It could be the water pump. When my water pump was on it's way out it made a very high piched sqeuling noise until it warmed up as the impeller cut its way into the block. If the hole on the water pump housing on top of were the shaft sits has water coming out of it it's screwed. If it is the water pump you'll want to replace it right away or the shaft can break and the fan will grind into the rad and it will over heat before youll know what has happened.
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