updated 06/06/2012 AT 11:00 AM ET
•originally published 06/06/2012 AT 7:00 AM ET
Wedding Party in the U.S.A.!
“I’m so happy to be engaged and look forward to a life of happiness with Liam,” Cyrus, 19, tells PEOPLE.
Australian actor Hemsworth, 22, who met Cyrus when they costarred in The Last Song in 2009, proposed on May 31 with a 3.5-carat diamond ring from jeweler Neil Lane.