Switch to your "Channels" palette.
Hold down Ctrl and click on one of the channels. You will see that you have now selected the white areas of your picture.
Invert the selection, Shft+Ctrl+I. Now all the line art is selected.
Go back to your "Layers" palette and create a new layer.
Get your Paint Bucket Tool and fill the selection black. Now you have black line art on a transparent backing.
Deselect, Ctrl+D.
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