NCover 1.5.4 error when running coverage for .net 2.0

I'm using ncover to run coverage on unit test assembly built using .NET 2.0 and running in nunit 2.2.8

I get an error Format of Project File invalid, is NCover 1.5.4 doesnot support .NET 2.0 ?

It works with out any problems for unit tests built using .NET 1.1

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