Permission denied on IIS under Server 2003R2 with .NET4

I am currently trying to run a Silverlight application and ASP.NET file deployed under .NET 4 Beta with IIS on server 2003 R2. Unfortunately I get the following error:

Failed to initialize the AppDomain:/LM/W3SVC/86268210/ROOT/time_sl

Exception: System.IO.FileLoadException

Message: Could not load file or assembly 'System.Web, Version=, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. Access is denied.

Any thoughts on how this might be resolved?
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Springy555Connect With a Mentor Commented:
Try giving NTFS permissions on your web root / home directory and all folders underneath to the IIS_WPG local security group.
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