Crystal Reports Error Loading CR Runtime

Message

     I'm developing in VB 2008 with CR XI R 2 SP 6 in Windows 7 Home Premium 64 bit

In a new project I'm working on, when I execute

Dim ExternalReport As ReportDocument = New ReportDocument

It throws a TypeInitializationError thats says, in part, 

 "Either the Crystal Reports registry key permissions are insufficient or Crystal Reports runtime is not installed correct"

HOWEVER, I have another project on my machine (from which I lifted code for the new project) and all the calls to CR from that project work fine.

I've been through the new project several times and I can't find anything different from the project where it works.

I installed Service packs 5 and 6 for CR XI R2 but it didn't help.

Anyone able to offer any ideas?

Thanks in advance

Larry