“Could not load file or assembly System.Drawing or one of its dependencies” error on .Net 2.0, VS2010 and Windows 8

This is a bug. I have seen it too. It happens because your .resx file is pointing to 4.0.0.0 version of System.Drawing where one does not exist. To overcome this problem i usually edit the .resx in notepad to change 4.0.0.0 to 2.0.0.0. The bug is introduced by following the exact steps that you have outlined.

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