An adjustable tool mount positions a rotatable tool on a machine tool spindle by a central tool mount ring having a internal thread machined throughout. The thread engages a pin extending from the tool spindle, so that rotation of the assembly causes axial advancement of the tool mount. The tool mount is clamped and unclamped by a lock nut received on the tool mount which compresses a plurality of nested conical spring rings which are closely fitted to a counterbore within the tool mount and to the machine spindle. Compression of the spring rings tends to enlarge the ring outer diameter and tends to reduce the ring bore, thereby causing a secure frictional grip to be effected between the tool mount and machine spindle.
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