DFRC Subsidiary Signs Agreement to Purchase Mining Assets with an Est. FMV of $3 Million.

Business Editors

SALT LAKE CITY--(BUSINESS WIRE)--July 22, 2003

Diversified Financial Resources Corp.'s (OTCBB: DFRC) wholly owned subsidiary MT&C Diversified Land And Natural Resources Corp. (MT&C) announced today that it has signed an Asset Purchase Agreement with Headwaters Incorporated for the purchase of a mining property known as the Wellington Coal Tailings Preparation Plant located on approximately 30 acres at 5171 S. Farnham Road, Price, Utah.

MT&C has agreed to purchase all machinery, appliances, furniture, controls, equipment, buildings, foundations and other property (Mining Assets) for $250,000 plus any costs associated with the environmental remediation of the subject property. MT&C has not obtained an environmental report on the subject property as of the date of this press release. Nonetheless, based upon management's expertise in the coal industry, MT&C's belief is that through the use of certain proprietary methods developed by Norman Mullins, MT&C's vice president, the remediation will be a profitable endeavor which will consist of processing coal fines into a saleable product. In addition, MT&C's initial analysis shows that it may benefit from being able to obtain certain tax credits for effecting the environmental remediation of the subject property.

MT&C obtained an appraisal on the Mining Assets from Asset Reliance International, LLC with an effective date of July 5, 2002, which valued the Mining Assets for $3,006,000 as installed. A complete list of the Mining Assets can be viewed in the Agreement filed as an exhibit to DFRC's Form 8K dated July 11, 2003.

The closing is scheduled for Aug. 15, 2003. The completion of the purchase is 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 March 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 in 12 to 24 months. The actual results that DFRC may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.