If you have access to compressed air, a very good solution is to use an "air
micro die grinder" from, for example, Harbor Freight:
http://www.harborfreight.com/1-8-eighth-inch-air-micro-die-grinder-47869.html
It runs at 56,000 RPM which is great for PCB drilling, it comes with a
collet for 1/8" which is perfect for the standard carbide bits. The price
is right, $19 to $25 depending on if it is on sale or not. I bought mine
about 20 years ago but they keep selling it or similar models.
Bertho
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