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How to replace flue plate on cast iron stove with sheared bolt?

The rear flue plate on an Elle Wood burning stove cracked and fell off. I have a replacement however one of the old retaining bolts has sheared off and is now stuck in the hole.

I need to either drill out the hole or drill a new one next to it. I then need to tap a thread into the stove body as there is no access to hold a nut still.

What kind of drill bit do I need to a) drill out the old bolt? or b) drill anew hole in cast iron?

How do you tap a thread in cast iron?

Thanks,
Bruce, February 2011
may be easier to buy bolt extractor drill pilot hole in centre of bolt aprox. 2mm high speed metal bit then use appropriate size metal bit for bolt extractor the extractor is a left hand thread so as you screw it in the bolt should unscrew use plenty of WD40 starting now and just before you start

brian, February 2011