DFRC Subsidiary Extends the Closing Date for Purchase of Mining Assets.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Sept. 10, 2003

Diversified Financial Resources Corp. (OTCBB:DFRC) announced today that its wholly owned subsidiary, MT&C Diversified Land and Natural Resources Corp. (MT&C), obtained an extension on the closing of the Asset Purchase Agreement with Headwaters Inc. as announced on July 22, 2003. The agreement is for the purchase of mining assets known as the Wellington Coal Tailings Preparation Plant located on approximately 30 acres at 5171 South Farnham Road, Price, Utah.

On Aug. 29, 2003, the parties agreed to delay the closing for a period of up to 30 days. The extension was agreed to for the purpose of allowing for further evaluation of certain environmental concerns respecting anticipated reclamation costs. Specifically, the existing plant must be removed to restore the property to its original condition upon completion of MT&C's anticipated coal reclamation activities. Consequently, Nevada Electric Investment Co., the current owner of the underlying real estate and lessor of certain mineral rights to MT&C, is seeking further assurances that MT&C will have the financial ability to remove the plant and reclaim the site in compliance with the applicable environmental regulations.

The closing of the purchase is still subject to MT&C's completion of its due diligence and obtaining sufficient capital to purchase the mining assets.

DFRC is currently a holding company with operations in real estate. DFRC is presently embarking upon plans to enter the coal reclamation industry by the close of 2003 through its wholly owned subsidiary MT&C. Investors are strongly encouraged not to make an investment which they cannot afford to lose. Additionally, DFRC strongly encourages the public to read the above information in conjunction with its Form 10KSB for Dec. 31, 2002, and 10QSB for June 30, 2003. These disclosures can be viewed at www.sec.gov. DFRC's Web site can be viewed at www.dfrc.net.

This press release may contain forward-looking statements that are based on a number of assumptions, including no unanticipated environmental cleanup, obtaining sufficient capital through the sale of DFRC's common stock to effect the purchase, no changes in the applicable tax credit laws, being able to obtain a favorable price for refined coal fines, retaining key employees including Mullins and Thompson and the successful completion of the necessary due diligence in a short period of time. Although DFRC believes these assumptions are reasonable, no assurance can be given that they will prove correct. These forward-looking statements involve a number of risks and uncertainties, including competitive market conditions, successful integration of acquisitions, the ability to secure sufficient financing, federal and local environmental laws, local real estate market conditions and the liquidity of DFRC's shares of common stock. The actual results that DFRC may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.