The pre-application start initialization method Run on type WebActivator.ActivationManager threw an exception

I'm trying to run an ASP MVC 4 application on IIS. When I publish MVC 4 application from Basic template - without any dependencies apart from these made by the wizard - application works. But when I publish other application, that is using WebActivator and many other libs, I see this error:

Could not load file or assembly 'System.Core, Version=2.0.5.0, Culture=neutral, PublicKeyToken=7cec85d7bea7798e, Retargetable=Yes' or one of its dependencies. The given assembly name or codebase was invalid. (Exception from HRESULT: 0x80131047) 

And complete stack trace:

[FileLoadException: Could not load file or assembly 'System.Core, Version=2.0.5.0, Culture=neutral, PublicKeyToken=7cec85d7bea7798e, Retargetable=Yes' or one of its dependencies. The given assembly name or codebase was invalid. (Exception from HRESULT: 0x80131047)] System.ModuleHandle.ResolveType(RuntimeModule module, Int32 typeToken, IntPtr* typeInstArgs, Int32 typeInstCount, IntPtr* methodInstArgs, Int32 methodInstCount, ObjectHandleOnStack type) +0 System.ModuleHandle.ResolveTypeHandleInternal(RuntimeModule module, Int32 typeToken, RuntimeTypeHandle[] typeInstantiationContext, RuntimeTypeHandle[] methodInstantiationContext) +180 System.Reflection.RuntimeModule.ResolveType(Int32 metadataToken, Type[] genericTypeArguments, Type[] genericMethodArguments) +192 System.Reflection.CustomAttribute.FilterCustomAttributeRecord(CustomAttributeRecord caRecord, MetadataImport scope, Assembly& lastAptcaOkAssembly, RuntimeModule decoratedModule, MetadataToken decoratedToken, RuntimeType attributeFilterType, Boolean mustBeInheritable, Object[] attributes, IList derivedAttributes, RuntimeType& attributeType, IRuntimeMethodInfo& ctor, Boolean& ctorHasParameters, Boolean& isVarArg) +115 System.Reflection.CustomAttribute.GetCustomAttributes(RuntimeModule decoratedModule, Int32 decoratedMetadataToken, Int32 pcaCount, RuntimeType attributeFilterType, Boolean mustBeInheritable, IList derivedAttributes, Boolean isDecoratedTargetSecurityTransparent) +426 System.Reflection.CustomAttribute.GetCustomAttributes(RuntimeAssembly assembly, RuntimeType caType) +103 System.Reflection.RuntimeAssembly.GetCustomAttributes(Type attributeType, Boolean inherit) +64 WebActivator.AssemblyExtensions.GetActivationAttributes(Assembly assembly) +113 WebActivator.ActivationManager.RunActivationMethods() +216 WebActivator.ActivationManager.RunPreStartMethods() +28 WebActivator.ActivationManager.Run() +55

[InvalidOperationException: The pre-application start initialization method Run on type WebActivator.ActivationManager threw an exception with the following error message: Could not load file or assembly 'System.Core, Version=2.0.5.0, Culture=neutral, PublicKeyToken=7cec85d7bea7798e, Retargetable=Yes' or one of its dependencies. The given assembly name or codebase was invalid. (Exception from HRESULT: 0x80131047).]
System.Web.Compilation.BuildManager.InvokePreStartInitMethods(ICollection`1 methods) +423
System.Web.Compilation.BuildManager.CallPreStartInitMethods() +306
System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters, PolicyLevel policyLevel, Exception appDomainCreationException) +591

[HttpException (0x80004005): The pre-application start initialization method Run on type WebActivator.ActivationManager threw an exception with the following error message: Could not load file or assembly 'System.Core, Version=2.0.5.0, Culture=neutral, PublicKeyToken=7cec85d7bea7798e, Retargetable=Yes' or one of its dependencies. The given assembly name or codebase was invalid. (Exception from HRESULT: 0x80131047).]
System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +8946484 System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +97 System.Web.HttpRuntime.ProcessRequestInternal(HttpWorkerRequest wr) +258

Is is IIS6 related issue, or I'm missing something on the server?