Disclosed are processes for producing deasphalted bitumen and heavy bitumen compositions from oil sands and processes for upgrading the bitumen compositions. The processes for producing the deasphalted bitumen and heavy bitumen compositions involve a Phase I and/or Phase II extraction solvent. According to the Phase I process, a high quality oil sands-derived, deasphalted bitumen can be produced using a Phase I type solvent. According to the Phase II process, a substantial amount of the heavy bitumen on the oil sand can be extracted using a Phase II type solvent, while producing a relatively a tailings by-product that is non-harmful to the environment. The heavy bitumen from the Phase II type extraction process can be hydroprocessed for ready conversion into relatively high volumes of high quality transportation fuels.