Wolfie,
OK, shouldn't be too difficult. Make sure the 4mm drill bit is in good condition (and not resharpened) – it is important that the flutes are equal in length. Give a good start with a centre drill; follow up with a 4mm stub drill if you have one but don't worry if you haven't. Withdraw every few mm and clean the flutes, add some more cutting fluid. When you run out of flute, change to a 4mm standard drill bit and proceed likewise. If that runs oout of flute length – and you probably will, a typical 4mm jobber drill has a flute length of only 40-43mm – then you have a number of choices. Use a long 4mm bit, switch to a 5 or 6mm drill, or go straight to an 8mm drill; depends on how rigid your milling machine is. I think I would go for the latter.
If you need the hole to be dead on size and a nice smooth bore, only drill to about 7.8mm and finish the hole with an 8mm reamer (if you have one). Use with half the drilling speed or less, well lubricated with cutting oil, and keep rotating the reamer in the cutting direction as you withdraw it, otherwise you risk compromising its sharp edges. You didn't say what the hole was to be used for so you'll hae to decide that for yourself.
David
Edited By David Littlewood on 18/07/2012 22:14:59