A visible sore, ulcer, or grayish white spot over the colored part of the eye (iris) may be an ulcer on the cornea. This is usually a sign of an injury to or infection of the cornea. These sores most often cause pain and a sense that something is in your eye. You may be aware of these symptoms and yet not even notice the sore on your eye. These symptoms need to be treated quickly to prevent blindness in the eye.
A yellow growth (pinguecula or pterygium) near the cornea may occur with age or with constant exposure to wind, sand, or dust. This growth is not serious and usually does not require treatment unless it interferes with your vision.
WebMD Medical Reference from Healthwise