Exact solutions of heterotic string theory corresponding to four-dimensional charge Q magnetic black holes are constructed as tensor products of an SU(2)/Z(2Q+2) WZW orbifold with a (0,1) supersymmetric SU(1,1)/U(1) WZW coset model. The spectrum is analyzed in some detail. ``Bad'' marginal operators are found which are argued to deform these theories to asymptotically flat black holes. Surprising behaviour is found for small values of Q, where low-energy field theory is inapplicable. At the minimal value Q=1, the theory degenerates. Renormalization group arguments are given that suggest the potential gravitational singularity of the low-energy field theory is resolved by a massive two-dimensional field theory. At Q=0, a stable, neutral ``remnant,'' of potential relevance to the black hole information paradox, is found.

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