No idea how well MSys works with code::blocks.
But, it is likely MSys does NOT work with spaces in any path in the build or run process.
My answer is just a guess based on my Cygwin experience.
I would fix the below first and then try fixing the next path with spaces if the proble still happens.
C:\Documents and Settings\admin\Desktop\Binny Work\CodeBlocks PRj\Sample\.
Note: Trying to duplicate the issue on the command line would be a way to determine the cause of the problem.
Tim S.