How to configure Manifest File settings in VS2010

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VisualC++

I have an application which uses third party libraries (.Lib,.h). These libraries are compiled on VS2005. Our environment uses VS2010 and in project setting we have selected "Generate Manifest" to "Yes" (Configuration Properties-->Linker-->Manifest File-->Generate MAnifest). Once we change this setting our application searches for assemblies of VS2005 and that is the reason we have set the value of to ("Generate Manifest" to "NO" ). Now the application wont complain and run smoothly.
But now for some functionalities I want need to make this setting to "Yes" and if we make it our application wont run and gives following error.

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Microsoft Visual Studio
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Unable to start program 'D:\Code\Debug\Myapp.exe'.



This application has failed to start because the application configuration is incorrect. Review the manifest file for possible errors. Reinstalling the application may fix this problem. For more details, please see the application event log.

Please suggest me some alternative so that I shd be able to use the same library files with
"Generate Manifest" to "Yes".