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, 2001

                                       OR

[     ]      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.)

                       50-52 AVENUE CHANOINE CARTELLIER
                        69230 SAINT-GENIS LAVAL, FRANCE
                    (Address of principal executive offices)

                                33 4 72 39 52 09
              (Registrant's telephone number, including area code)

                  P.O. BOX 10343, 1010 - 609 GRANVILLE STREET
                           VANCOUVER, BRITISH COLUMBIA
                                 CANADA  V7Y 1G5
                 (Former address, 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 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 10, 2001
     -----                     ---------------------------
     Common  Stock,  $0.01     26,946,675
     par  value



<PAGE>

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
                          (A DEVELOPMENT STAGE COMPANY)
                       CONSOLIDATED  FINANCIAL  STATEMENTS

                 FOR  THE  THREE  MONTHS  ENDED  MARCH  31,  2001

                                   (UNAUDITED)



<PAGE>
<TABLE>
<CAPTION>

                                  ICHOR  CORPORATION
                              (A DEVELOPMENT STAGE COMPANY)
                               CONSOLIDATED BALANCE SHEETS

                                (IN THOUSANDS OF EUROS)

                                                   MARCH 31,   DECEMBER 31,
                                                      2001        2000
                                                   ---------   ------------


<S>                                                <C>         <C>
           ASSETS

Current Assets
--------------
Cash                                              (E)    165      (E)   185
Short term investments                                   232            149
Receivables                                               89             64
Loan fees                                             12,771             87
Prepaid expenses                                          14             11
                                                  -----------     ----------
Total Current Assets                                  13,271            496

Patents and Other                                        155            129
                                                  -----------     ----------

                                                  (E) 13,426      (E)   625
                                                  ===========     ==========

           LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
-------------------
Accounts payable                                  (E)  1,098      (E)   646
Taxes and social costs payable                            85            109
Note payable                                             584            385
Other                                                     10              8
                                                  -----------     ----------
Total Current Liabilities                              1,777          1,148

Payable to shareholders                                  242            242

Shareholders' Equity
--------------------
Common stock                                             492            119
Paid-in capital                                       15,957            806
Deficit accumulated during the development stage      (5,042)        (1,690)
                                                  -----------     ----------
                                                  (E) 13,426      (E)   625
                                                  ===========     ==========
</TABLE>



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

<PAGE>

<TABLE>
<CAPTION>

                                ICHOR  CORPORATION
                           (A DEVELOPMENT STAGE COMPANY)
                       CONSOLIDATED STATEMENTS OF OPERATIONS

                 (IN THOUSANDS OF EUROS EXCEPT PER SHARE AMOUNTS)

                                                                TOTAL
                                                                ACCUMULATED
                                 THREE MONTHS    THREE MONTHS   DURING THE
                                 ENDED           ENDED          DEVELOPMENT
                                 MARCH 31, 2001  MARCH 31, 2000 STAGE
                                 --------------  -------------- -----------

<S>                              <C>             <C>            <C>
Revenues                         (E)         -   (E)        40  (E)    224

Expenses
Research and development                   114              45         476
General and administrative                 168              29         892
Bank fee                                 3,054               -       3,860
Interest                                    19               -          36
                                 --------------  -------------- -----------
                                         3,355              74       5,263
                                 --------------  -------------- -----------

Interest Income                              3               1           3

Loss before provision for income
 tax                                    (3,352)            (33)     (5,036)
Provision for income tax                     -               -           6
                                 --------------  -------------- -----------

Net Loss                         (E)    (3,352)  (E)       (33)     (5,042)
                                 ==============  ============== ===========


Basic and diluted loss per share (E)     (0.10)  (E)     (0.00)      (0.15)
                                 ==============  ============== ===========


</TABLE>



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

<PAGE>

<TABLE>
<CAPTION>

                                               ICHOR  CORPORATION
                                          (A DEVELOPMENT STAGE COMPANY)
                                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                                            (IN THOUSANDS OF EUROS)


                                                                  TOTAL
                                                                  ACCUMULATED
                                 THREE MONTHS     THREE MONTHS    DURING THE
                                 ENDED            ENDED           DEVELOPMENT
                                 MARCH 31, 2001   MARCH 31, 2000  STAGE
                                 --------------   --------------  -----------


<S>                              <C>              <C>             <C>
Cash flows from operating
 activities
  Net loss                       (E)    (3,352)   (E)       (33)  (E)  (5,041)
  Adjustments to reconcile net
   loss to net cash provided by
   (used in) operating activities

    Amortization                         3,095                1         3,191
    Fee payable in common stock              -                -           806
    Decrease (increase) in
     receivables                            12               (4)          (52)
    Increase in accounts payable           153               44           799
    Increase in taxes and social
     costs payable                         (24)              10            85

    Other                                   (1)              (3)           (4)
                                 --------------   --------------  ------------
                                          (117)              15          (216)

Cash flows from investing
 activities
    Patents and other                      (34)             (13)         (216)
    Short-term investments                 (82)             (36)         (232)
    Purchase of subsidiary, net
     of cash acquired                       13                -            13
                                 --------------   --------------  ------------
                                          (103)             (49)         (435)

Cash flows from financing
 activities
    Proceeds from issuance of
     common stock                            -                -           119
    Borrowings from shareholders             -                -           242
    Increase in note payable               200                -           584
    Loan Fees                                -                -          (130)
                                 --------------   --------------  ------------
                                           200                -           816

Net change in cash                         (20)             (34)          165
Cash, beginning of period                  185               36             -
                                 --------------   --------------  ------------

Cash, end of period              (E)       165    (E)         2   (E)     165
                                 ==============   ==============  ============


</TABLE>



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

<PAGE>
                                ICHOR CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2001
                                   (UNAUDITED)

                         NOTE 1.  BASIS OF PRESENTATION

Effective  March  28,  2001,  ICHOR  Corporation  (a  United States company) and
Hippocampe  S.A. (a French company, "the Corporation") combined their operations
where  the Corporation's stockholders exchanged their stock for the common stock
of  ICHOR  Corporation.  Because  the Corporation is the continuing entity, this
combination  is  accounted  for  as  a  reverse  purchase.  Consistent  with the
accounting  for  a  reverse  purchase,  these financial statements represent the
historical  financial  statements of the Corporation.  The results of operations
of  ICHOR  Corporation  are  included  in  these  statements  since  the date of
acquisition.

The  Corporation  is a company in the development stage which is involved in the
research  and  development  of  human  health  products.  The Corporation's main
research  efforts  have been concentrated in the prevention and treatment of the
AIDS  virus.  All of the Corporation's activities have been conducted in France.

The  accompanying  financial  statements  of  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-month period ended March 31, 2001, were of
a  normal,  recurring  nature.  The amounts presented for the three-month period
ended  March  31,  2001,  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 of Hippocampe S.A.
included  in  the  Definitive  Information  Statement  on  Schedule 14C of ICHOR
Corporation  dated  April  25, 2001, and should be read in conjunction with such
Definitive  Information  Statement.

                           NOTE 2.  REPORTING CURRENCY

Consistent  with  the location of its activities, beginning January 1, 1999, the
Corporation  adopted  the  euro (E) as its corporate currency.  Accordingly, the
Corporation  prepared  its  2001  and  2000  financial  statements  in  euros.

                       NOTE 3.  EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is calculated by dividing the net income or loss
available to common shareholders by the weighted average number of common shares
outstanding  during  the  three-month  periods  ended  March  31, 2001 and 2000,
respectively.  The  weighted average number of shares outstanding was 33,585,685
and  33,311,398  for  the  three-month  periods  ended  March 31, 2001 and 2000,
respectively.


<PAGE>


Diluted  earnings (loss) per share takes into account common shares outstanding,
potentially  dilutive common shares and preferred shares convertible into common
shares.  The  conversion  of  convertible  preferred  shares,  stock options and
warrants  have  not  been  reflected  as exercised for purposes of computing the
diluted  loss  per  share  for  the three-month periods ended March 31, 2001 and
2000,  respectively,  since  the  exercise of such options and warrants would be
anti-dilutive.

                                NOTE 4.  WARRANTS

Under  a  loan  agreement  with  MFC Merchant Bank ("MFC Bank"), the Corporation
issued  warrants  on  March  28,  2001,  which  entitle  MFC  Bank  to  purchase
approximately  6,730,599  of the Corporation's common shares.  The warrants will
entitle  MFC  Bank  to  convert  an  amount  equal  to the maximum of the credit
facility  including  unpaid  interest  plus  the  arrangement  and retainer fees
associated  with  the  loan  agreement.  The  warrants  are exercisable within a
three-year  period  beginning  August  2000  at approximately E0.2319 per common
share.  The intrinsic value of the beneficial conversion feature associated with
the  warrants  was calculated at the grant date using the Black-Scholes model to
be E15,771,000  and  has  been  recorded as paid-in capital.  E3,054,000 of this
amount  has  been  charged  to  bank  fee expense in the current quarter and the
balance  of E12,717,000, which is  included in loan  fees in the  March 31, 2001
consolidated  balance  sheet,  is  being  amortized  through  August  2001,  the
remainder of the loan term, on  the interest method.


<PAGE>


                         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 month period
ended  March  31,  2001  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, 2001 COMPARED TO THREE
MONTHS  ENDED  MARCH  31,  2000

Revenues  for the three months ended March 31, 2001 decreased to E0 from E40,000
for the comparative period of  2000, primarily as a result of decreased contract
research  activity.  Interest  income increased  to E3,000 in the current period
from E1,000  in  the  comparative  period  of  2000.

Costs  and expenses increased to E3,355,000 for the three months ended March 31,
2001  from E74,000  for  the  three  months ended March 31, 2000, primarily as a
result  of  an  increase  in bank fees of  E3,054,000 for the three months ended
March  31,  2001.

The  Corporation  reported  a net loss of E3,352,000, or E0.10 per share, in the
three  months  ended March 31, 2001, compared to E33,000, or E0.00 per share, in
the  three  months  ended  March  31,  2000.

LIQUIDITY  AND  CAPITAL  RESOURCES

The  Corporation  had  cash  and short term investments of E397,000 at March 31,
2001,  compared  to  E334,000  at  December  31,  2000.

Net  cash  used  by  operating activities was E125,000 in the three months ended
March  31, 2001, compared to cash provided by operating activities of E15,000 in
the  three months ended March 31, 2000. A decrease in accounts receivable in the
three  months  ended  March  31, 2001 provided cash of E12,000, compared to cash
used  of E4,000  in  the  comparative  period  in  2000.

Investing  activities  used cash of E103,000 in the three months ended March 31,
2001,  compared to E49,000 in the three months ended March 31, 2000.  Short-term
investments  in certificates of deposit used cash of E82,000 in the three months
ended  March  31,  2001, compared to E36,000 in the three months ended March 31,
2000.  Patent application and maintenance fees used cash of E34,000 in the three
months  ended March 31, 2001 compared to E13,000 in the three months ended March
31,  2000.

Financing  activities  provided cash of E200,000 in three months ended March 31,
2001, primarily as a result of borrowings pursuant to a revolving term facility.
The revolving term facility is in the principal amount of up to E1.3 million and
matures  on  August  31,  2001.  At  March  31, 2001, Hippocampe had borrowed an
aggregate  of E584,000  pursuant  to  this  revolving  term  facility.


<PAGE>


The  Corporation  expects that it will require substantial additional capital to
continue  its  research  and  development,  clinical  studies  and  regulatory
activities  necessary to bring its potential products to market and to establish
production,  marketing  and sales capabilities.  The Corporation anticipates its
operations  will  require approximately E1.5 million in the year ending December
31,  2001.  The Corporation will seek to raise the required capital from lenders
and/or  equity  or  debt issuances.  However, there can be no assurance that the
Corporation  will  be  able to raise additional capital on terms satisfactory to
the  Corporation,  or  at all, to finance its operations.  In the event that the
Corporation  is not able to obtain such additional capital, it would be required
to  restrict  or  even  halt  its  operations.

ITEM  3.     QUANTITATIVE  AND  QUALITATIVE  DISCLOSURES  ABOUT
             MARKET  RISK

Reference is made to the Definitive Information Statement on Schedule 14C of the
Corporation  dated  April  25,  2001  for  information  concerning  market risk.


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

ITEM  1.  LEGAL  PROCEEDINGS

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

ITEM  2.  CHANGES  IN  SECURITIES  AND  USE  OF  PROCEEDS

Effective  March  28,  2001,  the  Corporation  completed  a share exchange (the
"Transaction")  with  approximately  99.9%  of the shareholders (the "Hippocampe
Shareholders")  of  Hippocampe  S.A. ("Hippocampe"), a societe anonyme organized
under  the  laws  of France.  To give effect to the Transaction, the Corporation
issued,  pursuant  to  Regulation  S  under  the U.S. Securities Act of 1933, as
amended,  to the Hippocampe Shareholders in aggregate approximately 16.9 million
of  its  shares  of common stock and preferred shares of 6543 Luxembourg S.A., a
new  wholly-owned  subsidiary  of  the Corporation established under the laws of
Luxembourg,  which will become exchangeable into in aggregate approximately 16.4
million  shares  of  common  stock  of  the  Corporation  upon  the filing of an
amendment to the Certificate of Incorporation of the Corporation to increase its
authorized  number of shares of common stock from 30,000,000 to 80,000,000.  MFC
Merchant  Bank  S.A.  acted  as  an adviser in the Transaction.  See the Current
Report  on  Form  8-K  of  the  Corporation  dated  April  10,  2001 for further
information  with  respect  to  the  Transaction.

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

Reference is made to the Definitive Information Statement on Schedule 14C of the
Corporation  dated  April  25,  2001  for information concerning the approval by
written  consent  resolution by the holders of approximately 88.4% of the shares
of  common  stock  of  the  Corporation  of  an  amendment to the Certificate of
Incorporation  of  the  Corporation  to increase the authorized number of common
shares  of  the  Corporation  from  30,000,000  to  80,000,000.


<PAGE>


ITEM  6.  EXHIBITS  AND  REPORTS  ON  FORM  8-K

(a)     EXHIBITS

     EXHIBIT
     NUMBER               DESCRIPTION
     ------               -----------

     3.1         Certificate  of  Designations  dated  March  19, 2001 of ICHOR
                 Corporation.  Incorporated by reference to the Current Report
                 on Form 8-K of the Corporation  dated  April  10,  2001.

(b)     REPORTS  ON  FORM  8-K

The  Corporation filed the following reports with respect to the indicated items
during  the  first  quarter  ended  March  31,  2000:

     Form  8-K/A  dated  January  30,  2001
          Item  7.  Financial  Statements  and  Exhibits



<PAGE>


                          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  14,  2001
                                   ICHOR  CORPORATION


                                   By:  /s/ Pierre-Francois Serres
                                        --------------------------
                                        Chief Executive Officer