BP <BP> UNIT SEES MINE PROCEEDING British Petroleum Co PLC said based on a feasibility report from <Ridgeway Mining Co>, its joint venture Ridgeway Project in South Carolina could start commercial gold production by mid-1988. The company said the mine would produce at an approximate rate of 158,000 ounces of gold per year over the first four full years of operation from 1989 through 1992 and at an average of 133,000 ounces a year over the full projected 11-year life of the mine. BP's partner in the venture is Galactic Resources Ltd <GALCF> of Toronto. The company said subject to receipt of all statutory permits, finalization of financing arrangements and management and joint venture review, construction of a 15,000 short ton per day processing facility can start. Capital costs to bring the mine into production are estimated at 76 mln dlrs.