Combine the cheddar, butter, flour, mustard and paprika in a mixer bowl. Beat until throughly blended. Chill for at least 10 minutes.

Meantime, drain the olives and dry them well.

Pinch a piece of dough about the size of a maraschino cherry from the bowl of cheese dough. Flatten the piece of dough in your hand and wrap it completely around the olive. Put onto a baking sheet. Repeat with the remaining 47 olives. Freeze the balls, flat on the sheet, then slide into a plastic bag and return to the freezer.

Bake the balls immediately out of the freezer. Bake 15 minutes at 400 degrees.

Serve hot or luke-warm.