A tibial resurfacing system is provided that includes a drill guide, bone chisel and implant. In one aspect, the system includes a drill guide that includes a targeting ring and a bore section for creating an axis through the tibia to the superior tibial surface in the vicinity of the targeting ring. In another aspect, a bone chisel is provided that includes a bone-cutting end, having a transverse angle creating an elliptical bone-cutting face. In another aspect, an implant is provided that includes an angled bearing element formed of a cylindrical member having a first end defining a load-bearing surface, and a second end. The first end is formed at an angle that creates an elliptical face of the first end.