I updated my mingw, to use latest gnu relase 4.7,
and i faced the problem while compiling project that contains resorces.
Makefile is build with "cmake" using the standard comand

cmake . -G"MSYS Makefiles"

and after that when i type "make", the error comes up:

gcc: error: FULL/voda/boost_1_49_0: No such file or directory
c:\MinGW\bin\windres.exe: preprocessing failed.
make[2]: *** [src/CGAL/CMakeFiles/CGAL.dir/CGAL_verinfo.rc.obj] Error 1
make[1]: *** [src/CGAL/CMakeFiles/CGAL.dir/all] Error 2
make: *** [all] Error 2

reading forums, i got the answer that the problem is in windres.exe and it can not
work with spaces in paths, which was not the case with previous version.
Also when i try to copy older windres.exe over existing one i get error reporting
wrong version of windres.
Somebody suggested moving the project to root,
and it would maybe do the job, but it isnot a solution because of dependences.

Maybe i got wrong build of mingw with gnu 4.7, but i think i got official one.