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In ncover 1.0.1 you may change file
src\NCover\Utilities\Arguments.cs, lines 185-187
was:
string [] bits = arg.Split(':');

        if \(arg\[0\] \!= '/' || bits.Length > 2\)

new:
string [] bits = arg.Split(new char[] {':'}, 2);

        if \(arg\[0\] \!= '/' || bits.Length \!= 2\)