TFS Build not building SA project

I am trying to build a project and get the following error on one of the projects:

C:\WINDOWS\Microsoft.NET\Framework\v4.0.30319\Microsoft.Common.Targets (3717): The command " "C:\Program Files\{smartassembly}\{smartassembly}.com" /build "c:\b\Signature Manager I\Signature Manager I - Release Candidate 2010\Sources\Core\Console\Host\\..\..\..\Redistributables\console_obfuscation_x86.{sa}proj"] xcopy "c:\b\Signature Manager I\Signature Manager I - Release Candidate 2010\Binaries\x86\Release\Obfuscated\Exclaimer.Console.Host.exe" "c:\b\Signature Manager I\Signature Manager I - Release Candidate 2010\Binaries\x86\Release\Exclaimer.Console.Host.exe" /Y /C /R" exited with code 4.

My setup is as follows:
- Project converted to Visual Studio 2010 and builds locally (without obfuscation)
- TFS Build 2010 builds other projects and obfuscates them, however they are all 64-bit compiles.
- The project in question is the only 32-bit.
- OS: Windows Server 2003
- SmartAssembly version is 3.2.3271.


The file it is trying to obfuscate is definitely there and I have checked the project file over and over again. It seems fine.

I have also copied and pasted the full commands from the build log into a command window on the machine and it works fine.

Any ideas?
Isobel