xfs_repair failing

[Yogesh Bhanu <yogesh@xxxxxx>]

Hi all ,
          My SLES9 xfs file server has runinto some problems,
It started with storage acting flaky, though xfs had switched the 
filesystem inquestion  offline. After I have fixed the problem on the 
storage. I tried running xfs_repair.(Before that I have mounted the file 
system in question).
The system ends up with the following error message.

 xfs_repair -v -n /dev/vg01/data01
Phase 1 - find and verify superblock...
Phase 2 - using internal log
        - scan filesystem freespace and inode maps...
        - found root inode chunk
Phase 3 - for each AG...
        - scan (but don't clear) agi unlinked lists...
        - process known inodes and perform inode discovery...
        - agno = 0
imap claims a free inode 292381 is in use, would correct imap and clear 
inode
xfs_repair: read failed: Input/output error
cannot read inode 292448, disk block 146224, cnt 32

Any Ideas , to fix the error or should I head for backups.

System configuration . SLES 9 with SP3 on AMD Opteron (246) Dual 
Processor system with 8 GB RAM . Storage is connected (DS4300)  by FC 
and uses LVM to mount 3.5 TB volume.