Say Yes to the Red Eagle Mining Offer.This would be my only choice. The current main property (of CBJ shareholders) would still be in company hands.
When Red Eagle Mining gets their Santa Rosa project producing gold in 2016 the would have an after tax cash flow of approx. $ 40,000,000 US. (Based on 1,200. AU price). Half of this would go to pay off the loan.
The combined company could do a heck of a lot of exploration with approx. $ 20,000,000 per year cash flow.