The engine was burning excessive oil and it could be the valve seals and piston rings. How much damage can only be verified when the engine is stripped and based on normal circumstances, you should be able to salvage some of the connecting rods and pistons. The crankshaft might still be reusable if it is not too badly damaged but it would have to be machined to accomodate undersized bearings.
The heads should still be reusable but you should be checking the valve seals.
How much parts are salvageable would have to be verified only after disassembly.
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Wednesday, August 14th, 2013 AT 1:33 AM