Folks, there's a new entry-level handset on the market from Nokia, but no... it's not a member of the Asha family. As expected, the Lumia 505 is now official in Mexico. The Windows Phone 7.8 handset combines a 3.7-inch WVGA (800 x 480) ClearBlack AMOLED display with an 8-megapixel rear shooter that captures video at a rather paltry VGA (640 x 480) resolution. Nokia is uncharacteristically tight-lipped about the chipset within, but it was previously tipped that a single-core 800MHz CPU is running the show. The Lumia 505 includes just 256MB of RAM -- another sign of its low-end aspirations -- along with 4GB of internal storage and a 1,300mAh battery. You'll find quadband GSM support on this one, along with WCDMA access (topping out at 7.2Mbps HSDPA) over the 850MHz and 1900MHz bands. As if things weren't official enough, the Lumia 505 is now sitting happily over at Telcel's website. For the moment, neither pricing nor a release date have yet been established. Stay tuned, ya hear?