Preheat the oven to 350 degrees. Butter a cast iron skillet. Coat each wedge of peach with 1/2 cup sugar. In a sauté pan, heat the olive oil. Add the peaches and cook for 2 to 3 minutes or until the peaches caramelize. Remove from the pan and place in the greased cast iron skillet. With an electric mixer, cream the remaining 1 cup of sugar and butter together. Add the vanilla, egg and milk. Add the flour, baking powder and salt. Pour the batter over the peaches. Bake for 25 to 30 minutes. Invert the cake onto a platter. Place a slice of the cake on a plate. Drizzle with caramel sauce. Garnish with ice cream and mint.
Yield: 12 servings