Place the olives in a bowl, cover with cold water, and allow them to soak at least 15 minutes, to remove some of the salt. Rinse the olives and dry them well.
Toss the olives lightly in the flour, then dip each in beaten egg. Roll them in the breadcrumbs to coat, place on a plate, and refrigerate one hour.
Heat enough oil for deep-frying in a skillet.
Place the olives in the oil and fry them, rolling them around to brown them evenly, until they are golden.
Drain on absorbent paper and serve while still warm.
They can be held for a few hours, then reheated in a 250°F (120°C) oven.