From Bernard Clayton's New Complete Book of
Breads:

Almond Paste

1 1/2 cups whole blanched almonds
1 1/2 cups sifted confectioners' (powdered)
sugar

1 egg white
1 tsp. almond extract
1/4 tsp. salt

To make the paste, grind the almonds, a
portion at a time, in a food processor or
blender. Combine with the confectioners'
sugar, egg white, almond extract, and salt.
Work into a stiff paste. Refrigerate (or
freeze) in an airtight container or plastic
bag. The paste must be thoroughly chilled
before it can be rolled under your palms --
about 2 hours.

My notes: This stuff is really good. I
have used it for cookies, breads, etc., with
excellent results.

I have kept leftovers tightly sealed in
plastic wrap (press ALL the air out!), and
then placed inside a freezer bag. Keeps
frozen for months!

Michael