I would suspect a blown head gasket. The most common reason for pushing excess amounts of water (more than normal thermal expansion) into the resevoir is cylinder pressure driving it there. This usually means head gasket problems. Since your temperature doesn't seem to be excessive, it'd also seem to say that cylinder pressure is pushing the water out.
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Jeff Chambers
1990 Mustang GT 10.032 Seconds / 137.5 MPH
14-time Street Warrior World Record Setter
CRT Performance
2001 Tropic Green Mustang GT - 12.181 / 113.2 MPH
2002 Ford F-250 Crew Cab 7.3l Power Stroke - 17.41@77.2
"There's nothing boring about a small block automatic shifting gears at 9400 rpm!"
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