Hi Ian,
CPM depends ona variety of factors. Not only the number of visitors the site has, but also their quality (ie. is it valuable traffic? Do these users respond well to advertising?).
Then it becomes a matter of supply and demand. Start off low to attract advertisers, once you've proved the value of your visitors, raise your CPM rates accordingly.
I'd say $50 is a bit on the expensive side...
And last, if you need help in selling your ad space, I'd recommend going through a network, who for a % of the revenue generated will take care of all of these issues...
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