If its rings mate, then yeah prob a pretty expensive job. But don't write it off or start panicing just yet. Calm down dear its only a bit of smoke

You've got to expect some smoke from old motors dude. While its at the garage get the mecanic to do a compression test before he does anything. That will tell you what the problem is. The cam belt will need to come off anyway if its rings, so have that done at the same time. Or tbh, if its rings, bin it & get another block. It would still be a good idea to clean the engine, it will help the mechanic too. Nip down the jet wash with a load of poly bags, cover anything you can(within reason) which is electrical & start spraying, try not to blast anything electrical directly.