Black Diamond Income Fund Refiles Management's Discussion and Analysis

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CALGARY, ALBERTA--(CCNMatthews - April 3, 2007) -
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Black Diamond Income Fund ("Black Diamond" or the "Fund") (TSX:BDI.UN) announces that it has made certain amendments to its Management's Discussion and Analysis ("MD&A") for the period from inception on September 26, 2006 to December 31, 2006 to provide additional clarity regarding the distributable cash of the Fund and control processes of the Manager of the Fund. No changes have been made to the financial statements of the Fund, and no changes have been made in respect of the operations or outlook of the Fund. The amended MD&A has been filed on SEDAR at www.sedar.com.

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. For more information please contact Black Diamond Income Fund, by its Manager, Black Diamond Group Inc.


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) 206-4737
(403) 264-9281 (FAX)