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Combine the first 3 ingredients in a medium saucepan over medium-high heat.
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Bring to a boil; reduce heat, and simmer 3 minutes.
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Place peach mixture in a blender; let stand for 20 minutes.
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Remove center piece of blender lid (to allow steam to escape); secure blender lid on blender. Place a clean towel over opening in blender lid.
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Blend until smooth.
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Pour into a large bowl.
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Refrigerate for at least 3 hours.
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Press peach mixture through a sieve over a bowl, reserving liquid; discard solids.
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Stir in lemon juice.
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Place 1/2 cup ice in each of 8 glasses.
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Pour in 1 ounce bourbon into each glass, top with peach lemonade; garnish each glass with 1 peach wedge.