Error "The type or namespace xxxx does not exist" when compiling Moles in Visual Studio 2012

I am attempting to compile an existing project (targets .NET4) developed in Visual Studio 2010 and now testing migration to VS2012.

When I compile my existing project with moles, I get the following error a lot.

The type or namespace name 'Claim' does not exist in the namespace 'System.Security.Claims' (are you missing an assembly reference?) [C:\ProjectPath\Project.Tests.Unit\obj\Debug\Moles\m\m.g.csproj] C:\ProjectPath\Project.Tests.Unit\m.g.cs

There is a huge list of various types that show this message.

Any thoughts?