We have some useful documentation relating to
this topic which may give you a better idea of the process involved. In particular, a tutorial for
creating a child theme for ClassiPress. When a new release is available, you can update the version from your WordPress admin dashboard as usual. With a minor release you may not need to do anything further for your existing child theme to work, so it should be fairly straightforward. of course we always recommend you back up your site before any update ;)