Mascara is not made out of bat poop. Mascara was originally made from soot or charcoal. However, over the years, mascara has been made out of various organic and inorganic pigments. Some of these pigments include oils and waxes. Visit http://www.ehow.com/facts_5010009_what-mascara-made.html for more information.
This question was asked about an hour ago. I had researched it a long time ago, and I said no. But I just researched it again and this was the answer: Mascara in some case is made from Bat Guano . Or translated Bat poop. This is found in caves where bat may live and breed. It is perfectly safe and stays in well. Not all company's use bat droppings anymore.
Here is the link to that article (i was shocked as well)
An urban legend mentions the use of bat guano as one of the ingredients of mascara. It is actually guanine, not guano, that is authorized as a color additive for cosmetics by the FDA and European regulations, and it must be extracted from fish scales, not bat guano.