I use one something like this.
http://www.amazon.com/Drill-Doctor-DD35 ... ill+doctor
Sharpening Standard Drill Bits
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Re: Sharpening Standard Drill Bits
Pipe Maker in the Making!
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Re: Sharpening Standard Drill Bits
I buy the good bits and use beeswax when drilling and let the drill do the work, I don't put a lot of pressure on them. They last a very long time!