Black Diamond Income Fund Provides Operational Update

CALGARY, ALBERTA--(Marketwire - Sept. 22, 2008) - Black Diamond Income Fund (TSX:BDI.UN) ("Black Diamond" or the "Fund") is pleased to announce that the operations of the Fund continue to perform according to internal expectations and in accordance to the guidance previously provided. As indicated at the end of the second quarter, the Fund expects sequentially higher revenues in the third and fourth quarters due to the addition of new fleet equipment and the corresponding operations. Gross and EBITDA margins are expected to remain consistent with those generated in the first half of 2008 at approximately 60% and 48% respectively.

The Fund's largest deployment of equipment to date has been on the Canadian Natural Resources Horizon Oil Sands project which has been extended for some of the equipment in place. The Fund has been successful in re-deploying the remainder of the equipment owned by the Fund that is coming off this project onto other longer term oil sands projects such that very little unutilized time will be realized.

The Fund continues its' capital deployment program for the year as outlined previously. $59.5 million will be expended in 2008 resulting in an exit fleet size of approximately 2,350 units. The breakdown of the fleet is expected to be as follows: workforce accommodations - 825 units, space rentals - 1,150 units, drilling accommodations - 240 units and surface rental equipment - 135 units.

The Fund has updated its Investor Presentation and has made it available on the Fund's website.

The Fund is an unincorporated open ended investment trust governed by the laws of the Province of Alberta. The principal undertaking of the Fund, through its indirect wholly-owned subsidiary, Black Diamond Limited Partnership, is to rent modular structures for use as workforce accommodation and temporary workspace, and to provide complementary services including transportation, installation, dismantling, repair and maintenance of modular structures, as well as related services through three operating divisions consisting of Black Diamond Camps, BOXX Modular and Black Diamond Energy Services.

Reader Advisory

Certain information in this news release contains forward-looking statements including management's assessment of future plans and operations of Black Diamond. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Black Diamond's control including, without limitation, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of exchange rates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could effect Black Diamond's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at Black Diamond's website (www.blackdiamondincomefund.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.