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HEAT oven to 375°F.
TOSS peaches with next 6 ingredients in large saucepan. Bring to boil on medium heat, stirring occasionally. Pour into 9-inch square baking dish.
STIR baking mix, granulated sugar and milk in medium bowl until mixture forms soft dough. Drop by heaping tablespoonfuls onto hot fruit mixture.
BAKE 28 to 30 min. or until biscuits are golden brown.