Place the condensed milk into a medium saucepan. Measure then sift the cocoa into the condensed milk. Whisk the two ingredients together and cook over low heat, stirring constantly, until smooth and slightly thickened, about ten minutes. Remove from heat. Immediately break the 2 ounces of bittersweet chocolate into pieces and whisk into the hot milk mixture until melted and smooth. Set aside to cool slightly.
In a large measuring cup, gently mix together the creams and the extracts. Take the chill off by putting mixture into the microwave for up to one minute.
Using a slow and steady motion, drizzle the cream mixture into the chocolate mixture. Whisk the mixtures together as you are drizzling. Be sure to loosen any mixture from the edges and corners of the pan using a rubber spatula or wooden spoon. Whisk until smooth. Pour through a sieve into a clean bowl, discard any bits left in the sieve.
Cover the mixture with plastic wrap and refrigerate until cold. Process the cold mixture in your ice cream maker according to manufacturer’s directions.