Something wrong with my keil?

Hi, I have tested my ARM7 stamp baord with some of the supplied test HEX files including UART test with Tera Term. All good.

My problem however is when I generate the hex files myself with Keil uv3. Do you have any idea what I possibly could have wrong ?

I am using the supplied source files, startup file, headers etc. When I compile I have 0 errors, 0 warnings and the hex file is produced.

I appreciate any help.

thanks