Help please.

I have pressure in the cooling system making the overflow tank bubble over (probably indicating head gasket) but engine runs good.
Sniffing the overflow smelt a faint smell of putty rather than fuel or exhaust fumes.
Compression test shows 150ps even on all cylinders so I was really scratching my head.
I tried one of the 'magic potions' that are supposed to fix head gasket leaks etc. (Steelseal) but didn't make any difference.

I ran the engine up to temperature and drove the front up onto ramps and noticed some steam from the exhaust headers.
On inspection there was water leaking from the water pump. I couldn't see exactly where but it looked as though it was coming from the area of the small hole about 2" above the single entry pipe which I presume is a passageway to the bearing.

Questiions:
1. Does this leak indicate that the internal seal between the waterway and bearing has gone?
&
2. Could this leak be the cause of the pressure and bubbles?

Any advice will be much appreciated.

 

Sounds like your water pump is goosed rather than head gaskets.
The pressure and bubbles are probably caused by high water temps due to the leaking and running less water. The water pump is relatively simple to change but does require removal of your cam belt so it might be a good time to change that too.

Roger Clark Motorsport - RCM Product Detail

 

Thanks for that.
A little more detail.

Pump and belt were changed 3 months ago so a fault must have developed in the pump.
Water level topped up then leak is obvious when engine reaches operating temperature.
The leak is a dribble as opposed to a jet and the bubbles appear afer the fans have kicked in.