Commemorative model will be a limited edition series. It comes with a 5.0 liter supercharged V8 with about 500 hp.

Shelby American has unveiled the Shelby GT350 at the Opening Night Gala of the Barrett-Jackson Auction to honor the 45th anniversary of the classic GT350.

The 2011 Shelby GT350 is a throwback to the MY Shelby GT350 series of the mid and late 60s, which was the first Shelby big block Cobra. The GT350 was discontinued in 1970.

The commemorative model, a limited edition series, is based on the standard Ford Mustang GT and was developed with help from Ford Racing. It features many of the styling cues of the old GT350, including the double blue stripes lengthwise across the top of the car. Ford Racing helped supercharge the engine as well as upgrade the suspension by supplying new sway bars, struts, and springs as well as adjustable caster/camber plates.

The car features the same "small block" 5.0 liter V8 from the Mustang GT, supercharged to about 500 hp, and mated to a 6-speed manual gearbox. The performance package also includes Baer brakes and 19-inch Cragar wheels wrapped in Goodyear sport tires.

Exterior touches at the front include a fascia and splitter, along with air scoops on the hood and side skirts. At the rear is a new fascia too and a deck lid filler panel. GT350 badges are strewn about, and the A-pillar features integrated fuel, oil and boost gauges.

The price for the 2011 Shelby GT350 package is $33,995 (23,650 euros), not including the base Mustang GT itself.