Error 0x80070005 access is denied

I am using a wired network at my place which is working fine except that I have recently added to one of the computer's a usb hard drive for storing some data. I have also made the the hard drive as shared and it shows in the list of drives on the network, but when I am trying to set it as a network drive then I will get the error message that is written in the title. There are many usb hard drives on the network that can be accessed without any issues, but not this one? This drive is NTFS when I checked in the Properties. Any ideas?

The error code 0x80070005 is permission problem or a name resolution or computer browser issue. To work around this behavior, contact your network administrator to schedule a task for you, or log on as a user who has administrative credentials to schedule a task.

That did the trick, I had to simply add a groups in the premissions box and it worked like a charm. Thanks for the input.