user831090 is right that the problem is with the version of Tools. In the interest of others (since I spent a lot of time on this), the exact error message is:
The "elements" of a file cannot be opened because there is no such file.
To fix the problem, you need to change the version of Tools in Xcode 4.1 to Lion. In Xcode, there is no way to change the version of Tools in earlier versions.
To do this, select the data model in the project tree, make sure that you show the Utilities panel to the right of the Xcode window, and you see a drop-down menu to change the version of Tools. Change it to "Xcode 3.2".

source share