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Place the fondant in a saucepan over medium heat and melt. Dip 3/4's of each cherry in the fondant. Place the dipped cherries on a waxed tray. Place the chocolate in a saucepan over medium heat and melt. You will be dipping the cherries in the chocolate mixture twice. The first time dip 3/4 of the cherry in the chocolate, set aside. The second time you dip the cherry, you will be dipping it in the chocolate mixture right up to the stem. Place the chocolate covered cherries on wax paper and let rest for 24 hours.