not a valid .NET assembly for framework V 4.5 error

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I create a DLL on VS2012 on windows 7 with .NT framework 4.5.
Under Property > application > target framework: I select "framework 4.5"
I build and when I try to regasm and gasutil, I get: "this is not a valid .NET framework"

NOW, when I do the exact same thing under target framework 2.0 everything is fine.
So I am not sure what is going on.

I thought since my PC was upgrade to 4.5 then I can select 4.5 framework during the compiling.

any thoughts?
Thanks



ALSO it gives the same error for anything more than framework 2.0!!!