I agree entirely with the posted answer. The timing belt MUST be replaced every 120,000 km or 75,000 miles. The water pump should ALWAYS be replaced at the same time and you will never run into this problem.
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There is definitely no valve there - the only pressure relief valve would be inside the radiator cap. What you see is leakage from a water pump bolt or from the water pump itself. You could try applying a waterproof sealant to that bolt, but it's tricky - allow the engine to cool FULLY, then remove the bolt and hold your finger over the bolthole while a helper applies sealant to the bolt threads. Quickly put the bolt back in the hole so you don't lose very much coolant, tighten the bolt again.
If that doesn't do it, then the leak is really coming from the front seal of the water pump - meaning the water pump needs to be replaced.
Since you are able to determine that the leak is from the water pump, I assume your Grand Am has a 3.1L V6 and not a 4-cylinder engine. Water leakage at the pump is indicative of a defective pump bearing. There is a "weep hole" built in to allow for this leakage when the pump bearing begins to wear out. Replacement is the only repair.
stand on passenger side of car looking directly to engine, the first pulley from left to right is the alternator pulley, the next one is the power steering pump pulley and the third one is the water pump pulley with 4 bolts on center attach to water pump (pulley does not have any grooves on it).
First drain the coolant if possible (you will find a drain **** on the bottom drivers side of rad). Loosen the water pump pulley bolts while serpentine belt still attached (10mm X 4). Remove the serpentine belt, and plastic diagram bracket just above the waterpump. Remove the (8mm bolts X 5) holding the water pump to front engine housing. Note the little arrow or triangle at the top of waterpump when removing, it will help you to install new water pump in same location. Scrape off most of the old gasket material, use fine sand paper to clean engine surface as best as possible. Install new gasket to water pump, and align the holes (it only goes on one way, and maybe upside down if they don't line up). Locate arrow and reinstall, torque 5 bolts to 89 in/lbs tight but not too tight. Reinstall pulley, serpentine belt and bracket. Tighten the pulley bolts, refill coolant (close drain ****). Just above the waterpump there is a coolant hose with a little 7mm screw for a bleeder. Open the bleeder (engine off). Continue to fill rad with coolant until it comes out bleeder. Close bleeder and test run. Recheck the coolant level later when cooled.
Sounds to me like the shaft seal has failed on your water pump and you need to replace the pump, theres usually a tiny hole either at the bottom of the water pump or at the top of the pump its called the weep hole, when coolant comes out of this hole it means the internal shaft seals of the pump have failed and it requires replacement of the pump, now if the coolant is coming out of where the pump bolts onto the engine block you propbably only need the waterpump to block gasket to fix the leak, check and see exactly where the coolant is coming out from so you can be sure exactly what you need to replace....
4.9 disconnect negative battery cable,drain the coolant from radiatorremove coolant reservoir, loosen waterpump pulley bolts,a screwdriver can help keep the pulley from turning,remove drive belt,remove idle pulley,remove waterpump mounting bolts(they are different sizes,some are star shaped) do not pry on waterpump until all bolts are removed,clean gasket surface,use gagket sealant and install new water pump(start all bolts before you torque any down.)
The use of silicon sealer on both the gaket and the threads of the bolts is important Not adding silicon sealer to bolt threads and shank sounds like the likliest cause of your fault unless it only appears to be coming from the bolt hole and in fact leaking from another source.