While searching the internet trying to find a solution I have came to this website. I found a post submitted by someone else that is very similiar to my problem but the answer does not help me.
*****question I found******
Question: I have a 1989 Lincoln Continental with 125000 miles on it. Occasionally I will find some coolant under the car; it does not leak a lot. I checked all hoses, water pump and radiator but could not find any leak but I do see the timing chain cover is wet. Can you help me to solve this problem?
Answer: A leaking intake manifold gasket or timing chain cover gasket may be causing your coolant problem. Occasionally the chain cover corrodes and leaks.
my water pump is doing the same thing. Its a 5.0 out of an 1989 mustang. Instead of just leaking a little out of the 2 back holes on the timing chain cover it is blowing huge amounts of water through when the engine comes up to temperature or is taken above 5000 rpm's. I have taken off/replaced the water pump gasket four times now and I get the same results everytime. I am very " car knolegable" but I cannot figure out why this is happening. Everytime the gasket is being blown apart right where those 2 holes are at. Both surfaces have been very clean each time I have replace the gasket. Pleaaase help! Im tired of this problem. I can supply pictures if this is unclear. **This has nothing to do with the timing chain cover gasket, definatly water pump side** oh and yes, it is a new water pump