it comes out of the urethra.
sometimes, there may still be urine in the urethra, so that's where the smell comes from.
but it definetly isn't urine.
http://www.umkc.edu/sites/hsw/femejac/
http://www.doctorg.com/FemaleEjaculation.htm
"Female ejaculation is believed to be caused by a release of fluid from the Skene's glands. These glands are located inside the urethra. The Skene?s gland is similar to the prostate gland in guys and produces a fluid that is much like the chemical makeup to that of prostatic fluid -- which is what makes up the majority of semen."