Xamarin Live error because of mscorlib

I am trying to use Xamarin live player, i did pair the device to the visual studio but when i run i get this error

"The type 'Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'mscorlib, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089'

When i try to reference mscorlib, visual studio says its already referenced

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