Line a 9 inch square pan with foil and butter or coat with cooking spray.
In a heavy saucepan, combine chocolate chips and corn syrup.
Cook and stir on low heat until melted.
Remove from the heat, stir in powdered sugar, evaporated milk and vanilla.
Beat with a wooden spoon for about 5 minutes until thickened and glossy.
Stir in cherries and pecans.
Spread in prepared pan. Refrigerate until firm.
Lift fudge out of pan with foil and discard foil.
Cut fudge into 1 inch squares with knife or pizza cutter.
Store in airtight container in refrigerator.
