<Add library="exchndl.dll" />
...
To conform to usual practice:
1. "-lexchndl.dll" should be changed to "-lexchndl" in the link command
...
I hope I am not wasting people's time on this.
For instance, when ld is called with the argument '-lxxx' it will attempt to find, in the first directory of its search path,
libxxx.dll.a
xxx.dll.a
libxxx.a
xxx.lib
libxxx.lib
cygxxx.dll (*)
libxxx.dll
xxx.dll
before moving on to the next directory in the search path.