By Michael Oleaga / ( | First Posted: Nov 21, 2012 04:37 PM EST

(Photo : REUTERS/Ralph Orlowski )

The Samsung Galaxy S3 has been performing well among reviewers and in sales, giving Apple competition in the smartphone market.

But then, the South Korean company announced the Galaxy S3 Mini, a slightly smaller and slightly cheaper device.

The Galaxy S3 Mini is perhaps a direct competitor for Apple's iPhone 5 as it bears the same four-inch screen size however the iPhone 5 has higher pixel resolutions and pixels per inch (ppi). The iPhone 5's Retina Display pixel resolution is 1,136x640 with 326 ppi to the Galaxy S3 Mini's 800x480 with 233 ppi.

The Mini continues to prove its smaller features with its internal storage models being 8GB and 16GB with 1GB of RAM while the iPhone 5 also offer 1GB of RAM but with 16GB, 32GB, and 64GB models.

The smartphones also offer rivaling operating systems, the iOS 6 for the iPhone 5 and the Android 4.1.1 Jelly Bean.

But while the specifics on the Galaxy S3 Mini is already available, as well as how it compares to the iPhone 5, Nokia Lumia 920, and bigger brother Galaxy S3, the price has been a mystery.

Amazon might have helped leaked the price with an unlocked Galaxy S3 Mini with a starting price of $407. The price tag is for the 8GB model with W-Fi. No word yet on how much it will cost if signing a contract with a carrier.

A precise US release date hasn't been sketched in stone yet, but the smartphone did receive its FCC certification, meaning that if the demand arises, Samsung should be able to meet it.

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