Initialize, Ignore, Eject options on external hard drive - which one?

Hi all,

I recently lost one of my external Maxtor 300gb One Touch hard drives from my desktop and no matter what I did, I couldn't get it back.

Now, everytime I switch it on or re-boot the computer, I get the Initialize, Eject and Ignore option pop-up.

Disk Utility sees the drive but cannot fix it

TechTool Pro sees the drive and finds bad sectors when scanned

DiskWarrior does not even see the drive.

What should I do now? What is the process if I choose Initialize?

Thank in advance,

David