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                            SUBSCRIPTION AGREEMENT

                                                        February 26 , 1998
                                                                ----

TO:    PURCHASERS OF 5% CUMULATIVE REDEEMABLE CONVERTIBLE
       PREFERRED SHARES, SERIES 1
       OF ICHOR CORPORATION

MFC Merchant Bank S.A. (the "Dealer") and Ichor Corporation. (the
"Corporation") entered into a purchase agreement dated for reference February
20, 1998 (the "Purchase Agreement") providing for the purchase from the
Corporation of 250,000 5% Cumulative  Redeemable Convertible Preferred Shares,
Series 1 for an aggregate purchase price of $2,500,000 (the "Purchased
Shares"). A copy of the term sheet (the "Term Sheet") outlining the features
of the private placement is attached as Schedule "A" hereto.

The Purchase Agreement provides that the Dealer may arrange for substituted
purchasers of the Purchased Shares on a "private placement" basis, and that
each substituted purchaser will enter into a subscription agreement (the
"Subscription Agreement") in substantially the form of this agreement. Your
acceptance of this letter, as evidenced by your signature below, will
constitute your offer to the Corporation to subscribe for the Purchased Shares
set forth below under the heading "Details of Subscription" on the terms and
conditions contained herein.  The Corporation's acceptance of your offer, as
evidenced by the signature of its officer below, will constitute an agreement
between you and the Corporation for you to purchase from the Corporation and
for the Corporation to issue and sell to you such Purchased Shares on such
terms and conditions.

References below to "this Agreement" are to be read as references to the
agreement resulting from the Corporation's acceptance of your offer.  You are
referred to below as the "Purchaser".

A.  SUBSCRIPTION

The Purchaser subscribes for and agrees to purchase from the Corporation the
Purchased Shares set forth below under the heading "Details of Subscription".
The Purchaser understands that the Purchased Shares subscribed for form part
of the offering made pursuant to the Purchase Agreement.

B.  REPRESENTATIONS, WARRANTIES AND COVENANTS
    OF THE CORPORATION

By accepting this offer, the Corporation represents, warrants, covenants and
agrees as follows:

1.   The Corporation is a corporation duly organized and is validly subsisting
     under the laws of Delaware.

2.   The Corporation has all necessary corporate power to own or lease its
     property and to carry on its business as presently carried on by it and
     to execute and deliver this Agreement and the Purchased Shares.


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3.   This Agreement has been duly authorized by all necessary corporate action
     by the Corporation and constitutes legal, valid and binding obligations
     of the Corporation.

4.   The Corporation's common shares are quoted through the National
     Association of Securities Dealers Authorized Distribution System SmallCap
     market and the Corporation will maintain such status, without default,
     until the Closing Date.

5.   The Corporation's annual audited financial statements for the period
     ended December 31, 1996 and its unaudited interim financial statements
     for the period ended September 30, 1997 were, at the respective dates of
     issue or publication, true and correct in all material respects and were
     prepared in accordance with and complied in all material respects with
     the laws, regulations, policy statements and rules applicable to such
     documents.

6.   There has been no material or adverse change in the affairs of the
     Corporation since December 31, 1996, and no material or adverse fact
     exists in relation to the proposed issue of the Purchased Shares, which
     in either case is not generally disclosed.

C.  CONDITIONS

The Purchaser's obligation to complete the purchase of the Purchased Shares
contemplated hereby shall be conditional upon the fulfilment either on or
before the Closing Date of the following conditions:

     (a)  the Purchased Shares will be validly and duly authorized, created
          and issued by the Corporation;

     (b)  the representations and the warranties contained herein are true and
          correct and all covenants relating to the Corporation herein
          contained and required to be performed and complied with have been
          performed and complied with by the Corporation; and

     (c)  no action or proceeding in the United States shall be pending or
          threatened by any person, company, firm, governmental authority,
          regulatory body or agency to cease trade, enjoin or prohibit:

          (i)  the sale of the Purchased Shares to the Purchaser as
               contemplated hereby; or

          (ii) the right of the Corporation to issue shares on the exercise by
               the Purchaser of its right of conversion contained in the
               Purchased Shares.


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D.  DELIVERY AND PAYMENT

Subject to acceptance by the Corporation of this Agreement, delivery and
payment for the Purchased Shares shall be completed at the offices of the
Dealer at 1:00 p.m. (local time) on or before February 27, 1998 or such other
date, time and place as may be agreed upon in writing by the Corporation and
the Dealer (the "Closing Date").  The Purchaser hereby appoints the Dealer as
its agent to represent it at the closing for the purposes of all closing
matters including, without limitation, to execute receipts and documents as
its agent and to accept delivery of documents and the Purchased Shares and
hereby irrevocably authorizes the Dealer to extend such period and modify or
waive such terms and conditions as may be contemplated herein or in the
Purchase Agreement as the Dealer deems appropriate in its absolute discretion.
The Purchased Shares subscribed for by the Purchaser will be available for
delivery on the Closing Date to the Dealer by way of a certificate
representing the Purchased Shares registered in the name of the Purchaser,
against delivery to the Corporation of the Purchase Price for the Purchased
Shares by certified cheque or bank draft in U.S. funds or other electronic
form of payment satisfactory to the Corporation, provided that, in the event
that the certificates representing the Purchased Shares are not available for
physical delivery on the Closing Date, the Purchase Price shall be paid to the
Corporation pending delivery of the Purchased Shares. If the certificates
representing the Purchased Shares are not delivered by March 31, 1998, the
Dealer may agree to one or more extensions of time for delivery of the
certificates and may modify or waive such terms relating thereto as the Dealer
deems appropriate in its absolute discretion, or may, at its option, elect to
terminate this agreement whereupon the Purchase Price paid by the Purchaser
shall be returned and the Purchaser shall have no further obligations
hereunder.

E.  REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER

The Purchaser represents, warrants, covenants and agrees as follows:

1.   The Purchased Shares are not being purchased as a result of any material
     information about the Corporation's affairs which has not been publicly
     disclosed

2.   The Purchaser  has not received any general solicitation or
     advertisement, article, notice or other communication nor has it become
     aware of any advertisement in printed media of general and regular paid
     circulation, radio and television with respect to the distribution of the
     Purchased Shares.

3.   The Purchaser acknowledges that the Corporation and its officers and
     directors are relying upon the representations and warranties made by the
     Purchaser.

4.   The Purchased Shares being subscribed for and any rights the Purchaser
     may acquire as a Purchased Shares holder of the Corporation will be
     acquired for investment purposes and not with a view to a subsequent
     offering, sale or distribution thereof and the Purchaser may not
     participate, directly or indirectly, in any plan or scheme involving the
     resale or distribution of the Purchased Shares or any interest therein.

5.   The Purchaser has not received or been provided with an offering
     memorandum or similar document, its decision to enter into this Agreement
     and to purchase the Purchased Shares has


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     not been made upon any verbal or written representation as to fact or
     otherwise by or on behalf of the Dealer or any other person and its
     decision to enter into this Agreement and purchase the Purchased Shares
     set forth herein is based entirely upon information concerning the
     Corporation which is publicly available and the Term Sheet.

6.   The Purchaser has knowledge and experience in financial and business
     affairs as to be capable of evaluating the merits and risks of the
     investment and is able to bear the economic risk of loss of the
     investment.

7.   The Purchaser has been independently advised as to and is aware of the
     applicable restrictions on the resale of the Purchased Shares and any
     securities issuable upon the conversion thereof under the securities
     legislation in the jurisdiction in which the Purchaser may subsequently
     trade such securities, and is aware of the risks and other
     characteristics of the Purchased Shares and of the fact that the
     Purchaser may not be able to resell such securities except in accordance
     with applicable securities legislation and regulatory policies and that
     the certificates representing such securities will contain a legend to
     that effect and the Purchaser agrees to comply with, and not in any
     manner violate, any applicable securities laws, rules or regulations in
     connection with the purchase, sale, transfer or other disposition of any
     of such securities.

8.   The Purchaser will execute and deliver all documentation as may be
     required by applicable securities legislation to permit the purchase of
     the Purchased Shares on the terms and conditions as set forth herein and
     will comply with all applicable hold periods and other resale
     restrictions as are prescribed by applicable securities legislation.

9.   Any questionnaire, statement, certificate, instrument or other documents
     delivered by the Purchaser in connection herewith will be considered to
     form part of and be incorporated into this Agreement with the same effect
     as if each constituted a representation and warranty or covenant of the
     Purchaser to the Corporation.

10.  The Corporation has not provided the Purchaser with investment, legal or
     financial advice or acted as an advisor with respect to the purchase of
     the Purchased Shares and the Purchaser is relying solely on its own
     professional advisors, if any, for any such advice.

F.  RESTRICTIONS UPON TRANSFER

1.   The Purchaser understands that the Purchased Shares have not been
     registered by the Corporation under the United States Securities Act of
     1933 (the "1933 Act") and that the Corporation does not plan, and is
     under no obligation to provide for registration of the Purchased Shares
     in the future. Offer or sale of the Purchased Shares in the United States
     or to a U.S. person would constitute a violation of United States law
     unless made in compliance with the registration requirements of the 1933
     Act or pursuant to an exemption therefrom.  The term "United States"
     means the United States of America and includes its territories,
     possessions and all areas subject to its jurisdiction; and the term "U.S.
     person" has the meaning as defined in Regulation S made under the 1933
      Act.


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G.  GENERAL PROVISIONS

1.   This Agreement shall enure to the benefit of and be binding upon the
     parties hereto and their respective successors and assigns.  The
     Purchaser may, with the consent of the Corporation, acting reasonably,
     assign this Agreement to a subsidiary or an affiliate, but any such
     assignment shall not relieve the Purchaser from responsibility for
     performance of its obligations hereunder.

2.   Each of the parties agrees to take all such actions as may be within its
     powers as may be necessary or desirable to implement and give effect to
     the provisions of this Agreement.

3.   Time shall be of the essence.

4.   This Agreement shall be governed and enforced in accordance with the laws
     of Switzerland, without regard to its conflict of laws and principles,
     and the parties hereto agree to submit any dispute hereunder to the
     jurisdiction of the courts of the Canton of Geneva.

5.   The provisions herein contained constitute the entire agreement between
     the parties and supersede all previous communications, representations,
     understandings and agreements between the parties with respect to the
     subject matter hereof, whether verbal or written.

6.   This Agreement may be executed by facsimile in any number of
     counterparts, each of which when delivered shall be deemed to be an
     original, all of which together shall constitute one and the same
     document.

If the foregoing is in accordance with your understanding, please complete the
relevant portions below under the heading "Details of Subscription" and sign
and return the enclosed copy of this letter as soon as possible.  The
Purchaser, by such signature, authorizes the Dealer to deliver a copy of this
letter, as the Purchaser's offer, on its behalf to the Corporation.

ZELLSTOFF-UND PAPIERFABRIK ROSENTHAL GmbH
(Name of Purchaser)

    /s/ E.J. Haas
----------------------------
(Signature)

    E.J. Haas
----------------------------
(Name)

    PA
----------------------------
(Title)


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                           DETAILS OF SUBSCRIPTION

TO:      ICHOR CORPORATION
         (the "Corporation")

AND TO:  MFC MERCHANT BANK S.A.

The undersigned accepts the foregoing and offers to purchase the Purchased
Shares set forth below, on the terms and conditions of the foregoing, from the
Corporation.  All references to dollar amounts herein are in United States
dollars.

(a)  Number and Aggregate Purchase Price of Purchased Shares:

      35,000 Purchased Shares at an Aggregate Purchase Price of $350,000

(b)  Name and address of Purchaser:  Zellstoff-und Papierfabrik Rosenthal GmbH
                                     Hauptstrasse 16
                                     07365 Blankenstein (Saale)
                                     Germany

                                     Signed by:  /s/ E.J. Haas
                                               ----------------------------
                                                     PA
                                               ----------------------------
                                               Office or Title

(c)  Registration Instructions:

If there are no instructions below, the certificate for the Purchased Shares
delivered to the Purchaser will be registered in the name of the Purchaser as
set forth immediately above.  If registration differs from the name and
address shown above, please so specify:

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(d)  Delivery and Payment Instructions (include contact name and telephone
     number):

Pay to MFC Merchant Bank S.A.

(e)  Delivery against Payment at:

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Attn:                                  Telephone:
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The foregoing offer is confirmed and accepted by Ichor Corporation this    day
of February, 1998.                                                     ----

By:   /s/ Roy Zanatta
   --------------------------
    (Authorized Signatory)