Here is a rough version, you are welcome to clean it up to suit your needs. I simply enhanced the brightness and contrast of the original image, then used the "Magic Wand" tool to select the various colored areas (other than black) and deleted them. The blockiness is due to the relatively low resolution of the original image (72 dpi) and the way the Magic Wand captures the selected areas. The blockiness and pixelated areas can be cleaned up, but will require some effort to make the edges perfectly smooth, if that is your intent. If you can start with a higher-resolution image (300 dpi) it would make the cleaning up process much easier.
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