Exhaust leak?

[fish4fun]

I replaced a water pump on a 1986 25HP Johnson and it seams to be leaking exhaust from the 2 holes on the front of the exhaust housing. It is leaving a stain around both sides of the housing. The water flow is good from the telltale and everything seems to be working properly. Any ideas what is causing this?

[boats.net]

Could have a gasket leaking from the exhaust system.