freetype_versioncheck.exe - Unable To Locate Component

When building with OPENJDK=true on Windows XP using the Visual Studio 2008 compiler the sanity check fails claiming "ERROR: FreeType version 2.3.0 or higher is required."

Upon investigation it was determined that build/windows-i586/btbins/freetype_versioncheck.exe built OK.

Running freetype_versioncheck.exe in a Cygwin window gives no output and exit status = 53

Running the same executable in a "Visual Studio 2008 Command Prompt" window generates a pop-up. Here is an ascii replica:

   freetype_versioncheck.exe - Unable To Locate Component

   This application has failed to start because FreeType-2.1.10-MSVC-8b2.dll was not found. Re-installing the application may fix this problem.

                        [ OK ]