Adding reference to item templates throws error

Any idea how can I add custom assembly reference to the item template that has no strong name or not in GAC. I want to reference the assembly from bin folder of my local project. 

When I add a reference to my assembly like this:

<Reference>        <Assembly>MyWebUtils, Version=8.3.842.0, Culture=neutral, PublicKeyToken=</Assembly></Reference>

I get error when I use this template that "I can't add the assembly xyz to the project".