VS2008 SDK bug:could not get dependencies for project reference
this appears to be an official bug in the VS SDK:
https://connect.microsoft.com/VisualStudio/feedback/ViewFeedback.aspx?FeedbackID=276380
This is the exact problem I have been encountering. Hopefully it will
be fixed in the next version of the SDK, or some work around will be
posted. It's just an annoyance for now.