Version conflict - assembly.loadfrom

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C#4.0

I am trying to load multiple dlls from an application at runtime.
For example like below.

Assembly assembly = Assembly.LoadFrom("MyNice.dll");
Type type = assembly.GetType("MyType");
object instanceOfMyType = Activator.CreateInstance(type);

Assembly assembly = Assembly.LoadFrom("MyAnotherNice.dll");
Type type = assembly.GetType("MyType");
object instanceOfMyType = Activator.CreateInstance(type);

Both

MyNice.dll and MyAnotherNice.dll

are referring to a same library with different versions. Say Reflib.dll and Reflib.dll.

Question : Is this possible and if yes how will the versions of

Reflib.dll  

library reference will get resolved runtime as both the version has significant differences in functionality.

What I have tried:

I have not really tried this,but I have requirement to implement this and I am sure I have such scenario to handle. I am looking for the best practices professionals follow or adopt.