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Preheat oven to 300°F. Combine cereal and almonds on a large rimmed baking sheet. Stir together melted butter (or margarine), apple pie spice and salt to taste in a small bowl. Drizzle butter mixture over cereal mixture; toss to coat evenly.
Bake about 20 minutes or until almonds are toasted, stirring once during baking. Cool in the pan on a wire rack for 20 minutes. Stir in dried cherries (or raisins). Cool completely. Store in a tightly covered container at room temperature for up to 1 week.