How to compile aspell 0.50 in Windows?

I want to try out the effect of some small changes on aspell, and decided to try and compile it, though as a Windows user this territory is unfamiliar to me.  I have not got very far.

1. I downloaded aspell 0.50.3 source from http://ftp.gnu.org/gnu/aspell/w32/Aspell-0-50-3-3-Setup.exe (couldn't see it at aspell.net)  and unpacked to C:\...\aspell-0.50.3-source
2. As per http://aspell.net/win32/  I downloaded Makefile.txt from http://aspell.net/win32/files/win32/Makefile  and settings.h from http://aspell.net/win32/files/win32/settings.h (not the address given)  and placed them in C:\...\aspell-0.50.3-source\win32
3. I downloaded MinGW from http://sourceforge.net/projects/mingw/files/Installer/mingw-get-inst/  and installed to C:\MinGW
4. I added  C:\MinGW\bin;C:\MinGW\MSYS\1.0\local\bin;C:\MinGW\MSYS\1.0\bin  to the user PATH environment variable
5. As per http://aspell.net/win32/  I went to C:\...\aspell-0.50.3-source\win32 and ran  make Makefile.txt  -  it says "Nothing to be done for `Makefile.txt'."
6. I tried a version (3.79.1) of make.exe from 2000, extracted from ftp://ftp.ntua.gr/mirror/mingw/OldFiles/MSYS-1.0.8-rc-7.exe  but it gave the same result.

What is the expected result of running make.exe on Makefile.txt?  I assumed it was to compile aspell and leave it in c:\aspell ?  How would I do that?

Ciarán Ó Duibhín.