Hawk the Slayer

Two brothers vie for the possession of a magical sword. Hawk (John Terry) is the younger brother, known for his duty, honor and courage. Voltan (Jack Palance) is the older brother who is known for his villainous ways. The lethal weapon bestows upon its owner incredible powers of destruction and Hawk, along with his comrades, the Elf and the Dwarf, must combat the forces of evil. (official distributor synopsis)