The more times the hard drive is overwritten with random binary code, the less likely any recovery service could retrieve useful data. National intelligence agencies have very sophisticated means of data recovery despite so-called [i]formatting[/i] operations such as yours.
I am skeptical that [i]format [b]C[/b]:[/i] prevents data recovery by professionals who regularly do this.
If you are concerned about the sensitivity of data on the drive, your best solution is to destroy the drive:
http://tinyurl.com/62vrfv
If you intend simply to store the drive but wish to be as certain as possible that nothing is likely to be retrievable, you might try the free utility Darik's Nuke and Boot:
http://dban.sourceforge.net/
Rick/Portland, OR