Low memory warning on my iPhone?

It's not my iPhone that's telling me I have low memory. It's an application--a game, to be more precise.
When I checked how much memory I had, it said I had 12.1 GB's available and only 1.4 used.
Is the application just judging my iPhone wrong or what? Should I be worried about my iPhone?

Memory is not the space you have on your phone. Its the processor. And i'm guessing the app you're talking about is "COD Black Ops Zombies"? Because it tells me that all the time. What i like to do is double tap the home button and kill all my apps (kill them by holding on an icon and delete them all as if you would if you were to delete an app). THIS WILL NOT DELETE YOURE APPS, ONLY KILL THEM FROM THE BACKGROUND TO MAKE YOURE PHONE FASTER
if it still says it, don't worry, it happens to me all the time.

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