In a 2-quart saucepan combine condensed milk, cocoa powder, and butter.
Cook and stir constantly over medium-low heat 7 to 8 minutes or till candy forms a ball around the spoon and pulls away from the sides of the pan.
Cool to room temperature.
With buttered hands, shape cocoa mixture into 1-inch balls; gently roll each in chocolate sprinkles.
Place in individual decorator cups.
Cover and chill before serving.
Refrigerate remaining candies.