grinding noises and burning oil? any ideas?

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today after driving 25kms i stopped the car and heard a sound like air blowing out under pressure it was coming from the rear of the motor, there was also an oil burning smell, when i was driving back there was a grinding noise, could have been coming from the crank and only when i pushed down the accelerator, it steadily got worse so I stopped and there was burning oil smoke coming from the motor, there seemed to be a small amount of oil sprayed out of the fly wheel, any ideas?