River Rock 4AA lantern - Switch not working (pic added)

Hi all,

My River Rock 4AA led lantern has gone caput in an odd way. The switch no longer works, but the light lights as soon as you put the batteries in... so inserting/removing the batteries is my version of a "switch" now.

I noticed that a component has been getting super hot (red) and I'm wondering if it's the switch (blue) or the component that's burned out... the component I'm referring to is covered in a dob of black resin (red). Treating the PCB as a clock, if you look down on the top of the lantern with the lid off, with the two bolts that hold down the PCB placed at the 3 and 9 o'clock or such that you can read the lettering printed on the PCB... the component that gets super hot is sitting on the edge of the PCB at about the 5 o'clock position.



Anyone know what needs to be replaced from my description?

I found a couple of switches at radioshack's site, one a momentary switch, the other is an on-off. But I don't want to go replacing parts willy-nilly as my soldering skills are still novice and I'm afraid I may screw the pooch and really do something irreversible...

The red thing like an inductor (coil of wire around a ferrite core). I think its probably the switch or the integrated circuit (the black blob) that's gone.