It's very odd - I have the same version of gcc (3.4.5) and binutils (2.19.1) as you, and there's no problem for me.
1) Reinstall binutils - or try a different version. Just go to
and grab the latest binutils package, then unpack it to C:/Perl/site/lib/auto/MinGW.
2) Reinstall MinGW. I gather you've installed it using ppm, so run 'ppm remove MinGW' followed by 'ppm install MinGW'.