You should read the actual error messages; it is trying to create a partition at 0x00800000. Now, if you plug this in calculator, you will see that this is 8 Megabytes, or 64 Mbit. As hippo said, you do not have this much space on your configuration device. You need to go into ./drivers/mtd/maps/epcs_map.c and edit the partitions to suite your needs. Then, you will have to create a filesystem on the EPCS device since you are trying to mount root on it. Read the EPCS Guide in the Wiki, or this one:
http://www.fps-tech.net/docs/epcs-ug.pdf (
http://www.fps-tech.net/docs/epcs-ug.pdf)