Assembly binding redirections problem in .NET 2.0 Web Service

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I have a .NET 2.0 Web Service that is using a strongly named .NET 1.1 dll
with a version of 1.0.1.0. If we change the version of the 1.1 dll that the
web service is using to 1.0.2.0 we get an expected type load exception when
the webservice loads saying it wants the 1.0.1.0 version it was built with.

This is fine, the problem we are having is if we provide assembly
redirections in the Web Service to redirect the 1.0.1.0 to use 1.0.2.0 it
seems to ignore the bindings so it will still keep throwing the type load
exception even though it should be using the redirected assembly.

Here is the contents of the web.config:

<configuration>
<runtime>
<assemblyBinding xmlns="urn:schemas-microsoft-com:asm.v1">
<dependentAssembly>
<assemblyIdentity name="Engine" culture=""
publicKeyToken="57ec80d56c1fa759">
<bindingRedirect oldVersion="1.0.1.0" newVersion="1.0.2.0" />
</assemblyIdentity>
</dependentAssembly>
</assemblyBinding>
</runtime>

<appSettings/>
<connectionStrings/>.........

We have produced a sample project that reproduces this behaviour, let me
know if you need it.

Ideally we are hoping to get redirections working. We used Visual Studio
..NET 2005 for the WebService and Visual Studio .NET 2003 for the dependant
dll. All assemblies were signed.