A cutting tool includes a cutting tool body having an axial forward end, an axial rearward end, a head portion adjacent the axial forward end and a shank portion adjacent the axial rearward end. The head portion includes a partial frusto-conical portion having a first lateral edge and a second lateral edge; a first side surface having a first lateral transition edge and a first terminal edge, wherein the first lateral transition edge is adjoined to the first lateral edge of the partial frusto-conical portion; and a second side surface having a second lateral transition edge and a second terminal edge, wherein the second lateral transition edge is adjoined to the second lateral edge of the partial frusto-conical portion, and wherein the first terminal edge is adjoined to the second terminal edge to form a cutting edge. The cutting tool also includes a hard cutting tip.