I have Seagate's BlackArmor Backup, a rebranded Acronis True-Image (2010 version, I think), and I get similar results when trying to "mount a backup as a drive letter" with Symantec Endpoint Encryption (SEE) installed and running. I'm running XP Pro on work laptop, a Dell D630.
I'm mounting a backup stored on a NAS drive accessed via UNC location; creating the backup is no problem, and I have no trouble reading and writing to the NAS drive, either via UNC or mounted drive letter. But the mounted backup (which I assume is a VHD image, or similar technology) takes forever to mount, is reported as mounted by BlackArmor Backup, but then I get "R: is not accessible, access is denied" when double-clicking on the drive letter. (Additional note: no amount of F5 refreshing of any already-open Windows Explorer will show the drive letter among the available drives; you have to open a new Windows Explorer window for it to even be visible.)
Seagate's support site at
http://seagate.custkb.com/seagate/crm/selfservice/search.jsp?DocId=211371&NewLang=en
suggests turning off entryption/security, which of course my company won't permit. Surely there should be a work-around that would allow this mount to succeed.
It worked without fail before installation of SEE a couple of months ago. I've been doing these backups regularly for almost a year, and occasionally mounting the drives to review deleted files.