"Bad interpreter" shell messages

[Robert L Cochran <cochranb@xxxxxxxxxxxxx>]

I'm trying to run a small shell script to supply options to the 
configure script in postgresql 8.0, which was released a few days ago. 
When I try to do this in Fedora Core 3, I get thiis mesage:

bash: ./configit.sh: /bin/sh: bad interpreter: Permission denied

I'm doing this from a second hard drive that I've mounted. The second 
drive has an older release of Fedora Core on it:

[rlc@bobcp4 postgresql-8.0.0]$ pwd
/mnt/any/home/rlc/postgresql-8.0.0

Here is the directory listing for the script I want to execute:

-rwxrwxr-x   1 rlc rlc    155 Jan 29 22:22 configit.sh

What am I doing wrong -- why am I getting the "Permission denied" messages?

Thanks

Bob Cochran