14 November 2012
Manager of Company Announcements
ASX Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2001

By E-Lodgement

Market Update - Share Placement

Tel: +61 7 3034 0800 Grant Thornton House Fax: +61 7 3034 0899 Level 8, 102 Adelaide St www.bwdcorp.com.auBrisbane, QLD, 4000

Australia

Blackwood Corporation Limited ("Blackwood" ASX:BWD) advises that in the Supreme Court of New South Wales proceedings commenced by Blackwood seeking orders for the winding up of Mulsanne Resources Pty Ltd (a company associated with the Tinkler Group) ("Mulsanne Resources") in respect of monies owing to Blackwood under the Share Purchase Agreement, the Supreme Court today ordered the proceedings be adjourned to 20 November 2012.

Blackwood consented to this adjournment to enable the parties to continue discussions regarding a potential settlement proposal, including the Tinkler Group's ongoing relationship with the company.
Blackwood will keep the market updated on further developments. For and on behalf of the Board

Patrick McCole

Company Secretary

For more information please contact:

Todd Harrington

Chief Executive Officer
Phone +61 (0) 7 3034 0800

Media Contact:

Martin Debelle (+61) 409 911 189
Citadel

About Blackwood Corporation

Blackwood Corporation Limited (ASX: BWD) is an emerging Australian energy and resources
company, with a primary focus on the exploration and development of its coal tenement portfolio in Queensland, Australia. Through its wholly owned subsidiary, Matilda Coal Pty Ltd, Blackwood Corporation holds tenure of over 6,100km2 in world class and internationally recognized coal basins, including the Bowen Basin, Galilee Basin, Surat Basin and Clarence- Moreton Basin. Many of its assets are adjacent to proven coal reserves of significant size and export quality, as well as excellent infrastructure.

Blackwood Corporation Ltd T: +61 7 3034 0800

ACN 103 651 538 F: +61 7 3034 0899

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