[MC-137340] Fatal Process crashed with exit code 255

Game crashes after starting new world with exit code 255, I have tried increasing the available ram to from -Xmx1G to -Xmx3G in the JVM arguments:

Amended Video options as per attachment

Environment

Intel I5-3210M CPU @2.5GHZ

8GB Ram

64bit Windows 8.1 Operating System x64 based processor

Java Executable: Minecraft Bundled

JVM Arguments:

-Xmx3G -XX:+UnlockExperimentalVMOptions -XX:+UseG1GC -XX:G1NewSizePercent=20 -XX:G1ReservePercent=20 -XX:MaxGCPauseMillis=50 -XX:G1HeapRegionSize=16M

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