whatever you do, stop trying to initialize the drive. In fact, stop powering it on all together. These drives, at best have media cache issues, but are also know for head and media damage. If you value the data, you should seek the assistance of a data recovery professional.
A few labs I recommend:Recovery ForceData-MedicsPCImagePCLab
There are plenty of other data recovery labs all over the globe. These are just a handful that I know of that are really good at what they do without overcharging.