I am having some issues with my machine actually generating moles assemblies. Every tutorial I have run into has simply said the following steps:
1) Install it.
2) Right click a reference and click "Add Moles Assembly".
Following these steps it should generate a ".moles" file and also the set of assemblies as well. My VS 2010 install generates the ".moles" file, but does not generate the assemblies (to my knowledge) at all-- or it just isn't adding them to the project file as a reference. I am thinking it could be a problem with my Windows 7 install since it is a company build and they tend to like to lock things down.
Have you tried building your solution after you clicked "Add Moles Assembly"?