Sharepoint 2010 - Visual studio 2010 error -> Error occurred in deployment step 'Add Solution': Failed to load receiver assembly

Hello,

I get the following error when trying to attach an event reciver ->

Error occurred in deployment step 'Add Solution': Failed to load receiver assembly . The system cannot find the file specified.

This happens only when i try to change the deployment target from "GlobalAssemblyCache" to "WebApplication".

Steps to reproduce->

1. Create a new feature and add an event receiver. Deploy the solution. Everything works fine.(Since deployment target is GlobalAssemblyCache). If you now change the deployment target to "WebApplication" , it works too.

2. Now, restart visual studio. Change Deployment target to  "WebApplication" without deploying the solution. And you get the above error.

3. Every time you restart your visual studio with deployment target as "WebApplication", you will receive this error.

Any idea?? Manual deployment of the solution works fine too.

When i go to virutal path bin directory, the dll is missing because of which the error occurs. Dont know why, it doesnt copy the dll to bin?

Thanks in advance,