Line an 8-in. square pan with foil and grease the foil; set aside. In a microwave, melt chocolate chips and milk on high for about 1 minute; stir. Microwave at additional 10- to 20-second intervals, stirring until smooth. Stir in the almonds, cherries and extract. Spread into prepared pan. Cover and chill for 2 hours or until set. Using foil, lift fudge out of pan. Discard foil; cut fudge into 1-in. squares. Store in the refrigerator.