Hi Charles;
How thick is this matt board and is it flexable ? In the pic below I cut the holes with a plastic hole cutter. The material I used is about 1/8" felt. Has to be done one by one, but it didn't take too long. Uses a small razor blade. Fully adjustable to "ANY" size hole you need. Works slicker than snuff and ain't half as dusty. If it's a hardboard, you'll probably need a wood bit. I bought a 39mm from: http://www.sommerfeldtools.com/
Not cheap, but very good quality.

That help?

Rick