The two airplanes collided at about 0945 Mountain time, at 4500 feet msl. Neither the flight instructor or student in the PA-18-161 were injured, but one of the private pilots in the Cessna 152 received serious injuries, and the second private pilot was killed. At the time of the collision, the Piper PA-28-161 was in a holding pattern associated with a nearby GPS approach while the Cessna 152 was in an en route climb after departing an unrelated airport. The airplanes were operating in visual conditions.