It’s official: after several broken embargoes, Ford has officially released all the details on the new 2011 Mustang GT. The return of the 5.0-liter brings with it 412-hp at 6500 rpm and 390 ft-lbs of torque at 4250 rpm, a far cry from the 175-hp 302 cubic inch motor found in the 1983 model.

The new engine is an all aluminum unit with four valves per cylinder and dual overhead cams and gets Ti-VCT variable independent timing on both the intake and exhaust cams. Along with all that power, the 2011 GT model also (finally) gets a six-speed manual transmission or six-speed automatic. Not only does this allow for improved performance, but also fuel economy with Ford claiming a four to five percent increase in that department for an estimated 25 mpg on the highway and 17 mpg in the city, up from 23/17 on the current GT automatic model. Manual transmission models will get 24/16 mpg (highway/city)

Other engine highlights include a forged steel crankshaft and high-flow headers that Ford claims are what enthusiasts have always wanted.

Additional vehicle highlights include electric power steering, 11.5-inch front and 11.8-inch rear brakes, as well as a grade-assist feature that will hold the car momentarily when accelerating away from a stop on a hill. Added improvements were made to the rear lower control arms for improved stiffness and more direct handling, a stiffer rear sway bar delivers better on-center steering, while the spring and shock rates have been adjusted for optimal performance.

A Performance Package will include 14-inch Brembo front brake disks from the Shelby GT500 as well as special 19-inch wheels and high performance summer tires.