Object with red, white and blue lights underneath craft flashing in random order hovered over mountain top observed for 2 minutes.It was above a high mountain top I would say possibly 1/4mile. The shape was hard to see since it was too far away. It had red, blue and white lights going off and on underneath the object with a bright light on top. I looked through my small binoculars and asked my husband to come out to look as I handed him the pair I ran back inside to get my larger binoculars and when we both looked it turned sideways and went black. I continued to look at the location of where it was last seen with nothing showing up. It just vanished. Later at about 15 minutes I noticed to the far right of the where the original location of the object the lights further back again in the valley but slowly fading out of sight. My husband did observe this sighting also.