Black Diamond Income Fund Announces October Distribution

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CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2006) -
Not for distribution to US Newswire Services or for dissemination in the United States.

Black Diamond Income Fund (the "Fund") (TSX:BDI.UN) is pleased to announce its cash distribution for the month of October will be $0.0833 per trust unit. The distribution will be paid on November 15, 2006 to unitholders of record on October 31, 2006. The ex-distribution date is October 27, 2006.

About Black Diamond Income Fund

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 Site Services.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

Forward-Looking Statements

Certain information set forth in this press release, including a discussion of future plans and operations, contains forward looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, 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. Actual results, performance or achievement could differ materially from those expressed in or implied by these forward-looking statements.


The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Black Diamond Income Fund, by its Manager,
Black Diamond Group Inc.
Trevor Haynes, President and Chief Executive Officer
(403) 206-4737
(403) 264-9281 (FAX)

or

Black Diamond Income Fund, by its Manager,
Black Diamond Group Inc.
Michael Burnyeat, Vice President and Chief Financial Officer
(403) 206-4740
(403) 264-9281 (FAX)