Thanks Les. PM sent

I have my own ideas about this and this is why I wondered if 'anyone' had come across anything like this before. The crank was 'supposedly' new in 2004, I've got the reciept for it BUT is it posible that the crank might have been a 're-build' as this rusting only appears on this one crank halve. If there had been moisture in the crankcase (?) then surely it would have effected both halves. The rusting is all around the periphery so, in my opinion, that cancels that theory out anyway.
The rest of the motor, so far, looks superb.

Mike
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I don't mind dying...I just don't want to be there when it happens!