Hello All ,
I managed to get this running on my machine its a work around. Its a little procedural but it works (at least for me ).
Some example where you want the USB mounted instead of being accessed as a share
1) NFTS needs chkdsk either you mount it or take it to a windows machine.
2) Format it custom as per software on windows
3 ) Others where direct disk access is adviced.
The instructions are here : http://lifemesh.blogspot.com/2011/10/soultion-to-problem-of-mounting.html
Let me know if this works for you.
Note : Remember to un-mount first
start VB via the script provided.
Then insert the disk and enure its listed on the device list on VB (ports > USB )