Cobalt-bound tungsten carbide metal matrix composites having a unique microstructure are produced by consolidating partially sintered greenware under high pressures, e.g., 120,000 psi, at temperatures less than those used for conventional liquid phase sintering in a relatively short time, e.g., from less than one minute to less than about one hour. The composites have a binder phase which contains less than about 80 weight percent of the tungsten found in a composite prepared from the same or similar compositions via liquid phase sintering. These composites provide cutting tools with both toughness and wear resistance which exceed that of cutting tools made from the same or similar compositions via liquid phase sintering.