ok, well I am gonna suggest using the Pen Tool to make the base shapes. You should be able to trace the lions using the pen tool also. Probably the hardest bit will be getting your text curved like that (unless your using PS CS which has text on a curve I am told)
Its a little tricky to make, and if your not familiarwith the pen tool, it will be quite hard, but good practice....
see my example below for some ideas of what your paths might look like... hope it helps a bit
::edit:: did I say 'lions'? LOL, err make that horses! oops
need help 
Linear Mode
