Nokia’s Lumia 505, spotted earlier was recently officially announced in Mexico. It looks quite similar to the Lumia 800, but and there are a few key differences between the two.
Lumia 505
The Lumia 505 sports a 3.7-inch AMOLED clear black display of WVGA(800x480 pixels) resolution and runs Windows Phone 7.8 right out of the box. It has an 8 megapixel EDOF camera with autofocus and the device is likely powered by an 800MHz Snapdragon S1 processor.

In terms of the connectivity it supports 3G, Wi-Fi 802.11 b/g/n/, Bluetooth 2.1 + EDR and GPS/A-GPS. The Lumia 505 has 4GB of internal storage, expandable memory via a microSD card and 256MB of RAM. It is equipped with a 1,300 mAh battery.

The Nokia Lumia 505 will come in Black, Pink and Red colors and it will be heading to Telcel in Mexico. It is still unclear whether the device will launch in other regions. The pricing and availability is yet to be announced.