Antifreeze out the exhaust

1997 ford F150XL, 4.6L Triton, 5 speed standard, 235000 kms.

Truck was running fine, not overheating at all, then all the idiot lights go off, temp gauge never moved,
but was blowing antifreeze out the overflow. When truck running antifreeze is coming out the exhaust.

Now have top of engine apart, intake, rad, fan, etc, but not the heads yet.

Noticed that when I took intake off the gasket was very ratty and in poor shape around the water jackets front and rear, could that be the cause? Or should I continue and check the head gaskets?

I failed to say that there is no antifreeze in the oil. Sorry guys


Got the compression readings:

1st pass:

Left bank front to rear;
1:/ 60 5:/ 95
2:/ 95 6:/ 105
3:/ 110 7:/ 95
4:/ 60 8:/ 110

2nd pass:

1:/ 110 5:/ 130
2:/ 80 6:/ 85
3:/ 110 7:/140
4:/ 100 8:/ 100

The difference in passes is more cranking time.