Kernel panic while reseting root pass

[emoxam]

Hi!
I have a server with a console, i need to have root access.
In a GRUB i press 'e' in the end of 'kernel' string,
add init=/bin/sh - kerenel panic
add init_opts=1 init=/bin/sh - Kernel panic

I am looking at http://www.gentoo-wiki.info/TIP_Booting_into_single_user_mode#GRUB
I am a neebie to Gentoo, i working with FreeBSD some time.
Here's a screenshot with panic.
http://s020.radikal.ru/i700/1308/7a/9a498b76d2e0.png
What should i try ?
Thank you

P.S. I am not using Live CD because i have LVM, and i don't know how to handle it from a Live CD.

[quilosaq]

Post your grub.conf. Al least all commands of entry you are selecting.