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Im installing the GM hot cam kit on my 95 LT1. Had the heads redone and am in the process of putting it all back together. Oil pans off drivers side head is back on without rockers. Installed new time chain and gears and while rotating to TDC I can hear air escaping from the, I assume bottom of the cylinders as the crank rotates aroud. Car has 60K on it cylinder walls look fine there was some carbon build up on the tops of them. New rings?
If you have concerns, the best thing to do is a leak-down test of the cylinders.
The percentage of leakage will tell you if there are any problems. After break-in, anything above about 10% is considered too high for a racing engine, but I think 15% is considered the line for a street car.
Since the rings are not perfect seals, my guess is what you are hearing is normal.