Titled the Nokia Lunia 635 1GB, the phone has appeared on a document produced by mobile operator Telenor. Based on the listing, all of the specs are the same except for the aforementioned 1GB of RAM inside.
If legitimate, the Nokia Lumia 635 1GB features a 4.5-inch screen with a resolution of 480 x 854. That works out to a pixel density of 218ppi. Under the hood is the quad-core 1.2GHz Snapdragon 400 CPU with the Adreno 305 GPU crunching graphics. 512MB 1GB of RAM is aboard along with 8GB of native storage. In the likely event that you require additional memory, you can take advantage of the 128GB capacity microSD slot that is available. There is only one camera on the handset, a 5MP rear-facing camera that comes without a flash. An 1830mAh battery powers the whole shebang.
While Telenor lists the phone, there hasn't been any official word from Microsoft about the device. At this point, we don't expect to see an unlocked version of the Nokia Lumia 635 1GB.
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source: Telenor via tech2.hu (translated)
UPDATE: The Nokia Lumia 635 1GB is apparently confirmed as a number of ROMs for the device have appeared in Microsoft's servers for carriers like Telekom, SFR, Movistar, TIM, Wind and more. The update is expected to be announced on March 2nd in Barcelona during MWC.
source: WindowsPhoneApps.es (translated) via WMPoweruser