It's the "Roughing/Finishing" parameter.
"Roughing / Finishing
The Roughing / Finishing property is used to select the machining method. If Roughing is selected, a number of straight passes are used at each depth increment, down to the source shape + roughing clearance, followed by a single cut at the roughing clearance distance that follows the shape. For Finishing, a single cut that follows the shape at the roughing clearance distance is used. "
It looks like setting both to "Finishing" is no good because the "Roughing" pass removes all the material down to the profile + clearance.
I tried it on CamBam 0.9.8 with same result, also tried moving it to right of Y0, also tried removing all lines other than 12, still no good.

The attachments were perfect.
