It does not really look like it...Is it perhaps just some muck caused by the mould release agent?
They do some really nice miniatures but Warlord stuff does have some um, interesting results from/on their casts
Lead rot makes the miniature go crumbly, I believe.
Try cleaning it? (TMP suggests a dip in white vinegar) or even gently filing it I guess...
I have read that the killer thing for getting lead rot is if you store your miniatures in wooden boxes...so if you are doing that, stop it!
Good luck