Just try this solution that I have tried.
I have put my card in the card reader and connected it with PC. I opened and waited for at least 1 minute, the address bar went green very slowly and once it completely got green. I right clicked on the drive and waited for 30 sec until popup showed up. Then I select the Format from the option given, again it took long time until format tool opened. I have deselected the “"fast formatting" and clicked format, the progress bar went to 10% and stopped.
Now, I took out the card and re-inserted it. This time it works fast but still I was not able to open the card. Hence, I again right clicked and select format and this time I selected the “fast formatting”, it took 20 sec and that’s it. Now I am able to open my card and even my camera is bale to recognize it.
But, since you have formatted the card, you will lose all the photos and video stored on the CF card and hence you will need the recovery software to restore them back. Here is the link – http://www.rescuedigitalmedia.com/cf-card-recovery which you should follow for more detail information and recovery solution.