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How much to charge for CPM?

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I have a genuine website with 120,000 unique visitors a month. I’ve been thinking about privately selling ad-space (250×250 pixels, in left sidebar) instead of my usual ad networks. I am just wondering how much to charge per thousand impressions?
I found the following online but I’m not really sure how accurate that is.

Quote:

For mid-ranked sites (under 100K in Alexa ranking, Google rank of 3 to 6): USD4.00 to USD8.00 on the average and may reach USD10.00 in some cases.
For high volume sites (usually ranked high in Alexa, with Google rank of 4 up): The unconfirmed ’standard’ CPM rate plays around USD10.00 and may reach to USD20.00 or more in some cases.
http://bloggista.com/2008/02/12/how-…good-cpm-rate/

See original post by Faizan