Now, before you say it: I did Google and my hbm.xml file is an Embedded Resource.
Here is the code I am calling:
If running tests on the repository from a seperate assembly, then make sure your Hibernate.cfg.xml is set to output always in the bin directory of said assembly. This wasn't happening for us and we got the above error in certain circumstances.
Disclaimer: This might be a slightly esoteric bit of advice, given that it's a direct result of how we structure our repository integration test assemblies (i.e. we have a symbolic link from each test assembly to a single Hibernate.xfg.xml)