There is something very Raleigh Technium-ish about it, particularly the annulus at the bonded end of the aluminum tube, but also the wishbone seat stays. Although the rear brake cable stop seems more ornate than I remember, and the TIG'd front end is unusual, if I were to put a small bet in, it'd be that it's a Raleigh.
The general construction of alu/steel mix was quite popular in MTB for awhile, though, so there are several other options, but I seem to recall most were bolted on subframes at the higher end of the market (e.g. Mantis, Nishiki Alien, Fisher CR7), and that Raleigh really had the bonded thing as their trademark construction technique.
Last edited by chaadster; 09-27-13 at 07:45 AM.