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 that is shaped to be placed on the superior tibial surface and a bore section that is connected to the ring to create an axis through the tibia to the superior tibial surface in the vicinity of the targeting ring. The drill guide permits a drill pin and/or drill to be advanced through the tibia to the superior tibial surface. In another aspect, a bone chisel is provided that includes an elongated tubular structure having a first end and a bone-cutting end, and the bone-cutting end is terminated in a transverse angle thereby 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 and a second end. The first end is formed at an angle that creates an elliptical face of the first end, and the first end defines a load-bearing surface of an articular surface.