According to the site, the low cost iPhone will ship in various different colors. The first source claims that the low cost iPhone will come in colors navy, gold orange, white, and gray. On the other hand, a second source claimed that white, pink, green, blue, and yellow orange are the available colors. Some of these colors may not make the cut for final production.
The low cost iPhone will reportedly begin initial production in July to accommodate a September launch. Since the lower cost iPhone will have a lower price tag (rumored to be around $350 - $400), a polycarbonate shell is expected.
The site also believes the iPhone 5S will come in colors other than black and white, such as gold, green, and more. Additionally, the 5S is rumored to pack a dual LED flash, with a circular back microphone (instead of the current oval).
Finally the site did shed some light on the next generation iPad, suggesting that the it will ship after the iPhone 5S, and contain an additional microphone.
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Note: The images below are all renders.