I'm using Windows 7 x64.
* Download Visual Studio Express 2012 (it's free, you only need to register it after using it 30 days) from http://www.microsoft.com/en-us/download/details.aspx?id=34673
* After installation it may say VS2012 is not compatible with this version of Windows. Install the update: KB2781514 from http://www.microsoft.com/en-us/download/details.aspx?id=36020.
* Install PowerShell 3.0 from http://www.microsoft.com/en-us/download/details.aspx?id=34595
* Download DotNetZipLib-Devkit-1.9.zip from https://dotnetzip.codeplex.com/releases/view/68268 and extract it.
* Download Arsenal-Image-Mounter from https://github.com/ArsenalRecon/Arsenal-Image-Mounter (there's a link to 'Download ZIP' at the right), and unpack it: https://github.com/ArsenalRecon/Arsenal-Image-Mounter/archive/master.zip
Start Visual Studio Express 2012 and open the Visual Studio Solutions file in the UserMode directory called ArsenalImageMounter.sln. At the right you should see a 'Solution Explorer' in which 8 projects can be seen. Repeat this step for each project:
Right-click a project, click 'Add-Reference'. The Reference Manager will pop-up. Click 'Browse' in the left side of the screen. Point it to 'Ionic.zip.dll', which should be in the Tools subdirectory of the directory where you extracted DotNetZipLib-Devkit-1.9.zip. Click OK.
After you have done this for each project, you can go to the Build Menu in the main screen of Visual Studio, and click 'Build Project'. That's it. If successful, the binaries are placed in the UserMode\ArsenalImageMounterControl\bin\Release\ folder.

Install the driver with the ArsenalImageMounter-DriverSetup.exe utility (in the DriverSetup folder). Finally, copy the libewf.dll, msvcr100.dll and zlib.dll from the MountTool subdirectory in the root to the UserMode\ArsenalImageMounterService\bin\Release directory.
Now, everything should work from the command line.