Corrected the .cproject file, it works now
There are a couple of fixed paths in the file, change as needed
The relevant setup used is:
- Gentoo linux
- Eclipse 4.3.1 from funtoo-overlay, basically just an unpack of the original tar.gz
- GNU ARM Eclipse plugin version 2.2.1-201404120702 from:
  http://sourceforge.net/projects/gnuarmeclipse
  NOTE: you need to install module:
        GNU ARM C/C++ Development Support (End of life)
- Launchpad toolchain version gcc-arm-none-eabi-4_8-2014q1-20140314 from:
  https://launchpad.net/gcc-arm-embedded/+download
  NOTE: unpacked this in /usr/local
Merge pull request #10 from remspoor/forUpstream

Corrected the .cproject file, it works now