Abstract: A machining tool comprising a rotatable sleeve, a removable, axially adjustable leading element, such as a drill bit, mounted in the sleeve and a throw-away or regrindable cutting insert mounted in a fixed, unadjustable position on the sleeve to fix the position of the cutting edge on the insert axially in relation to the leading element and the sleeve. A shank of the drill bit is inserted through the sleeve to expose a portion of the shank of the drill bit. The exposed shank is then directly attached to a drill for rotating the machining tool, thereby reducing stack tolerances and runout during cutting operations. In addition, angled portions are included on both a peripheral side of the cutting insert and the holder to prevent the cutting insert from separating from the drill bit due to torque generated from cutting operations.