GraphicsMagick C++ configuration (.dll not found)

[cppquest]

I installed GraphicsMagick under MinGW on Windows Vista.
After I try to compile and link the following program (which includes a exemplary code from GraphicsMagick documentation) with this command line:

g++ -o GraphicsProj1 GraphicsProj1.cpp `GraphicsMagick++-config --cxxflags --cppflags --ldflags --libs` 

The executable gets created - however when trying to run it, the warning window pops up with the message:

"This application has failed to start because bzip2.dll was not found."

I reconfigured GraphicMagick with the following sequence of commands (and added enable-shared option)

make distclean
./configure  --enabe-shared CPPFLAGS='-I/mingw/GnuWin32/include' LDFLAGS='-L/mingw/GnuWin32/bin -L/mingw/GnuWin32/lib'
make
make install

And now I'm getting the error: libGraphicsMagick-3.dll was not found (when trying to run the .exe)

Those are the last lines from the config.log

#define GM_BUILD_CONFIGURE_ARGS "./configure  'CPPFLAGS=-I/mingw/GnuWin32/include' 'LDFLAGS=-L/mingw/GnuWin32/bin -L/mingw/GnuWin32/lib' --enable-ltdl-convenience"
#define GM_BUILD_HOST "i686-pc-mingw32"
#define GM_BUILD_CC "gcc -std=gnu99"
#define GM_BUILD_CXX "g++"
#define GM_BUILD_CFLAGS "-g -O2 -Wall"
#define GM_BUILD_CPPFLAGS "-I/mingw/GnuWin32/include -D_LIB -D_MT"
#define GM_BUILD_CXXFLAGS "-g -O2"
#define GM_BUILD_LDFLAGS "-L/mingw/GnuWin32/bin -L/mingw/GnuWin32/lib"
#define GM_BUILD_LIBS "-ljbig -ltiff -lfreetype -ljpeg -lpng -lwmflite -lbz2 -lz -lgdi32 -lm" 

There is probably something to fix regarding dynamic linking but I don't what to change.. Any help appreciated!