Java Model Exception in BestGuessConsoleConfigurationVisitor

Test case:
1. Right click on some JavaProject
2. New Hibernate Configuration File
3. Select not java project as location for file
4. Newxt
5. Check Create Console Configuration
6. Next
Observe the exception

Java Model Exception: Java Model Status [booking-ear does not exist]
at org.eclipse.jdt.internal.core.JavaElement.newNotPresentException(JavaElement.java:495)
at org.eclipse.jdt.internal.core.JavaModelManager.getPerProjectInfoCheckExistence(JavaModelManager.java:2285)
at org.eclipse.jdt.internal.core.JavaProject.getPerProjectInfo(JavaProject.java:1907)
at org.eclipse.jdt.internal.core.JavaProject.getOutputLocation(JavaProject.java:1734)
at org.hibernate.eclipse.console.wizards.BestGuessConsoleConfigurationVisitor.visit(BestGuessConsoleConfigurationVisitor.java:86)