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There are two different Win32

There are two different Win32 distributions of 0.11:
-Win32, compiled and linked by Visual Studio 2008
-Win32-MinGW - made by MinGW with gcc 4.4

These versions are not compatible.

MinGW version does not contain any .dll, only libraw.a for static linking.

You need either rebuild LibRaw from sources using mingw (mingw32-make -f Makefile.mingw) or download already built -MinGW version.

Direct link to 0.11.3/MinGW:

-- Alex Tutubalin @LibRaw LLC