engaged position in fig3 in which the bit 20 has been pushed through the central bore 24 and out to the locking tip 18 from which the bit 20 protrudes the locking tip 18 preferably comprises locking means 46 not shown for preventing the bit from rotating within the locking tip 18 or from falling out of the locking tip 18 in use the central rod 8 is connected into a drill or similar driver device rotational force powered by the driver device is transmitted to the central rod 8 the central rod 8 is rotationally fixed to the outer chamber 4 which is in turn rotationally fixed to the inner chamber 10 and to mid chamber 6 the mid chamber 6 is further rotationally fixed to the locking tip 18 which is rotationally fixed to the bit 20 thereby serving to transmit rotational force from the driver device to the bit 20 and effect drilling or fastening as needed a bit 20 can also be retracted from the locking tip 18 and returned to its space in the bit storage chamber 26 by reversing the method described above namely the mid chamber 6 is protracted out of the outer chamber 4 thereby retracting the central rod 8 dual lever arm magnetic end 32 and bit 20 back through the central bore 24.