GRUB Bootloader has errors on kernel update

[marioland]

I updated from Kernel
2.6.18-92.1.13.el5 to 2.6.18-92.1.22.el5
When grub boots the new kernel i get

Mount: missing mount point
setuproot: error moving /dev: No such file or Directory
setuproot: error mounting proc: No Such File or Directory
setuproot: error mounting /sys: No Such File or Directory
Switchroot: mount failed: No Such File or Directory
Kernel Panic- Not Syncing: attempted to kill init

The older kernel boots right into the prompt,

Any guidance would be greatly appreciated.

using RHEL5 as you can tell from the kernels

[jayd512]

Did you already update your /etc/grub.conf to reflect the new kernel?