The Lumia 505 leaked earlier this week in Mexico, but now Nokia made it official and listed the phone on its website.
Initially, the smartphone will be launched in Mexico via Telcel, but it's expected to arrive in additional emerging markets afterwards.
More importantly, the Lumia 505 is powered by Windows Phone 7.8, which has yet to be officially released by Microsoft and Nokia.
This is a budget-friendly Windows Phone handset, which is why it packs an 850 MHz single-core processor and only 256MB of RAM.
Furthermore, the smartphone sports a 3.7-inch WVGA AMOLED capacitive touchscreen display that supports 480 x 800 pixels resolution.
It also boasts an 8-megapixel rear photo snapper and a 1300 mAh Li-Ion battery, which is rated by the manufacturer for up to 670 hours of standby time (600 hours in 3G mode) and 7.3 hours of talk time (7.2 hours in 3G mode).