Explained in documentation. If you made changes in code, then yes you will lost it unless you followed documentation. If you mean settings in theme, you will not lost just need to recreate file as explained in documentation section about update.
Where were you able to locate the zip file containing to update to 1.01??? Cant find it anywhere - do I just need to download the theme again assuming it's the updated version?
Yes, themeforest always have latest update and it is only place where you can locate it. I see I didn't wrote clear about it in documentation. Will fix it ;-)
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With regards.
With regards.
Thanks
With regards.
With regards.