According to the Environmental Working Group, a lobby group for the environment, the answer is not so rosy. In a recent blog, they answer the question; Is mineral-based make-up safer for you than make-up bought at drug stores or department stores? They made a compelling argument against these products in part due to the use of nanoparticles which has been shown to get into the lymphatic system within minutes of application.
Another area of the website that you should look into is their report Skin Deep which reports on the numerous toxins in many skin and beauty products. I really suggest you get on their e-mail list and get updated information about environmental issues. Two other reports to download include Body Burden and Body Burden II.