'warning MSB3246: Resolved file has a bad image, no metadata after replacing Project Reverence to Binary Reference

After Replacing My project VCXproj (C++) References from 'ProjectReference' to 'Reference' I get the following Warning

warning MSB3246: Resolved file has a bad image, no metadata

PROJECT REFRENCE

 <ProjectReference Include="..\..\system\MyRef\MyRef.vcxproj">
  <Project>{d6fa9245-29e5-4a94-b36b-b7ea9fad25f8}</Project>
  <Private>false</Private>
 </ProjectReference>

Binary Reference

<Reference Include="MyRef">
  <Private>False</Private>
  <HintPath Condition="'$(Platform)' == 'x64'">c:\bis\bin\x64\MyRef.dll</HintPath>
  <HintPath Condition="'$(Platform)' != 'x64'">c:\bis\bin\MyRef.dll</HintPath>
</Reference>

Please Advise

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'warning MSB3246: Resolved file has a bad image, no metadata after replacing Project Reverence to Binary Reference

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