Problem with rendering in After Effects CC 2017

After Effects CC 2017 is not rendering either by "add to render queue" or by the Adobe Media Encoder.

My system is:

Windows 7

64 bit operating system

16GB RAM

Intel i7-2600CPU@3.40GHz

GeForce GTX 570/PCIe/SSE2 (version 2.1.2 NVIDIA 361.43, Total Memory: 1.20GB, Shader Model: 4.0 or later

This is my disk cache setup and I also purge often..

When I try and render the composition by "add to render queue" it comes up with the message..."out of disk space 26::165...." yet I have lots of disk space.

When I try and render by adobe media encoder, it gets stuck and then fails and in the log it says:

- Encoding Time: 00:55:44

01/16/2017 04:46:17 PM : Encoding Failed

------------------------------------------------------------

Export Error

Error compiling movie.

Render Error

Render returned error.

Writing with exporter: H.264

Writing to file: \\?\E:\Video Drive1\Chaucer\IntroVideo\TestAME.mp4

Writing file type: H264

Around timecode: 00;01;28;03 - 00;01;28;19

Rendering at offset: 88.121 seconds

Component: H.264 of type Exporter

Selector: 9

Error code: -1609629695

Can anyone help please?