Try updating the IIS web application web.config by doing the following
<compilation debug="true">
<assemblies>
<add assembly="MyWcfAssembly, Version=1.0.0.0, Culture=neutral, PublicKeyToken=AAAAAAAAAA"/>
From my experience, this is sometimes necessary when the dll is not copied locally and needs to be read from the GAC.
You also need to reload the application domain for your web page in order to use the latest build installed in your GAC. You can reload the domain of your application by running iisreset by touching the web.config or iis manager.
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