Need help with building dmd

[Phil Lavoie via Digitalmars-d-learn]

I'm trying to build dmd from source but "make" can't open the 
makefile.

I checked out the source and everything and the make version I 
use is the one that comes with the distribution:
Digital Mars Make Version 5.06

So I'm in the source folder (...\dmd2\src\dmd\src), I can clearly 
see that there is the file win32.mak present and I run:
make release -fwin32

Here is the output:
Error: can't read makefile 'win32'

I'm building on Windows btw.

Thanks,
Phil