Milling cutter with multiple indexable cutting inserts

A milling cutter comprising,

• a body having an annular surface concentric with the axis of the cutter and located inwardly from one end of the body, the body having a rim extending radially outwardly of the annular surface, the rim having an annular seating surface formed thereon, the rim forming a lip around the seating surface;
• a spacer ring having a first annular exterior surface and a second annular exterior surface parallel to the first surface and adapted to contact the annular surface of the body, the spacer ring being seated in contact with the body, the spacer ring having a rim, the spacer ring rim having a surface generally congruent to the annular seating surface of the body rim such that said last-named surface is adjacent but not in contact with the annular seating surface of the body rim when the spacer ring is seated in contact with the body, the spacer ring rim having a plurality of generally radial slots extending completely therethrough;
• a cutting insert received in each of the slots in the spacer ring rim, the cutting insert having a plurality of sides formed between parallel faces, a first side of the cutting insert being supported by the annular seating surface of the body rim, the lip thereof being adapted to prevent radially outward movement of the insert;
• a retaining ring having an exterior surface generally congruent to the first annular surface of the spacer ring, a portion of the exterior of the exterior surface of the retaining ring being adapted to engage a second side of the cutting insert;
• and
• means clamping the retaining ring, the spacer ring and the body together, whereby the insert-engaging portion of the exterior surface of the retaining ring clamps the insert against the annular seating surface of the body rim.