Chevrolet Repair: water leak from 350 V8, coolant level, freeze plug

Question
I have an 87 Custom Deluxe with a 350 V8 in it.  It started leaking coolant from right where the oil pan and the block meet at the point just above the right engine mount.  There does not seem to be any leaking into the oil?  Is this something serious?  It is just a slow weeping now but the coolant level goes down over a day.  

Answer
It sounds to me that a freeze plug might be leaking. A freeze plug is a round plug in the side of the block that will blow out in the case that you don't have enough anti freeze in the engine and it freezes. In most cases this will save the block from cracking. If one didn't give out then the block may have a hairling crack in it. I would say to take it to professionals on this one since it is job that needs to be done by someone who has dealt with it before.