  -

Cash Flows from Financing Activities:
  Proceeds from issuance of preferred
    shares, net                                          -              2,230
                                            --------------     --------------
      Net cash provided by financing
       activities of continuing operations               -              2,230
                                            --------------     --------------

Increase in cash and cash equivalents                  644              1,511
Cash and cash equivalents, beginning
  of period                                             50                127
                                            --------------     --------------
Cash and cash equivalents, end of period    $          694     $        1,638
                                            ==============     ==============
</TABLE>

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


                                     -5-


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                               ICHOR CORPORATION
                   Notes to Consolidated Financial Statements
                                 March 31, 1999
                                   (Unaudited)

Note 1.  Basis of Presentation
------------------------------

The accompanying financial statements of ICHOR Corporation (the "Corporation") 
are unaudited. However, in the opinion of management, they include all 
adjustments necessary for a fair presentation of the financial position, 
results of operations and cash flows of the Corporation for the specified 
periods.

All adjustments made during the three months ended March 31, 1999, were of a 
normal, recurring nature. The amounts presented for the three months ended 
March 31, 1999 are not necessarily indicative of the results of operations for 
a full year.  Additional information is contained in the audited consolidated 
financial statements and accompanying notes included in the Corporation's 
annual report on Form 10-K for the fiscal year ended December 31, 1998, and 
the interim period financial statements contained herein should be read in
conjunction with such annual report.

Certain reclassifications have been made to the prior period's financial 
statements to conform with the current period's presentation.

Note 2.  Earnings (Loss) Per Share
----------------------------------

Basic earnings (loss) per share is calculated by dividing the net income or 
loss by the weighted average number of common shares outstanding during the 
three months ended March 31, 1999 and 1998, respectively.  The weighted 
average number of shares outstanding were 4,907,520 for the three months ended 
March 31, 1999 and 1998, respectively.

Diluted earnings per share takes into account common shares outstanding, 
potentially dilutive common shares and preferred shares convertible into 
common shares.  Stock options and warrants have not been reflected as 
exercised for purposes of computing the diluted loss per share for the three 
months ended March 31, 1999 and 1998, respectively, since the exercise of such 
options and warrants would be anti-dilutive.


                                     -6-


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                        PART I.  FINANCIAL INFORMATION
                                 ---------------------

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

The following discussion and analysis of the results of operations and 
financial condition of ICHOR Corporation (the "Corporation") for the three 
months ended March 31, 1999 should be read in conjunction with the 
Corporation's consolidated financial statements and related notes included 
elsewhere herein.

Results of Operations - Three Months Ended March 31, 1998
---------------------------------------------------------

Revenues for the three months ended March 31, 1999 decreased to $61,000 from 
$0.4 million for the comparative period of 1998.  The Corporation reported 
interest income of $48,000 in the three months ended March 31, 1999, compared 
to $1,000 in the three months ended March 31, 1998, as a result of interest 
received on a loan.

Costs and expenses decreased to $72,000 in the three months ended March 31, 
1999 from $0.2 million in the three months ended March 31, 1998, primarily as 
a result of a decrease in general and administrative expenses resulting from 
the sale by the Corporation of Ichor Services, Inc. ("Services"), a wholly-
owned subsidiary of the Corporation, in the first quarter of 1998.  Interest 
expense was nil in the three months ended March 31, 1999, compared to $0.1 
million in the comparative period of 1998, as a result of the sale of Services 
which had financed certain receivables for work performed under certain 
Florida State rehabilitation programs.

The Corporation reported a net loss of $11,000, or $0.01 per share, in the 
three months ended March 31, 1999, compared to net income of $0.2 million, or 
$0.04 per share, in the three months ended March 31, 1998.

Liquidity and Capital Resources
-------------------------------

The Corporation had cash and cash equivalents of $0.7 million at March 31, 
1999, compared to $50,000 at December 31, 1998.  The Corporation maintains a 
line of credit with an affiliate in the amount of $0.8 million to fund working 
capital requirements.  The line of credit was fully utilized as at March 31, 
1999.

Net cash used in operating activities was $36,000 in the three months ended 
March 31, 1999, compared to $0.7 million in the three months ended March 31, 
1998.  Operating activities in the three months ended March 31, 1999 used cash 
primarily as a result of an increase in advances to affiliates and a decrease 
in advances from affiliates.  A decrease in accounts receivable provided cash 
of $50,000 in the three months ended March 31, 1999, compared to an increase 
in accounts receivable using cash of $0.6 million in the comparable period of 
1998.

Investing activities provided cash of $0.7 million in the three months ended 
March 31, 1999, as a result of payment received on a note receivable.  On 
October 20, 1998, the Corporation entered into an agreement (the "Purchase 
Agreement") to acquire all of the issued and outstanding shares of common 
stock of Nazca Holdings Ltd. ("Nazca") from eight shareholders (the 
"Vendors").


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<PAGE>  8


Drummond Financial Corporation ("Drummond") and Logan International Corp. 
("Logan"), two major shareholders of the Corporation, entered into an 
agreement (the "Agreement" and with the Purchase Agreement, the "Agreements") 
with the Vendors pursuant to which each of Drummond and Logan agreed to 
transfer a certain number of shares of common stock of the Corporation held by 
each of them to the Vendors as partial consideration for the Vendors entering 
into the Purchase Agreement with the Corporation.  The obligation to transfer 
the shares of common stock was contingent upon Nazca meeting certain 
performance criteria on or before March 31, 1999.  Effective March 31, 1999, 
Logan, Drummond, the Corporation and the Vendors entered into an agreement to 
amend the terms of the Agreements to extend the time for the satisfaction of 
the performance criteria and the delivery of the shares of common stock of the 
Corporation to May 31, 1999.  For further details regarding the amending 
agreement, see the Corporation's Form 8-K dated April 9, 1999.

The Corporation believes that its assets and line of credit should enable the 
Corporation to meet its current ongoing requirements.  The Corporation 
anticipates that it may require substantial capital to pursue current and 
future acquisitions of businesses and/or operating assets and will seek such 
capital through debt and/or equity financing.

Year 2000
---------

Many of the world's computer systems currently record years in a two-digit 
format.  These computer systems will be unable to properly interpret dates 
beyond the year 1999, which could lead to business disruptions and is commonly 
referred to as the "Year 2000" issue.  Based on its current information, 
management of the Corporation has determined that the Year 2000 issue will not 
pose significant operational problems for its computer systems as it only 
utilizes commercially available software and personal computers, which are 
Year 2000 compliant.  The total cost to the Corporation of Year 2000 
compliance activities has not been and is not currently anticipated to be 
material to its financial position or results of operations in any given year. 
In addition, management of the Corporation has initiated communications with 
clients to ascertain their Year 2000 readiness and develop contingency plans 
as required, and management intends to address this issue with any prospective 
client.  The determination by management and costs relating to the Year 2000 
issue are based on management's best estimates, which were derived utilizing 
numerous assumptions of future events.  However, there can be no assurance 
that these estimates will be achieved and actual results could vary materially 
from those anticipated.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.


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                          PART II.  OTHER INFORMATION
                                    -----------------

ITEM 1.  LEGAL PROCEEDINGS

The Corporation is not presently subject to any material legal proceedings.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits

     Exhibit
     Number                    Description
     -------                   -----------
       27       Article 5 - Financial Data Schedule for the 1st Quarter 1999
                            Form 10-Q.

(b)  Reports on Form 8-K

     The Corporation filed the following reports with respect to the indicated
     items:

     Form 8-K/A dated April 9, 1999:
       Item 2.  Acquisition or Disposition of Assets.
       Item 7.  Financial Statements and Exhibits.


                                     -9-


<PAGE>  10


                                  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.


Dated:  May 13, 1999                        ICHOR CORPORATION


                                      By:   /s/ Michael J. Smith
                                            ----------------------------------
                                            Michael J. Smith, President, Chief
                                            Financial Officer and Treasurer


                                     -10-


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                                 EXHIBIT INDEX

       Exhibit 
       Number               Description
       -------              -----------

          27      Article 5 - Financial Data Schedule for the 1st Quarter
                              1999 Form 10-Q.