Manufacture of low cost bits by infiltration of metal powders

An apparatus and method for manufacturing a downhole tool. The cemented matrix material is formed from a metal powder, a shoulder powder, and a binder material, wherein the metal powder and/or the shoulder powder includes at least one of stainless steel powder, nickel powder, cobalt powder, iron powder, or powders of other suitable metals or alloys, or a combination of such mentioned powders.