Issue with Visual Studio Express for Windows Phone

I have just thought of working on Windows App Development with a Friend of mine, but before I could start I'm experiencing an issue with Visual Studio Express for Windows Phone while Creating a New Project.

Whenever I try making a Project, a window pops up saying “Member not found. (Exception from HRESULT: 0x80020003 (DISP_E_MEMBERNOTFOUND))”

Please provide directions to its Fix, and also do consider me as Newbie =p PS: I'm using Windows 8.1 64 Bit