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Archive is a way for you to organize older news articles either manually or automatically. At the bottom of the news form there is an option Toggle Archive, selecting this brings up a new date/time section. You can select a date in the future when you'd like the news article to be automatically placed into the archive.
Once a news post is in the archive it won't be viewable from your website, users can search archives using the search function though.
You can move news articles to and from archives using the dropdown box at the bottom of the edit news/edit archives page.