Apple will present today its new ultra-thin, ultra-light, iPad Mini at 1pm Eastern /10am Pacific at the California Theater in San Jose.

Here’s what to expect:  the iPad Mini will most probably have a 7.85-inch screen, an A5 processor and 512MB of RAM. The rest -price, capacity, colors, model—is unknown at this point.

The WSJ reports that the iPad Mini will have a “lower resolution” than the most recent full-sized iPad, which means no retina for the device. This results in a low-price, but it remains to be seen.

Although we do not have a price, a rumor out of Europe puts the iPad Mini starting at 250 Euros ($330), and going all up to 650 Euros for a 64GB Mini with LTE.

iPad Mini would look a lot like an iPad 2 on the inside, the only big difference from the iPad would probably be the inclusion of a Lightning port instead of a 30-pin connector.

We will keep you updated as the Apple Event will start very soon.