There are two o-rings under the cover. They do leak from time to time. The cylinder base gaskets are also pretty suspect, if you change those out, get the metal ones and not the paper. If you have ANY coolant coming out of the pipe, that's significant and needs repair. Don't re-use the o-rings, even if they look ok.
I would also pull the recoil starter and look at the belt. The oil pump and water pump are driven by a small (and expensive!) belt off of a cog on the end of the MAG side of the crank. If that fails, you lose both cooling and oil. The belt should be changed every couple thousand miles or so.