Using IPhoto 8 version 7.1.5.

Question

Could view photos but when attempting to loading only saw black "!" in white circle.  Created new library but now IPhoto does not open says, "Library not found".  If I "Choose Library" it does not even give the option of IPhoto ... help!!!!

Answer 1

That exclamation point is an indication that iPhoto has broken the link/file path between the thumbnail and the original file. Therefore apply the two fixes below in order as needed:
Fix #1
1 - launch iPhoto with the Command+Option keys held down and rebuild the library.
iPhoto 8 (09) and earlier- run the options indicated
iPhoto 9 (11) and later- run  Option #4 to rebuild the database
Fix #2
Using iPhoto Library Manager  to Rebuild Your iPhoto Library
1 - download iPhoto Library Manager (iPhoto 8 or earlier or IPhoto 11 and later) and launch.
2 - click on the Add Library button and select the library you want to add in the selection window..
3 - Now that the library is listed in the left hand pane of iPLM, click on your library and go to the
File ➙ Rebuild Library (iPhoto 8 or earlier)
or
Library ➙ Rebuild Library (iPhoto 9 or later)
menu option to rebuild the library.
4 - In the next  window name the new library and select the location you want it to be placed.
5 - Click on the Create button.
Note: This creates a new library based on the LIbraryData.xml file in the library and will recover Events, Albums, keywords, titles and comments.  However, books, calendars, cards and slideshows will be lost. The original library will be left untouched for further attempts at fixing the problem or in case the rebuilt library is not satisfactory.
OT