Panasonic on Thursday announced more details regarding its Lumix DMC-G1 digital camera, first introduced last month. The Lumix G1 is the world's first Micro Four Thirds System camera, meaning it offers interchangeable lenses and certain functions that are similar to digital SLR cameras. The electronics maker revealed the camera will cost nearly $800 bundled with a 14-45mm Lumix G Vario lens when it ships to stores in mid-November. Around the same time, Panasonic will release a telephoto lens for the camera, in the form of a 45-200mm Lumix G Vario, which will be priced at about $350.

The Lumix G1 will be available in black, blue and red and tip the scales at just under 1.3lbs. The 12.1-megapixel shooter will feature a live electronic viewfinder along with a three-inch swiveling LCD. Users will be able to make manual adjustments to the Lumix G1's settings, or rely on Panasonic's Intelligent Auto mode that has settings for maximizing exposure, film speed, face detection, auto focus and zoom shooting, among others.

Panasonic promises to add more cameras and lenses for its Micro Four Thirds System in 2009, including a camera that is able to shoot HD video in addition to capturing still photos.