Mine

c:\blender\blender>scons BF_TOOLSET=mingw BF_BUILDDIR=c:\b
scons: Reading SConscript files ...
Command-line arguments
        BF_TOOLSET = mingw
        BF_BUILDDIR = c:\b
Command-line targets
        No targets given, using default
Using mingw
Using config file: config\win32-mingw-config.py
user-config.py not found, no user overrides
Building in c:\b\
Configuring library bf_soundsystem
Configuring library bf_string
Configuring library bf_ghost
Configuring library bf_guardedalloc
Configuring library bf_bmfont
Configuring library bf_moto
Configuring library blender_CTR
Configuring library bf_memutil
Configuring library bf_decimation
Configuring library blender_IK
Configuring library blender_bop
Configuring library blender_ONL
Configuring library bf_elbeem
Configuring library blender_BSP
Configuring library extern_ftgl
Configuring library bf_avi
Configuring library bf_blenkernel
Configuring library bf_blenlib
Configuring library bf_blenloader
Configuring library bf_blenpluginapi
Configuring library bf_imbuf
Configuring library bf_cineon
Configuring library bf_dna
Configuring library blender_python
Configuring library blender_radiosity
Configuring library bf_readblenfile
Configuring library blender_render
Configuring library src
Configuring library nodes
Configuring library bf_yafray
Configuring library bf_ftfont
Configuring library bf_openexr
Configuring library bf_kernel
Configuring library blender_creator
Configuring resource winresource
Configuring program blender
scons: done reading SConscript files.
scons: Building targets ...
Compiling ==> 'SND_DummyDevice.cpp'
scons: *** [C:\b\intern\SoundSystem\dummy\SND_DummyDevice.o] Exception
Traceback (most recent call last):
  File "C:\Python24\scons-0.97\SCons\Taskmaster.py", line 194, in execute
    self.targets[0].build()
  File "C:\Python24\scons-0.97\SCons\Node\__init__.py", line 301, in build
    apply(executor, (self, exitstatfunc), kw)
  File "C:\Python24\scons-0.97\SCons\Executor.py", line 129, in __call__
    self.do_execute(target, exitstatfunc, kw)
  File "C:\Python24\scons-0.97\SCons\Executor.py", line 122, in do_execute
    kw)
  File "C:\Python24\scons-0.97\SCons\Action.py", line 531, in __call__
    show, execute, chdir)
  File "C:\Python24\scons-0.97\SCons\Action.py", line 588, in __call__
    return apply(c.__call__, args, kw)
  File "C:\Python24\scons-0.97\SCons\Action.py", line 331, in __call__
    stat = self.execute(target, source, env)
  File "C:\Python24\scons-0.97\SCons\Action.py", line 477, in execute
    result = spawn(shell, escape, cmd_line[0], cmd_line, ENV)
  File "C:\blender\blender\tools\btools.py", line 102, in ourspawn
    stderr=subprocess.PIPE, startupinfo=startupinfo, shell = False)
  File "C:\Python24\lib\subprocess.py", line 543, in __init__
    errread, errwrite)
  File "C:\Python24\lib\subprocess.py", line 706, in _execute_child
    startupinfo)
WindowsError: [Errno 2] The system cannot find the file specified
scons: building terminated because of errors.
c:\blender\blender>