Hard Drive problem

Hello, I have a problem with an external hard drive. I don't know if it's of any importance but it's an ADATA Classic CH94. My operating system is SnowLeopard.

The problem occurred about two days ago. Whenever I plug it in on my Macbook Pro I get the error message "The disk you inserted was not readable by this computer". And then I get a window with the options "Initialize", "Ignore" and "Eject". When I press initialize, Disk Utility opens and I if I choose "Repair Disk" I get the error message "Disk Utility can't repair this disk."

Now, I have searched this forum for similar cases but the only solutions I found are DiskWarrior (which I can't afford and even if I could I wouldn't buy it anyway because it's not guaranteed it'll work), reseting PRAM which I already did and then, it is assumed that the disk is damaged. I don't think that's the case because the first time it happened, I erased via Disk Utility and it was working fine again, but of course, all my data was gone. I don't want to do this again because I just started collecting them again and it's just frustrating.

I read something about the disk not having a proper mount point (which it doesn't because it says so in Disk Utility) but I don't know how to manually assign a mount point to it.

Another thing is, the drive often disconnects itself if I move my laptop, so I think it's a cable problem which always causes the disk to not be ejected properly and I get the corresponding error message. I've tried being very careful with it but the problem I described above happened after one of these "forced ejections".

Anybody know what to do to fix this? Sorry if this was too long, I just wanted to try to be as descriptive as possible. Any help or even tips are greatly appreciated!