Melt butter over low heat in a medium saucepan. Once butter is melted stir in the sweetened condensed milk, chocolate chips, salt and hazelnut extract.

Stir constantly until chips are completely melted and mixture begins to bubble. Turn off heat and stir in the dried cherries.

Grease a small square glass baking dish with butter, and immediately pour in the melted chocolate mixture. Allow to cool slightly, then place in the refrigerator, uncovered, until hardened. Remove from refrigerator ½ hour before slicing into squares.