69x22

A buddy put a 5.0 out of a 91 Mustang into a 68, this was a few years ago. He brought it to me to get it running, I put a new reverse flow h20 pump with a March pulley set up on it . My question is there is coolant sitting on the timing cover and when I wipe it down it seems to be coming from a little hole on the backside of the timing cover where the water pump bolts to. Why is this happening?

mustangsneverdie

post a pic of where its coming from