I have an iOmega Nas connected to my iMac and spent a frustrating weekend trying to get TM to work with exactly the same message as YELMONDO, and then I found this post on the iOmega site which worked for me:
After working on this all day, I think I may have a possible solution:
NOTES:
1) I use a MacBook Air and store most all of my documents in the cloud, thus I wasn't concerned about deleting my previous Time Machine backups.
2) I primarily use Time Machine as a fail safe to backup any documents I may have local on the Mac before moving them to the cloud. Also use Time Machine in case I have a failure of the machine and can go back to where it was good of course.
3) I have been backing up to this iomega px4-300d for about 1 year on OS X Lion, just recently Mountain Lion.
4) I have had intermittent problems with the backups failing Time Machine's verification about 2-3 times per month. It is a huge hassle to start the backup over (as is in the only choice in OSX), while frustrating, it doesn't kill me because of #1 above.
PROBLEM:
Getting same error as those here that Time Machine could not connect to the backup drive. First time I've seen this error was after installing Mountain Lion (OS X 10.8).
SOLUTION:
Tried many of the solutions here without success.
Here is what worked:
1) Disconnected the Time Machine share/drive from the Time Machine interface on the Mac.
2) Since I didn't really care too much about what was contained in the backups on the iomega NAS, I deleted everything in the Time Machine Share through the Finder interface on the Mac. (See #1 in Notes as to why this was OK for me, it may not be for you.)
3) Went to the broswer-based interface for the iomega NAS (in my case the px4-300d) and deleted the folders containing the backups from the Time Machine control panel on the NAS.
4) Rebooted the NAS.
5) Restarted the Mac.
6) Went to the Time Machine interface on the Mac and selected a new backup disk - in this case the now empty Time Machine Share. (Note: as another poster mentioned, you may now see all of the Shares on your NAS as possible Time Machine destinations). Further Note: Under Mountain Lion you can rotate your Time Machine backup between multiple destinations (you can pick multiples Shares). This is a new feature in OS X 10.8.
7) Interesting issue: If at this point I right/alt clicked the Time Machine icon in the Menu bar, and selected Backup Now, it would give me the same error message about not finding the disk. IF HOWEVER you right/alt click on the icon of the Share in the Time Machine preferences dialogue box and select Backup Now it will work.
8) Doing the above created a new sparesbundle file for me (and the accompanying hidden folders/files in the Time Machine Share.
9) The backup completed SUCCESSFULLY. Backups throughout the day also completed without issue. Time Machine was able to restore test files SUCCESSFULLY.
10) INTERESTING NOTE / POSSIBLE CAUTION: In the browser-based interface of the NAS under the Time Machine control panel, I no longer see a specific backup folder that was created for my Mac. There are no folders listed. IOMEGA EMPLOYEES: Does this matter? Will it cause a future issue? What if there is another Mac backing up to the same Share? (I am testing this now).
11) QUESTION: Based on #10 above, what exactly is the point of creating (or having the NAS automatically create) the backup folders on the Share? I have always questioned why the creation of the folders would be based on the MAC ID (aka Ethernet ID) of the Mac. Could having these folders tied to an Ethernet ID that may change (especially on a mobile laptop that may use more than one network interface (wired and/or wireless) to access the network where the NAS is located? Could this be the cause of prior backups failing verification and having to start over?
Hope this helps someone out there - especially iomega themselves who are in desperate need of straightening out the mess that is related to Lion/Mountain Lion and using the iomega brand NAS with these operating systems.
The most interesting issue is that there is obviously a diiference between a right/alt click in the menu bar and a right/alt click in the system preferences.