From an old post:
From experience, I feel that, with too fast a speed, the balls will tend to slide around the perimeter of the drum, due to excess centrifugal force (grinding action), whereas, with a slower speed, they tend to drop (pounding action) from the apex. With too slow a speed, the balls drop too early, from too short a distance. The "critical speed" calculation proves this out.
Here's the formula for critical speed of a ball mill, from my copy of the "Chemical Engineer's Handbook, fifth edition, pp 8-26.". The critical speed (as I understand it) is where, at the top of the mill, the centrifugal force equals the force on the ball due to gravity. Therefore, for any speed less than the critical speed, the balls will drop at some point, as they approach the top.
Critical RPM = 76.6/(square root of the diameter of the mill, in feet)
For dry grinding, they recommend a speed of 70 to 75% of the critical speed. This can be increased by 5%, if the mill is unbaffled.
http://www.goldrefiningforum.com/phpBB3/viewtopic.php?f=40&t=3107&hilit=ball+mill+formula