[JackG]

Seriously? Condemning experimentation like this as a waste of time? I wouldn't have expected that from a FIRSTer.

@nighterfighter
I'm hardly the machining expert, but my guess it that you could set the drill press to an appropriate RPM if you had some guess as to what the magnet is made from. For instance, if you found that the magnet is about as hard as steel, you might want to set up the press as if you were drilling steel. As for the drill bits melting, my first instinct would be to try a bigger drill bit. Still, I realize that this may not be possible because of the size of the magnet. My last idea involves using a punch on the magnet to get the bit started. If all that doesn't work, you obviously are holding a magnetic diamond. Congrats.

Edit: Darn, rtfgnow beat me to it