Line a baking tray with baking paper. Finely crush the biscuits in a food processor. Place in a large bowl with the coconut, cherries, rum and sweetened condensed milk. Mix well.
Take tablespoons of the mixture and roll into balls. Place on the baking tray. Freeze for 1 hour, until firm. Melt the chocolate in a large bowl over hot water or in the microwave on 50% power for 3-4 minutes.
Stir until the chocolate is smooth. Using 2 forks, dip each ball into the chocolate allowing the excess to drip off. Return to the baking tray and refrigerate, until set.