I compiled the latest 3.11.4 VM with the newest source ZIP provided at http://www.squeakvm.org/win32/release/?C=M;O=D which works for me without a problem.
The environment is setup with tool chain provided at: http://squeakvm.org/win32/compiling.html
Maybe you should try this release before to prevent any compiler installation problem and after that try to generate a custom VM with own VMMaker.
Bye T.
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