Here's the error I get.
windres.exe -i C:\CODEPR~1\CODEBL~1\mahogany\SVN-TR~1\mahogany\res\M.rc -J rc -o Debug\res\M.res -O coff -Iinclude -IC:\wx\inno\wxWidgets-2.8\wxWidgets-2.8.3\include\msvc -IC:\wx\inno\wxWidgets-2.8\wxWidgets-2.8.3\include -Ilib\compface -Ilib\imap\src\osdep\nt -Ilib\imap\src\c-client -IC:\apps\MinGW_GCC_3.4.5_API_3_9\include
C:\CODEPR~1\CODEBL~1\mahogany\SVN-TR~1\mahogany\res\M.rc:0: fatal error: when writing output to : No such file or directory
compilation terminated.
windres.exe: can't open icon file `Micon.ico': No such file or directory
Process terminated with status 1 (0 minutes, 4 seconds)
2 errors, 0 warnings
Still looking for your error.
Now have your error.
-------------- Build: Debug_Win32 in M ---------------
windres.exe -i C:\CODEPR~1\CODEBL~1\mahogany\SVN-TR~1\mahogany\res\M.rc -J rc -o Debug\res\M.res -O coff -Ires -Iinclude -IC:\wx\inno\wxWidgets-2.8\wxWidgets-2.8.3\include\msvc -IC:\wx\inno\wxWidgets-2.8\wxWidgets-2.8.3\include -Ilib\compface -Ilib\imap\src\osdep\nt -Ilib\imap\src\c-client -IC:\apps\MinGW_GCC_3.4.5_API_3_9\include
Option -I is deprecated for setting the input format, please use -J instead.
windres.exe: C:\CODEPR~1\CODEBL~1\mahogany\SVN-TR~1\mahogany\res\M.rc: Not a valid WIN32 resource file
Process terminated with status 1 (0 minutes, 2 seconds)
1 errors, 0 warnings