$ make V=1
make[1]: Entering directory `/home/Joe/znc/man'
make[1]: Nothing to be done for `all'.
make[1]: Leaving directory `/home/Joe/znc/man'
g++  -shared -o libznc.dll src/ZNCString.o src/Csocket.o src/znc.o src/IRCNetwork.o src/User.o src/IRCSock.o src/Client.o src/Chan.o src/Nick.o src/Server.o src/Modules.o src/MD5.o src/Buffer.o src/Utils.o src/FileUtils.o src/HTTPSock.o src/Template.o src/ClientCommand.o src/Socket.o src/SHA256.o src/WebModules.o src/Listener.o src/Config.o src/ZNCDebug.o -lssl -lcrypto -lz
/usr/lib/gcc/i686-pc-cygwin/3.4.4/../../../../i686-pc-cygwin/bin/ld: cannot find -lz
collect2: ld returned 1 exit status
Makefile:83: recipe for target `libznc.dll' failed
make: *** [libznc.dll] Error 1

Joe@JoeDesktop ~/znc