We revisit the duality between heterotic string theory compactified on K3 x T-2 and type IIA compactified on a Calabi-Yau threefold X in the hypermultiplet sector. We derive an explicit map between the field variables of the respective moduli spaces at the level of the classical effective actions. We determine the parametrization of the K3 moduli space consistent with the Ferrara-Sabharwal form. From the expression of the holomorphic prepotential we are led to conjecture that both X and its mirror must be K3 fibrations in order for the type IIA theory to have an heterotic dual. We then focus on the region of the moduli space where the metric is expressed in terms of a prepotential on both sides of the duality. Applying the duality we derive the heterotic hypermultiplet metric for a gauge bundle which is reduced to 24 point-like instantons. This result is confirmed by using the duality between the heterotic theory on T-3 and M-theory on K3. We finally study the hyper-Kahler metric on the moduli space of an SU(2) bundle on K3
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