WD Elements Desktop - Won't read on Mac

Hello – last week my drive stopped showing up on my Mac, even in the Disk Utility it was not showing up.

I did a test on a pc, and it tested fine. Now, the drive IS showing up through the disk utility on my mac, BUT it’s saying this disk is unreadable.

I did the Data Lifeguard Diagnostics for Windows and it came out fine. I’ve attached the screen here that is showing up in my disc utility on my mac. 

Not looking forward to spending $1000 on data recovery, especially since this drive is less than a year old!!!

Any advice is mucho appreciated.

Screen shot 2011-09-15 at 3.15.02 PM.png

If Disk Utility says “read only”, can’t you copy the files onto another disk?

BTW, unless you’ve got an Elements PLAY media player, this is the wrong forum.