May be you are inputting wrong path of your ClassLibrary1.dll
Do this,
Open Visual Studio Command Prompt
the default path it shows is "C:/Program Files/Microsoft Visual Studio 8/VC" [ for VS2005]
Change directory to your ClassLibrary1.dll folder. For example if your ClassLibrary1.dll is in D:/MYPROG/folder/debug
change your drive to D:
D:/> [press enter]
D:/> CD D:/MYPROG/folder/debug [press enter]
D:/MYPROG/folder/debug>tlbexp ClassLibrary1.dll ClassLibrary1.tlb