diff --git a/ChangeLog b/ChangeLog
index db31f4f..e9c797f 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -5,6 +5,15 @@
 # Distributed under the GPL v2
 # $Id$
 
+  29 Jan 2011; Sebastian Pipping <sping@gentoo.org> genkernel:
+  Bump version to 3.4.12.3
+
+  29 Jan 2011; Sebastian Pipping <sping@gentoo.org> gen_compile.sh:
+  No longer require device mapper bincache for compiling lvm (bug #353026)
+
+  Special thanks:
+  - Peter Hjalmarsson
+
   27 Jan 2011; Sebastian Pipping <sping@gentoo.org> genkernel:
   Bump version to 3.4.12.2
 
@@ -36,7 +45,7 @@
   - Craig Andrews (Testing)
   - Laurent Pinchart (mdmon/IMSM support)
   - Matthias Dahl (Initial patch)
-  - Xake (Testing)
+  - Peter Hjalmarsson (Testing)
 
   20 Jan 2011; Sebastian Pipping <sping@gentoo.org> genkernel:
   Bump version to 3.4.11.1
@@ -46,7 +55,7 @@
   .config (whereas "make clean" does not) (bug #351906)
 
   Special thanks:
-  - Xake
+  - Peter Hjalmarsson
 
   20 Jan 2011; Sebastian Pipping <sping@gentoo.org>
   patches/busybox/1.18.1/1.18.1-mdstart.diff:
diff --git a/gen_compile.sh b/gen_compile.sh
index 49caf91..b60b921 100755
--- a/gen_compile.sh
+++ b/gen_compile.sh
@@ -417,8 +417,10 @@ compile_busybox() {
 }
 
 compile_lvm() {
-	if [ ! -f "${LVM_BINCACHE}" ]
+	if [ -f "${LVM_BINCACHE}" ]
 	then
+		print_info 1 "lvm: >> Using cache"
+	else
 		[ -f "${LVM_SRCTAR}" ] ||
 			gen_die "Could not find LVM source tarball: ${LVM_SRCTAR}! Please place it there, or place another version, changing /etc/genkernel.conf as necessary!"
 		cd "${TEMP}"
@@ -427,10 +429,6 @@ compile_lvm() {
 			gen_die 'Could not extract LVM source tarball!'
 		[ -d "${LVM_DIR}" ] ||
 			gen_die 'LVM directory ${LVM_DIR} is invalid!'
-		rm -rf "${TEMP}/device-mapper" > /dev/null
-		/bin/tar -jxpf "${DEVICE_MAPPER_BINCACHE}" -C "${TEMP}" ||
-			gen_die "Could not extract device-mapper binary cache!";
-		
 		cd "${LVM_DIR}"
 		apply_patches lvm ${LVM_VER}
 		print_info 1 'lvm: >> Configuring...'
diff --git a/genkernel b/genkernel
index a450bc3..afe8fc4 100755
--- a/genkernel
+++ b/genkernel
@@ -2,7 +2,7 @@
 # $Id$
 
 PATH="${PATH}:/sbin:/usr/sbin"
-GK_V='3.4.12.2'
+GK_V='3.4.12.3'
 
 # Set the default for TMPDIR.  May be modified by genkernel.conf or the
 # --tempdir command line option.