Reading all the wonderful things the new ProGuard Improvements for Android do, I switched to to the new scheme by uncommenting the following line in a newly created
Your declaration is:
proguard.config=${sdk.dir}\tools\proguard\proguard-android.txt;proguard-project.txt
The Correct declaration is (: instead of;):
:
;
proguard.config=${sdk.dir}\tools\proguard\proguard-android.txt:proguard-project.txt