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Yup - cool and dry is the best bet.
However, until fairly recently it was quite common to have .303 ammo from the '20s available (in the ex-Commonwealth at least), and fairly reliable. I've shot .308 surplus that was about 30 years old, fully reliable. In fact I have commercial ammo from the '80s still in my hunting gear, because I started using milsurp for practice, and handloading.
 

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As long as its kept cool and dry it will probably outlast you.
 

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Cool and dry is best as was stated above. Highpower is right on. If you really want to go back I have Blackpowder paper patch cartridges from 1886 for my Steyer 11.5 MM straight pull rifle. We shoot it all the time. Have a lotof WW2 ammo from both sides. Nothing wrong with it. Sometimes you will find someof the European corosive ammo will eat up a case and mess some up.

I keep mostof my stuff in 50 cal cans military US. Be sure the seals are good. they stack well and are not too heavy when full. A 1000 round case can get heavy.
 

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Storing it in separate packages will help ensure more of it survives if an individual lot is compromised. Dispersing them will help ensure you can reach some if another storage location is not accessible or convenient.
Not only is storing in smaller lots better in case of one lot being compromised but portability is improved. I had ammunition stored in 20mm ammo cans located in the basement until I realized that I couldn't move the danged things anymore. If I had to load them into my pickup I would have gotten a double hernia. Broke all of it down to 30 and 50 cal cans. Never had a problem with any cartridges despite the advanced age of many lots.
 

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Store it in original packaging when possible. Keep it in a place with fairly constant temperature. Radical temperature swings are worse than constant high or low temps. Use lots of dessicant, and check it regularly to be sure it's still working. Good sense to keep it spread around, too. Prevents total loss in case of fire, burglary or ???
 
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