A multiple indexable insert milling cutter of extremely simple precise construction providing unusual economy of manufacture. The tool includes a circumferential groove having a pair of angularly related insert locating surfaces and a back up or seat for each insert comprising a simple flat plate positioned in a slot transverse to the groove. The seating face of the plate positions a positive rake insert and a negative radial rake angle sufficient to provide flank as distinguished from insert cutting edge contact with the divergent locating surfaces of the groove. In the preferred embodiment conical locating surfaces defining a "V" groove engage triangular insert sides with line contact along two conical elements having a slightly greater than 60 DEG angular relationship in an axial-radial plane intersection with said groove.
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