Abstract: An apparatus for adjusting the positioning of a locating ring upon a drill bit. The apparatus comprises a housing having a drill seat attached thereto for slidably receiving the shank portion of the drill bit. The apparatus further comprises an adjustment mechanism which is attached to the housing for positioning the cutting tip of the drill bit at a desired separation distance from the drill seat. Also included is a reciprocal ram assembly attached to the housing for selectively bumping the locating ring into abutting contact with the drill seat subsequent to the insertion of the shank portion into the drill seat and the positioning of the cutting tip at the selected distance relative the drill seat.