Preheat oil to 365 degrees F.
Pick through oysters to make sure there are no shell pieces attached and place in milk. Remove one oyster, shake it dry and dredge in seasoned flour. Remove and dredge in egg whites. Remove, shake off excess liquid, and dredge in bread crumbs. Continue until all oysters are breaded. Place six oysters at a time in hot oil and fry until dark golden brown, about 1 to 2 minutes. Remove and replace in warmed shells. Serve immediately with spumante.