"no compiler can produce code for this qt version"

Hi all, Although this error has been discussed previously, I’ve been unsuccessful so far trying to fix it. I’ve installed Qt 5.1.1 for Windows 64-bit (VS 2012, OpenGL) on my windows7 PC. I have also msvc express edition installed, nmake is recognized in the path, still the error persists. Been stuck for hours on the issue, so any help will be greatly appreciated. Thanks in advance.