TRX300FW Leaking White Grease

Hi guys,

I have a Fourtrax 300FW, 1995 and recently noticed it started leaking white grease. Take a look here (sorry for the bike being so dirty):

Click the image to open in full size.

Here’s a close up:
Click the image to open in full size.

The grease doesn’t start coming out until maybe 20 minutes of running. Only a small dribble as shown above will come out and then eventually stop (when I’ve been riding for a while).

Also, I hear a sort of shreiking noise during the first 20 minutes. I hope nothing is busted too bad…

Is the leak really bad? Or supposed to be white? I have some puddles down in the wood lot so maybe some water got in if the seal or gasket is screwed?

Thanks for the help!
Alex