Rumors on the release and the specifications of iPhone 5 continue to rise as patrons of Apple’s flagship mobile phone consistently roll out discussions about it.

It has been suggested that the new model will be released between July and August and will just be a minor modification of the iPhone 4. The iPhone 5 will come complete with new hardware specifications but retaining the same design of its predecessor. This device is expected to hold a camera with a resolution of 5 mega pixels.

The iPhone 5 will use the ARM Cortex-A9 processor, but it is unknown whether the brain-power single or dual CPU cores. Moreover, it boasts of its dual sim card feature which means that the ability of the iPhone 5 is compatible with GSM or CDMA-based network.

Meanwhile, Microsoft prepared a rival to the latest iPhone model. Knowing that the letter will have an improved camera, Microsoft recently unveiled the Mango update for the Windows 7 phone that is expected to provide faster and better browsing and new features under the search engine Bing.

Reports over the internet say that Windows Phone 7 rival may have a future competitor from Apple with a better back camera (with a resolution of 8 mega pixels) and faster processing power.

According to Information Week, the next iPhone with the improved camera can shoot at least 1080p HD videos and still shots. It is also expected to hold a faster A5 chip which is also the dual core processor used by the iPad 2, and the iPhone 4S or iPhone 5 is also expected to feature HSPA+ connectivity.