You should always take the "bare minimum requisites" with a grain of salt, particularly for a game that is still in development, as those tend to go up and down as progress is made. Your GPU may meet the bare minimum but that alone won't do if the rest of the components are just as old. You're straining your hardware to its maximum capacity and that could end up badly for you, especially if you can't afford better than what you already have. If that card overheats and burns, you're going to have to buy a new one.
If the error tells me anything is your machine can't handle it. It mentions the graphics card specifically so despite being 2GB it is obviously not enough in your particular case.